Register for CDFA's Intro Federal Finance Course taking place on December 13-14 to learn the federal funding resources available to help advance economic development. Our panel of expert speakers will discuss how federal support tools can work in coordination with other development finance tools for programs and projects on the local level.

Net operating income (NOI) at properties financed by Low-Income Housing Tax Credit (LIHTC) equity and tracked by Novogradac increased by 7.4% in 2022, surpassing the inflation rate as the nation emerged from the worst of the COVID-19 pandemic and faced the highest inflation in 40 years. Data in a 2023 LIHTC report from Novogradac showed both operating expenses and rental income surpassed the inflation rate – a 9.2% year-over-year increase in rental income and a 10.4% jump in operating expenses.

California Governor Gavin Newsom announced that more than $149 million in grants and tax credits is awarded to 12 companies in the state, creating nearly 6,000 full-time jobs and bringing in an estimated $1.3 billion in private investment over the next five years. Recipient companies include manufacturers and developers of electric aircraft, semiconductors, and artificial intelligence.

The historic Worcester Boys Club building and property will soon be transformed into 80 affordable apartment homes for adults 55 and older. The Massachusetts Executive Office for Housing and Livable Communities has authorized the bulk of the funding through the Low-Income Housing Tax Credit program, with additional monies coming from MassDevelopment's Underutilized Property Program, HOME and Affordable Housing Trust funds from the city, and federal and state Historic Tax Credits from the U.S. National Park Service and Massachusetts Historic Commission.

The Internal Revenue Service (IRS) and Department of the Treasury released the long-awaited proposed regulations relating to Investment Tax Credits (ITC) under Section 48 of the Code. These regulations help to clarify what qualifies as energy property that is eligible for the ITC (Section 1.48-9), provide additional ITC-specific rules surrounding the increased credit amount as a result of satisfying the prevailing wage and apprenticeship requirements enacted by the Inflation Reduction Act (Section 1.48-13), and adopt various other rules relating to the ITC (Section 1.48-14).

The Community Development Financial Institutions (CDFI) Fund released an updated frequently asked questions (FAQ) document concerning compliance for the New Markets Tax Credit (NMTC) incentive. These updates include an outline of the CDFI Fund's transition to 2016-2020 American Community Survey (ACS) data to define low-income communities, an update to the national unemployment rates that are in effect, guidance for new food deserts data, and more.

The Iowa Economic Development Authority (IEDA) announced $25 million in awards to help transform 13 historic buildings, including a former fire station and mass timber warehouse, into new spaces while maintaining their character. The awards were made through the Historic Preservation Tax Credit program.

KeyBank Community Development Lending and Investment provided $11.3 million for 9% tax credit equity to finance the new construction of Garrett Square Apartments, a 49-unit affordable seniors housing project. KeyBank will provide a $9 million construction loan and a $2.3 million permanent loan. Additional permanent financing sources include secondary soft loans of $1.7 million provided through the City of Cleveland's American Rescue Plan Act, $900,000 from City Home, and $450,00 from the County ERA fund.

2023 Equitable Lending Learning Series: Program Design
December 5, 2023 - 1:00 PM - 4:00 PM Eastern

CDFA // BNY Mellon Development Finance Webcast Series: Financing Childcare Facilities with Bonds
December 19, 2023 - 2:00 PM - 3:00 PM Eastern

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