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CDFA Tax Credits Finance Update - August 25, 2020

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Tax Credits Finance Update
August 25, 2020
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Tax Credits Finance Update


Trends in COVID-Era Renewables Tax Credit Proposals
This article summarizes the most recent pandemic-era proposals for wind, solar, and carbon capture federal tax incentives and attempts to discern potential trends for the future.

The Conversion of a Historic Former Milwaukee School to Veterans Housing is to Get $950K in City Cash
The planned conversion of a historic former school on Milwaukee's north side into housing for veterans would receive $950,000 of city financing under a new proposal. The financing for the development includes state and federal historic preservation tax credits, federal affordable housing tax credits and Tax Increment Financing.

Tax Credit Investments Are Environmental, Social, and Governance Investments
Tax credit investments can be used as a tool to combat the negative effects of climate change and expand economic opportunity for underserved people and communities.

Historic Property Preservation in Maine Gets Boost From Government Tax Credit Extension
The onset of the COVID-19 pandemic has prompted the Internal Revenue Service to grant an extension to projects under development using historic preservation tax credits. Greg Paxton, executive director of Maine Preservation, noted that the extensions to the tax credit, "will greatly aid our communities' recovery from the COVID-19 crisis, as the 2008 state credit did during and after the Great Recession."

Related Urban Kicks Off $106M Miami Redevelopment
The redevelopment will harness $24M in federal Opportunity Zone funds along with federal and HUD resources. In addition, there will be Low-Income Housing Tax Credits (LIHTC), Rental Assistance Demonstration funding (RAD), Home Investment Partnerships (HOME) and a Purchase Money Mortgage (PMM) of $18 million from the county to the developer, along with county and state surtax funds.

Federal Tax Credit Program to Help Transform Former Wayne School Into Community Hub
The governor announced the Commonwealth Cornerstone Group has completed a New Markets Tax Credit (NMTC) transaction of $9.5 million with ECAT to provide the funding for the project. Once renovations are complete, the mostly vacant Wayne School, located in the 600 block of East Avenue, will become a community hub for job training, health care, social services and the arts.

Governor Wolf Announces Funding for Affordable Rental Housing; Richford Arms Facelift Among Projects Awarded Funds
Governor Wolf awarded $42M in Low Income Housing Tax Credits (LIHTC), $6.08M in PennHOMES funding and $12.6M in National Housing Trust Funds. Together, the funding will go toward the construction of 36 affordable multifamily housing developments across the state. 

Pittsburgh Awarded Record Number Of Low-Income Tax Credits
Governor Wolf announced that the PA Housing Finance Agency has awarded Pittsburgh a record number of six low-income housing tax credits, which aims to bring more affordable housing to the city. The projects that awarded are supported by over $5M in preliminary commitments from the Urban Redevelopment Authority (URA) of Pittsburgh.

Upcoming Events
Intro Infrastructure Finance WebCourse

CDFA-Bricker PACE Webinar Series: PACE Program Capitalization
Tuesday, September 22, 2020 - 11:00 AM - 1:00 PM Eastern
PACE program financing can be provided through private third parties, public bonds, or a combination of both, and within those options, there are many creative approaches being implemented across the nation. In 2017, The Kresge Foundation made a $3 million program-related investment into the St. Paul Port Authority's "Trillion BTU" and "MinnPACE" loan programs. This was a first of its kind PRI to help the community on-board PACE. This webinar will explore this and other creative methods that communities can utilize to capitalize their PACE program.

CDFA Food Systems Finance Webinar Series: Financing Food Systems Entrepreneurs
Tuesday, September 29, 2020 - 2:00 PM Eastern
During this installment of the CDFA Food Systems Finance Webinar Series, development finance professionals from around the country will describe their strategies for supporting local entrepreneurs in moving their business from idea to execution.

More Headlines

University of Delaware Tech Park's Fintech Center Gets $9M Tax Credit Allocation
Delaware Business Now | Aug. 22 | Tax Credits | Federal New Markets Tax Credits (NMTCs)

When Will Tax Revenues Rebound? It Depends on the Tax
Governing | Aug. 21 | Access to Capital | Community Development | Disaster Recovery & Relief | Tax Credits | Tax Increment Finance (TIF) | COVID-19

RealAmerica Development to Build Two Affordable Communities in Indiana
Housing Finance | Aug. 21 | Housing Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

State of Ohio Supports 28 Historic Rehabilitation Projects with Tax Credits
Highland County Press | Aug. 21 | Historic Preservation | Tax Credits | State Historic Tax Credits

HOLT Renewables Adds Solar Atop this Industrial Laundry Facility in Texas
Solar Builder | Aug. 19 | Energy Finance | Tax Credits | Renewable Energy Investment Tax Credit (ITC) | Renewable Energy Investment Tax Credit (ITC)

For Your Business or Organization, It's Easy Being Green
Connecticut News Project | Aug. 19 | Energy Finance | Tax Credits | Renewable Energy Investment Tax Credit (ITC) | Renewable Energy Investment Tax Credit (ITC)

New Tortilla Plant Slated for Indiana
Food Business News | Aug. 18 | Economic Development | Food Systems Finance | Tax Credits

Richman Plans Senior Housing on Allapattah Opportunity Zone Property
The Real Deal | Aug. 14 | Healthcare | Housing Finance | Opportunity Zones | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

Aurora Seeks Larger Redevelopment Zone
Chicago Tribune | Aug. 14 | Redevelopment | Tax Credits | State Historic Tax Credits

Dismantling Structural Racism in Community Development Finance
Impact Alpha | Aug. 11 | Community Development | Revolving Loan Funds (RLFs) | Tax Credits | Tribal Finance | U.S. Dept. of Treasury CDFI Fund

NCALL Awarded $20M in Tax Credits
Cape Gazette | Aug. 9 | Tax Credits | Federal New Markets Tax Credits (NMTCs)

Biomass Energy Projects Feasible in Maryland with Financing
Lancaster Farming | Aug. 6 | Energy Finance | Green Finance | Property Assessed Clean Energy (PACE) | Tax Credits | Property Assessed Clean Energy Bonds (PACE) | Rural Energy Program | Renewable Energy Production Tax Credit (PTC)

Many Restaurants Have Closed, Others Aren't Sure How Long They Can Weather Coronavirus
The Colorado Sun | Aug. 4 | Disaster Recovery & Relief | Food Systems Finance | Revolving Loan Funds (RLFs) | Tax Credits | COVID-19

MassHousing Closes on $87.2M for Affordable Housing Upgrades
Boston Real Estate Times | Aug. 4 | Energy Finance | Housing Finance | Tax Credits | Case Studies | Case Studies | Low Income Housing Tax Credits (LIHTCs)

Proposed Tax Credit Could Help Brownfield Developers
Herald Mail Media | Aug. 3 | Brownfield Financing | Tax Credits

Comparing the Tax Proposals in the HEALS and HEROES Acts
JD Supra | Aug. 3 | Disaster Recovery & Relief | Food Systems Finance | Legislative | Revolving Loan Funds (RLFs) | Tax Credits | COVID-19

The Council of Development Finance Agencies (CDFA) is a national association dedicated to the advancement of development finance concerns and interests. CDFA is comprised of the nation's leading and most knowledgeable members of the development finance community representing public, private and non-profit entities alike. For more information, visit www.CDFA.net or email info@cdfa.net

Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300


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CDFA National Sponsors

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  • NW Financial Group, LLC
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  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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