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CDFA Tax Credits Finance Update - March 24, 2020

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Tax Credits Finance Update
March 24, 2020
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Tax Credits Finance Update


CDFA Publishes COVID-19 Resource Center, Will Host Weekly Briefings
CDFA developed the COVID-19 Resource Center to serve as a central hub of everything the development finance world is doing to mitigate the impacts of COVID-19. Tune in to CDFA's Weekly Development Finance COVID-19 Briefing to stay at the forefront of the development finance community's mitigation and recovery efforts.

Historic Warrior Hotel, Davidson Building Nears Opening After $73M Renovation
A local developer plans to turn a dilapidated historic hotel into one that features a pre-function space, luxury spa, pool, business and exercise centers and commercial space on the first floor. Both the hotel's heating and cooling will be powered by geothermal energy. The Iowa EDA awarded the project more than $11.3 million in historic preservation tax credits; and the Sioux City Council agreed to guarantee $16.5 million for it.

COVID-19: Developers Seek Renewable Energy Tax Credit Extensions
Renewable energy and other trade bodies in the US are calling on Capitol Hill to extend provision of tax incentives to help the sector "surmount the impacts" of the COVID-19 pandemic. The current uncertainty about the ability to qualify for and monetize tax incentives will have real and substantial negative impacts to the entire economy.

Treasury and IRS Issue Guidance on Deferring Tax Payments Due to COVID-19 Outbreak
Following President Donald J. Trump's emergency declaration pursuant to the Stafford Act, the U.S. Treasury Department and IRS issued guidance allowing all individual and other non-corporate tax filers to defer up to $1 million of federal income tax (including self-employment tax) payments due on April 15, 2020, until July 15, 2020, without penalties or interest.

St. Louis Soccer Stadium Wins Package of State Aid
The new agreement, approved on a unanimous vote by the Missouri Development Finance Board, calls for tax credits worth $5.7 million to help fuel construction of a $457.8 million soccer complex on the western edge of downtown.

Treasures Markets Gets $1.9M Boost From Federal Tax Credits for Discount Grocery/Thrift Store in Lancaster City
New Markets Tax Credits will be used to finance a discount supermarket and thrift store with a strong mission in Lancaster, PA. Part of the store's social mission is offering affordable merchandise and fresh food to parts of the city that has limited access to these items.

Kearny Point Annex Project Secures $14.5M in New Market Tax Credit Financing
New York City-based Hugo Neu Group has secured a total of $14.5 million in New Market Tax Credit loans from Capital One for its the Annex project at Kearny Point. The NMTC loans included a $4-million allocation from the Capital One Community Renewal Fund and a $10.5-million allocation from New Jersey Community Capital.

Manufacturing Plant Redevelopment Ready to Start With $1M in Tax Breaks
Developers Karl Frizlen and Michael Masters are ready to start work on their proposed renovation of the Barcalo Manufacturing Plant, after they won $1 million in sales and mortgage recording tax breaks from the Erie County Industrial Development Agency to help finance the $34.7 million project.

Is 2020 the Year to Pass Infrastructure Legislation that Includes Community Development Tax Incentives?
If infrastructure spending legislation passed this year, such a bill would be an excellent vehicle to expand funding–including tax incentives–for affordable housing, community development and historic preservation. If the parties can find common ground on infrastructure legislation, many existing proposals involving the low-income housing tax credit (LIHTC), new markets tax credit (NMTC) and historic tax credit (HTC) could be enacted this year. Such legislation could also include a new funding tool: infrastructure tax credits.

Upcoming Events
Intro Property Assessed Clean Energy (PACE) Finance WebCourse

Weekly Development Finance COVID-19 Briefing
Every Friday, March 27 - May 29, 2020 - 1:00 PM Eastern
CDFA will be hosting a weekly briefing about development finance COVID-19 news and resources. These one-hour phone calls will feature legislative updates, news from our members, state and local financing strategies, and lessons learned from previous development finance responses to disasters.

CDFA // BNY Mellon Development Finance Webcast Series: The Performance of Social Impact Bonds
Tuesday, April 21, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will explore if the performance of Social Impact Bonds (SIBs) is living up to the hype and how SIBs can be used as a powerful tool for community development.

Intro Tax Increment Finance WebCourse
May 20-21, 2020 - Daily: 12-5pm (Eastern)
This course brings TIF deal-making and best practices into focus through a two-day program targeting the entire TIF community including economic developers, public agency representatives, bond issuers, legal professionals, developers, financial advisors, and other stakeholders. 

More Headlines

Solar Developers Launch Lobbying Effort to Curb COVID-19 Impacts, Advance Remote Permitting
Utility Dive | Mar. 23 | Incentives | Tax Credits | Tax Credits\Renewable Energy Production Tax Credit (PTC) | Tax Credits\Renewable Energy Investment Tax Credit (ITC)

PHFA Shares Initiatives to Maintain Affordable Housing During Financial Pressures Brought on by COVID-19-Related Restrictions
Northcentralpa.com | Mar. 22 | Disaster Recovery & Relief | Housing Finance | Tax Credits | U.S. Dept. of Housing & Urban Development (HUD) | Disaster Recovery & Relief\COVID-19 | Tax Credits\Low Income Housing Tax Credits (LIHTCs)

Community Service Tax Credit Applications Open in KS
The Butler County Times-Gazette | Mar. 21 | Community Development | Disaster Recovery & Relief | Social Finance | Tax Credits | Disaster Recovery & Relief\COVID-19 | Social Finance\Health | Tax Credits\State Tax Credit Programs

New York State Agrees: The Barcalo Should Get Historic Tax Credits
American City Business Journals | Mar. 20 | Tax Credits | Tax Credits\Federal Historic Rehab Tax Credits | Tax Credits\State Historic Tax Credits

Gov. Mills Approves Tax Credit for Biofuel Makers
Portland Press Herald | Mar. 20 | Tax Credits | Tax Credits\State Tax Credit Programs

COVID-19 Declaration May Allow Flexibility for LIHTC, Bond Developments
Novogradac | Mar. 19 | Bond Finance | Disaster Recovery & Relief | Tax Credits | Disaster Recovery & Relief\COVID-19 | Tax Credits\Low Income Housing Tax Credits (LIHTCs)

Deserve Plans Salt Lake Valley, UT, Operations Center
Area Development | Mar. 19 | Tax Credits | Tax Increment Finance (TIF)

Gig Economy Workers Hurt By Coronavirus Eye New Federal Funds For Relief
Kaiser Health News | Mar. 19 | Disaster Recovery & Relief | Federal | Social Finance | Tax Credits | Disaster Recovery & Relief\COVID-19 | Social Finance\Health

IL Gives Green Light for Third Party Solar Projects
Energy News Network | Mar. 16 | Energy Finance | Incentives | Legislative | Tax Credits

For Wind and Solar Sectors, Biggest Coronavirus Risk May Be a Damaged Economy
Green Tech Media | Mar. 15 | Disaster Recovery & Relief | Energy Finance | Tax Credits | Disaster Recovery & Relief\COVID-19

Coronavirus Creates Angst For Clean Energy Developers
Law 360 | Mar. 13 | Access to Capital | Disaster Recovery & Relief | Energy Finance | Green Finance | Legislative | Tax Credits | Disaster Recovery & Relief\COVID-19

IRS Publishes Population Figures to Determine PAB and LIHTC Caps for 2020
Internal Revenue Service | Mar. 4 | Bond Finance | Federal | Housing Finance | Tax Credits

WI Gov. Evers Signs Bill Increasing Opportunity Zone Benefits, Others Related to Construction
The Daily Reporter | Mar. 3 | Community Development | Opportunity Zones | State Finance Program | Tax Credits | Tax Credits\State Tax Credit Programs

RI Gov. Raimondo Announces 5 New Real Estate Development Projects Using 2 State Programs
GoLocalProv | Mar. 2 | Housing Finance | Social Finance | State Finance Program | Tax Credits | Social Finance\Health | Tax Credits\State Tax Credit Programs

Standard Communities Leverages LIHTCs, OZ Funds, Partnerships, $200M Debt for Affordable Senior Apartments
Senior Housing News | Mar. 1 | Bond Finance | Community Development | Housing Finance | Opportunity Zones | State Finance Program | Tax Credits | Tax Credits\State Tax Credit Programs

TN Governor's Bills, Business Tax, Highlight House Calendar
Cleveland Daily Banner | Feb. 25 | Brownfield Financing | Tax Credits

New Additions to the Online Resource Database

Internal Revenue Bulletin: 2020-10
Bond Finance | Housing Finance | Tax Credits
IRS Notice 2020-10 provides population figures to calculate calendar-year 2020 limits for private activity bonds (PABs) and low-income housing tax credit (LIHTC) for all 50 states, Washington, D.C., and Puerto Rico. The PAB cap is the greater of the population multiplied by $105 or $321,775,000. The LIHTC cap for each state is the greater of the population multiplied by $2.8125 or $3,217,500.

Roadmap to Redevelopment Report: Ramsey, MN
Brownfield Financing | CDFA Original Research | Energy Finance | Tax Credits
The Roadmap to Redevelopment Report was developed through a 2-day process that included interviews with numerous stakeholders from the government, agriculture, business, and non-profit sectors. The plan provides a framework for the financing of the redevelopment of the Anoka-Ramsey landfill in Ramsey, MN.

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 Graydon LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
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  • Frost Brown Todd LLP
  • Grow America | Formerly NDC
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  • 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
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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