The Wisconsin Housing and Economic Development Authority has awarded $10.2M in federal and state tax credits to affordable-housing projects in southeastern Wisconsin. Area developments receiving tax credits include the 60-unit Westlawn Renaissance IV, the 101-unit Cedar Glen II project in Wauwatosa and the 111-unit Union Court Senior Apartments & Townhomes in Kenosha. .

Luxury bedding company Malouf will be expanding its Nibley operations due to some significant tax incentives from the Utah Governor's Office of Economic Development (GOED). Malouf may earn up to 25% of the new state taxes it will pay over the 10-year life of the agreement in the form of a Utah Legislature-authorized Economic Development Tax Increment Finance (EDTIF) tax credit.

A $14M fundraising milestone has been reached in the effort to transform Mobile's historic Barton Academy building into a functioning schoolhouse. $8M of tax credit equity from New Markets Tax Credits (NMTC), Federal Historic Tax Credits and State Historic Tax Credits helped the foundation reach its $14M goal.

The South Carolina General Assembly passed the Workforce and Senior Affordable Housing Act on May 12, 2020, and the Act was signed into law by the Governor on May 14, 2020. The Act provides a state tax credit against income taxes, bank taxes, corporate license fees, and insurance premium taxes in an amount equal to the federal low income housing tax credit allowed with respect to a qualified project. 

Employers that qualify for the CARES Act's employee retention credit may treat health plan expenses paid to furloughed employees as qualified wages for purposes of the retention credit. Qualified employers that do not pay wages to laid off or furloughed employees but continue health coverage for those employees may treat the associated health plan expenses as qualified wages, the IRS said.

A letter from the U.S. Department of Treasury to a group of U.S. senators says rules will be issued to modify the continuity safe harbor for the renewable energy production tax credit and investment tax credit. The Treasury letter was in response to an earlier letter from the bipartisan group of senators that said that many developers were unable to meet deadlines required to claim the credits due to interruptions from the COVID-19 pandemic.

Old Main will be home to 70 apartments available for veterans at below-market rates, with three duplexes, the former chaplain's residence and former Soldiers' Home headquarters also being converted to housing to bring the total to 101 units. The project's financing includes two different sets of LIHTC (9 percent and 4 percent), state and federal historic preservation tax credits.

CDFA-Bricker PACE Webinar Series: PACE Program Efficiency - Managing An Effective PACE Program
Tuesday, June 9, 2020 - 11:00 AM - 1:00 PM Eastern

CDFA-ARI Rural Finance Webinar Series: Building the Road to Recovery
Wednesday, June 10, 2020 - 1:00 PM - 2:30 PM Central

CDFA // BNY Mellon Development Finance Webcast Series: Financing Rural Healthcare
Tuesday, June 16, 2020 - 1:00 PM Eastern

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During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will explore the challenges of historic preservation projects and how financing tools can be combined to make preservation projects possible.

Parramore Oaks will bring 120 new energy-efficient homes and a boost of economic activity to a downtown Orlando, FL community. It is a new energy-efficient apartment building for families, bringing mixed-income with 96 affordable homes and 24 market-rate homes using Opportunity Zone equity and housing tax credits.

Ox Fibre Apartments will bring 83 new affordable apartments to Frederick, MD—a growing community located within one hour of both Washington, D.C. and Baltimore. Layering Opportunity Zones equity with state LIHTC, federal Historic Tax Credits (HTC), and additional sources of debt will allow the developer to bring a 19th century warehouse back to life while providing much-needed one-, two-, and three-bedroom homes at price points affordable to current residents.

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