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.

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.

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.

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.

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.

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.

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.

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.

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.

Weekly Development Finance COVID-19 Briefing
Every Friday, March 27 - May 29, 2020 - 1:00 PM Eastern

CDFA // BNY Mellon Development Finance Webcast Series: The Performance of Social Impact Bonds
Tuesday, April 21, 2020 - 1:00 PM Eastern

Intro Tax Increment Finance WebCourse
May 20-21, 2020 - Daily: 12-5pm (Eastern)

>>> VIEW THE TAX CREDITS RESOURCE CENTER   

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.

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.

>>> MORE TAX CREDIT RESOURCES