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CDFA Tax Credits Finance Update - May 26, 2020

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Tax Credits Finance Update
May 26, 2020
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Tax Credits Finance Update


WHEDA Awards $10.2M in Tax Credits to Southeast Wisconsin Housing Projects
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. .

Malouf Plans Major HQ Expansion, Receives Tax Incentives From Utah
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.

$14M Goal Met in Plan to Transform Mobile, AL Historic Barton Academy School Building
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.

South Carolina State Low Income Housing Tax Credit Will Provide Major Boost to Affordable Housing Projects
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. 

IRS Allows Employers to Claim Tax Credit for Paying Furloughed Employees' Health Premiums
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.

Treasury Announces Intention to Modify Continuity Safe Harbor for Renewable Energy Production Tax Credit, Investment Tax Credit
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.

New Life for Old Main: $44M Project Will Convert Vacant Civil War Complex to Veterans' Housing.
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.

Upcoming Events
Intro Opportunity Zones Finance WebCourse

CDFA-Bricker PACE Webinar Series: PACE Program Efficiency - Managing An Effective PACE Program
Tuesday, June 9, 2020 - 11:00 AM - 1:00 PM Eastern
In this webinar, PACE professionals explore best practices in establishing and managing a PACE program and about new efficiencies being developed to drive more effective delivery of PACE programs and projects.

CDFA-ARI Rural Finance Webinar Series: Building the Road to Recovery
Wednesday, June 10, 2020 - 1:00 PM - 2:30 PM Central
During the third installment of the CDFA-ARI Rural Finance Webinar Series, we will discuss the development finance tools that can support rural economies as they rebuild to be stronger than ever.

CDFA // BNY Mellon Development Finance Webcast Series: Financing Rural Healthcare
Tuesday, June 16, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will discuss financing programs that support healthcare development and showcase successful projects that have increased access to healthcare for rural communities.

More Headlines

Proposed Pennsylvania State LIHTC Includes Set-Aside for Developments Serving Households At or Below 30 Percent Area Median Income
Novogradac | May. 22 | Housing Finance | State Finance Program | Tax Credits | Low Income Housing Tax Credits (LIHTCs) | State Tax Credit Programs

Meet Spark, the Fort Collins, TX Affordable Housing Project Targeting Downtown Workers
The Coloradoan | May. 22 | Housing Finance | Local Finance Program | State Finance Program | Tax Credits | Low Income Housing Tax Credits (LIHTCs) | State Tax Credit Programs

Alternative Fuel Tax Credit Extended Retroactively
LP Gas | May. 22 | Energy Finance | Tax Credits

Oklahoma Gov. Stitt Vetoes Proposed Cut to Affordable Housing Tax Credit
Public Radio Tulsa | May. 21 | State Finance Program | Tax Credits | Low Income Housing Tax Credits (LIHTCs) | State Tax Credit Programs

North Carolina Solar Industry Weathering the Pandemic Better Than Most States
Energy News Network | May. 18 | Access to Capital | Disaster Recovery & Relief | Energy Finance | Tax Credits | COVID-19

Extension of the Construction Safe Harbor Period Expected for Wind, Solar Projects
JD Supra | May. 13 | Disaster Recovery & Relief | Energy Finance | Tax Credits | COVID-19

The Financial and Social Struggles of Getting a Large Solar Project Financed
PV Magazine | May. 11 | Access to Capital | Energy Finance | Green Finance | Tax Credits

Virginia's New Solar Project Development Laws Offer Opportunities and Potential Risks
JD Supra | May. 6 | Energy Finance | Opportunity Zones | State Finance Program | Tax Credits | State Energy Tax Credits | State Energy Tax Credits | State Tax Credit Programs

Coronavirus Crisis Hits Solar and Wind Energy Industry
The Washington Post | May. 4 | Disaster Recovery & Relief | Energy Finance | Revolving Loan Funds (RLFs) | Tax Credits | COVID-19

Solar, Wind Industries Disrupted by COVID-19, Would Benefit from Legislative Action
Novogradac | May. 4 | Disaster Recovery & Relief | Energy Finance | Legislative | Tax Credits | COVID-19

North Carolina Passes $1.6B COVID-19 Relief Package
ABC 15 News | May. 3 | Disaster Recovery & Relief | Legislative | Revolving Loan Funds (RLFs) | State Finance Program | Tax Credits | COVID-19

Coquille Tribe in OR to Expand Local Care Access With New Wellness Center
The World Newspaper | May. 1 | Access to Capital | Community Development | Disaster Recovery & Relief | Rural Development | Social Finance | Tax Credits | Tribal Finance | COVID-19 | Health | Federal New Markets Tax Credits (NMTCs)

Low-Income Housing Tax Credits News Briefs
Novogradac | May. 1 | Disaster Recovery & Relief | Housing Finance | Tax Credits | Tribal Finance | COVID-19

IRS Significantly Expands Employee Retention Tax Credit FAQ
Baker Tilly | Apr. 29 | Disaster Recovery & Relief | Federal | Internal Revenue Service (IRS) | Tax Credits | COVID-19

New Additions to the Online Resource Database

CDFA // BNY Mellon Development Finance Webcast Series: Historic Preservation Financing
Community Development | Historic Preservation | Redevelopment | Tax Credits | Webcasts
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.

Opportunity Zone Development Profile - Parramore Oaks
Green Finance | Housing Finance | Opportunity Zones | Special Assessment Districts | Tax Credits
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.

Opportunity Zone Development Profile - Ox Fibre Apartments
Historic Preservation | Housing Finance | Opportunity Zones | 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.

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

  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Frost Brown Todd LLC
  • gener8tor
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • Raza Development Fund
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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