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.
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