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CDFA Tax Credits Finance Update - November 28, 2023

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Tax Credits Finance Update
November 28, 2023
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Tax Credits Finance Update

Features

Join CDFA for Our New Intro Federal Finance Course
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.

LIHTC Properties' NOI, Rental Income, Operating Expenses Set Record
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.

Innovation Economy Firms Receive $150M in Grants, Tax Credits in California
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.

$52M Redevelopment to Transform Worcester, MA Boys Club Into Affordable Apartments
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.

IRS Releases Long-Awaited Updates to Investment Tax Credit Regulations
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).

CDFI Fund Releases Updated FAQ Document for NMTC Compliance
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.

IEDA Awards $25M in Tax Credits to Iowa Historic Preservation Projects
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 Offers $11.3M of Financing for New Affordable Senior Housing in Cleveland, OH
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.

Upcoming Events
Intro Federal Finance WebCourse

2023 Equitable Lending Learning Series: Program Design
December 5, 2023 - 1:00 PM - 4:00 PM Eastern
During this event in the Equitable Lending Learning Series, speakers will discuss how loan fund programs have traditionally been designed, introduce technical strategies and best practices for proactively reducing barriers to capital among prospective borrowers, and share examples of loan funds with replicable program innovations.

CDFA // BNY Mellon Development Finance Webcast Series: Financing Childcare Facilities with Bonds
December 19, 2023 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, experts will discuss challenges faced in financing childcare facilities and share examples of how bond financing can be used to support such businesses.

More Headlines

KSI Completes 4.4-MW New Jersey Community Solar Portfolio
Solar Power World | Nov. 27 | Community Development | Energy Finance | Green Finance | Tax Credits

Housing Trust Group Opens $18.2M Affordable Housing Community in Arlington Heights, IL
Rebusiness Online | Nov. 27 | Housing Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

How Rhode Island's State Housing Agency Plans to Build More Housing in 2024
The Providence Journal | Nov. 24 | Bond Finance | Community Development | Housing Finance | Redevelopment | Tax Credits | Tax Increment Finance (TIF) | Urban Development

The Emerging Green Tax Credit Marketplace: A Game Changer for Clean Energy Funding
Energy Portal | Nov. 23 | Energy Finance | Tax Credits

IRA Electric Vehicle Incentives Driving a U.S. Manufacturing Renaissance
American Progress | Nov. 22 | Energy Finance | Tax Credits

How Historic Tax Credits Helped Preserve the Milwaukee, WI Fortress
J.P. Morgan Chase | Nov. 16 | Historic Preservation | Housing Finance | Tax Credits

Sunnova Aids Puerto Rico Energy Grid Stability Through DOE Program
Solar Building | Nov. 14 | Energy Finance | Tax Credits | U.S. Dept. of Energy (DOE)

Community Reinvestment Act Update: Regulation Modernizations Finalized
Kutak Rock | Nov. 10 | Access to Capital | Social Finance | Tax Credits | Community Reinvestment Act (CRA)

Dominium to Build Affordable Housing in Marana, AZ With LIHTC Financing
Multi-Housing News | Nov. 8 | Housing Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

Massachusetts Governor Unveils $4B Affordable Homes Act in Worcester and Amherst
Hoodline | Nov. 3 | Housing Finance | State Finance Program | Tax Credits

Huntsville, AL Makes $4M Available for Multifamily Rental Rehabilitation Program
City of Huntsville | Nov. 3 | Housing Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

Biden Administration Approves Largest U.S. Offshore Wind Farm Off Virginia Coast
EcoWatch | Nov. 2 | Energy Finance | Green Finance | Resiliency | Tax Credits

A Blueprint to Decarbonize Affordable Housing
Rocky Mountain Institute | Nov. 2 | Energy Finance | Green Finance | Housing Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

Boston Financial Closes $164M National Multi-Investor Fund
Business Wire | Nov. 2 | Housing Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

Ohio Receives $105M in NMTCs to Create Jobs, Promote Economic Growth
Senator Sherrod Brown | Nov. 2 | Tax Credits | Federal New Markets Tax Credits (NMTCs)

Greenburger Center Finalizes $13M Deal for Hope House in the Bronx, NY
New York YIMBY | Oct. 30 | Community Development | Social Finance | Tax Credits

Spearmint Secures $92M Tax Equity Financing for Battery Storage Project in Texas
Energy Storage News | Oct. 25 | Energy Finance | Tax Credits



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
info@cdfa.net

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CDFA National Sponsors

  • Alliant Insurance Services, Inc.
  • BNY Mellon
  • Bricker Graydon LLP
  • Business Oregon
  • CohnReznick
  • Frost Brown Todd LLP
  • Grow America | Formerly NDC
  • Hawes Hill and Associates LLP
  • 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
  • Stifel Nicolaus
  • The Bond Buyer
  • U.S. Bank
  • Wells Fargo Securities
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