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CDFA Tax Credits Finance Update - September 27, 2022

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Tax Credits Finance Update
September 27, 2022
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Tax Credits Finance Update

Features

Come Hear Experts Discuss the New Markets Tax Credit Landscape!
Want to learn the latest on New Market Tax Credits? Join us at the CDFA National Development Finance Summit, Presented by CHFA, in Denver, CO on Thursday, November 3 for a session on ways to structure deals with NMTCs and other forms of capital. Experts will also be diving into case studies that have successfully utilized NMTCs for their projects. You don't want to miss out!

How to Make the Most of the New U.S. Climate Tax Credits
The United States government just passed the Inflation Reduction Act, a sweeping piece of legislation that allocates nearly $400 billion dollars to fund clean energy and climate efforts. A big chunk of that amount is earmarked for tax credits for consumers. If you want to install solar panels, buy better windows, purchase a heat pump, or start driving an electric vehicle, there's a good chance you could get some money to offset the cost.

Ohio Agency Poised to Approve $650M Intel Tax Break
The state is poised to grant additional financial incentives to Intel that figure to save the semiconductor company about $650 million in state taxes over the next 30 years for its project in New Albany. Intel has said it will create 3,000 jobs with its $20 billion plan to build two semiconductor plants in New Albany.

Grappone, NH Receives $18M New Markets Tax Credit to Build New Facility
The Grappone group of auto dealerships has received an $18 million New Markets Tax Credit to help it build a new 25,800-square-foot home for its Mazda dealership that will also include a training center and community meeting space. The company received the credit through Mascoma Community Development to finance acquisition of the site and construction of the building.

Iowa Finance Authority Awards $10M in Federal Housing Tax Credits for Rental Units
The Iowa Finance Authority Board of Directors awarded a total of nearly $10 million in federal housing-tax credits to support the construction of a total of 385 affordable-rental homes for Iowans. The awards were made to rental-housing projects located across eleven counties.

The 2022-23 California Spending Plan Housing and Homelessness
The upcoming year's budget authorizes an additional $7.2 billion over three years to 20 major housing and homelessness programs. The vast majority of spending is General Fund, including $2 billion in emergency spending related to rental assistance that is funded through the California Emergency Relief Fund and $500 million is in the form of tax credit authority.

Four Reasons HUD's Section 108 Program Works with Historic Tax Credits
The U.S. Department of Housing and Urban Development's (HUD's) Section 108 Loan Guarantee program has offered flexible financing for local community and economic development activities. It's a potent financing tool that can go hand-in-hand with tax credit investments, such as the historic rehabilitation tax credit.

Missouri Governor Calls Session on State Income Tax Cuts and Agricultural Tax Credits
Missouri Gov. Mike Parson has called for a special session of the state legislature regarding his proposal to make state income tax cuts and extend agricultural tax credit programs for at least six years. The governor's proposal extends the expiration of the meat processing facility investment tax credit, the Rolling Stock Tax Credit program, the Agricultural Product Utilization Contributor Tax Credit, and the New Generation Cooperative Incentive Tax Credit.

Upcoming Events
CDFA National Development Finance Summit

CDFA Infrastructure Finance Learning Series: Reviewing the Guidance
Tuesday, October 4, 2022 - 1:00 PM - 4:00 PM Eastern
Experts will provide a detailed review of the released guidance on the Infrastructure Investment and Jobs Act. Presentations will cover the steps to apply, provide an overall timeline for when communities can expect to access funding, and discuss using IIJA funds in coordination with local funding through bond finance, tax credits, tax increment financing, and other development finance approaches.

CDFA Food Systems Finance Webinar Series: Don't Throw Away Opportunity! Creative Financing for Addressing Food-Related Waste
Tuesday, October 11, 2022 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Food Systems Finance Webinar Series, we will explore how innovative partnerships are leveraging creative financing approaches to reduce food-related waste along the supply chain.

More Headlines

Governor Urges Nebraskans to File for Tax Credit, Support Water Projects
Star Herald | Sep. 23 | Agriculture Finance | Infrastructure Finance | Tax Credits | Water Finance

New Projects Expected to Create More Than $318.4M in Investments in Ohio
Ohio.gov | Sep. 22 | Economic Development | Tax Credits

Mason City, IA Housing Project Gets State Tax Credits
KIMT3 | Sep. 22 | Community Development | Housing Finance | State Finance Program | Tax Credits

Owasso, OK ‘Agrihood' Earns National Award from Affordable Housing Tax Credit Coalition
Owasso Reporter | Sep. 21 | Community Development | Housing Finance | Rural Development | Tax Credits | Urban Development

River Garden Apartments in New Orleans, LA Set to Move Forward with Major Renovation
Uptown Messenger | Sep. 21 | Housing Finance | Redevelopment | Tax Credits

Beginning Farmers Tax Break Available via Minnesota Rural Finance Authority
The Journal | Sep. 16 | Access to Capital | Agriculture Finance | Rural Development | Tax Credits

CDFA Joins with NMTCC to Tell Congress to Make the New Markets Tax Credit Permanent
NMTCC | Sep. 15 | Tax Credits | Federal New Markets Tax Credits (NMTCs)

Columbia Housing Authority Seeks Tax Credits for Housing Construction Project
Columbia Daily Tribune | Sep. 13 | Housing Finance | State Finance Program | Tax Credits

Rural Incentives in Missouri Tax Proposal Target Biofuels
Missouri Independent | Sep. 13 | Agriculture Finance | Federal | Food Systems Finance | Rural Development | State Finance Program | Tax Credits

Impact of the Inflation Reduction Act of 2022 on Renewable Energy Tax Credits
JD Supra | Sep. 12 | Energy Finance | Legislative | Tax Credits

Governor Hochul Announces $475M in Tax Relief for 1.8M Low-Income New Yorkers
New York State | Sep. 8 | Legislative | Tax Credits

Greystone Affordable Development Ranks #1 Rural Affordable Housing Developer
Yahoo! Finance | Sep. 7 | Housing Finance | Public-Private Partnership (P3) Financing | Rural Development | Tax Credits

Iowa Economic Development Agency Awards $5.17M to Three Corridors Groups for Historic Buildings
The Gazette | Sep. 1 | Historic Preservation | Tax Credits

The City of Missoula's New Ground-Mounted Solar Array Nearly Up and Running
Missoula Current | Aug. 22 | Energy Finance | Green Finance | Tax Credits

President Biden Signs Historic Legislation Providing Expansive Clean Energy Tax Incentives
The National Law Review | Aug. 22 | Energy Finance | Green Finance | Infrastructure Finance | Legislative | 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

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  • Z. The Bond Buyer
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