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CDFA Tax Credits Finance Update - March 23, 2021

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Tax Credits Finance Update
March 23, 2021
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Tax Credits Finance Update


Alabama Historic Tax Credit Program Fuels Growth, Sparks Debate
Since 2013, the program fueled 52 projects and $334 million in investments during its first iteration, which ran from 2013-2016. The program was renewed in 2018, and state officials estimate another 93 programs will fuel more than $500 million in historic building renovations in 15 counties. Despite high praise from preservationists and local officials, some have criticized the historic preservation tax credits as benefitting wealthy white investors in large cities instead of rural, low-income, and predominantly Black communities.

PNC Bank Invests $18M to Finance New Sylvan Hills Affordable Senior Housing in Atlanta, GA
The age-restricted development will offer 127 one-bedroom units and 56 two-bedroom rental units to seniors earning between 50 and 60 percent of the area's median income. In addition to the $18.7M in state and federal LIHTC, financing will also include $2.5M from Invest Atlanta and a $20M bond issue from the Georgia Housing Finance Authority.

Supporting Underserved Markets with $1.5B in LIHTC Equity Investments
In 2020, Fannie Mae reached a significant milestone of $1.5B in equity investments since re-entering the LIHTC market in 2018. These investments have supported the creation and preservation of nearly 600 affordable multifamily properties and over 43,000 units in 46 states and the District of Columbia as well as native, rural, and farmland communities.

Downtown Investment Authority Board in Jacksonville, FL Approves $24.67M Trio Loan Package
The Trio buildings, built between 1902 and 1912, are historic and contributing structures to the Downtown Jacksonville National Register District which will adapt the vacant structures into a 145-room Marriott Autograph Hotel with a restaurant, lounge, ground-floor retail, and a bodega grocery store. Financing includes $9.46M in Federal Historic Tax Credits, as well as debt financing and a myriad of other incentives.

Massive Mixed-Use Redevelopment Planned for Sligh Furniture Co. Building in Grand Rapids, MI
A Detroit-based real estate development firm plans to renovate the historic Sligh Furniture Co. building to create 753 housing units and 22,647 square feet of ground-floor retail space. The financing will include Federal Historic Tax Credits and may also include Low Income Housing Tax Credits.

IRS Publishes Resident Population Figures to Calculate CY 2021 LIHTC, PAB Cap
The Internal Revenue Service (IRS) published the Internal Revenue Bulletin No. 2021-11, which includes the calendar year 2021 resident population figures to calculate state allocations of the 9% low-income housing tax credit (LIHTC) and private activity bond (PAB) cap. Nationally, 9% population-based LIHTC allocations will increase by 0.4% ($3.7 million) in 2021 and PAB allocations will increase by 0.5% ($182 million).

NPS Report: Federal Historic Tax Credit Generated More Than $6.5B in Private Investment in 2020
In the fiscal year 2020, the Federal Historic Tax Credit generated over $6.5 billion in private investment for the preservation and revitalization of historic properties. The National Park Service's annual report, Federal Tax Incentives for Rehabilitating Historic Buildings, indicated that 5,730 housing units were rehabilitated and 10,894 new housing units were completed in 2020.

Bills Introduced in Senate, House Call for NMTC to Receive Permanent Extension at $5B
The New Markets Tax Credit Extension Act of 2021 has been introduced in the House by Reps. Terri Sewell (D-AL) and Tom Reed (R-NY), and in the Senate by Sens. Ben Cardin (D-MD) and Roy Blunt (R-MO). The legislation permanently extends NMTC at $5 billion in annual credit authority, adjusts that amount for inflation in future years, and provides an exception from the Alternative Minimum Tax for New Markets investments.

Upcoming Events
Intro Tax Increment Finance WebCourse

CDFA-Bricker PACE Webinar Series: How PACE Gets Utilized Across All Market Segments
Tuesday, March 30, 2021 - 2:00 PM - 4:00 PM Eastern
PACE can be used for new construction, existing building renovations, or refinancing. Each market segment has its own view of why PACE is valuable and this workshop will provide insights and details into each.

CDFA // BNY Mellon Development Finance Webcast Series: Social Impact Investing Credit Ratings for CDFIs
Tuesday, April 20, 2021 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Webcast Series, we will explore how CDFIs, by obtaining a credit rating, can demonstrate the value of making social impact investments.

Intro Opportunity Zones Finance WebCourse
April 28-29, 2021 - Daily: 12:00 - 5:00 PM Eastern
The Intro Opportunity Zones Finance WebCourse will bring together program designers, fund managers, communities, investors, and policy experts to educate and review the most up-to-date thinking and strategies on how to maximize Opportunity Zone designations and how best to attract zone investments. This interactive webcourse will help communities bring all economic development stakeholders to the table, and have a firm understanding of how the development finance toolbox can both encourage and supplement Opportunity Fund investments.

More Headlines

COVID-19 Relief for New Markets Tax Credit Program and Opportunity Zone Program
Butler Snow | Mar. 16 | Disaster Recovery & Relief | Opportunity Zones | Tax Credits | COVID-19

Massachusetts Awards Midas Site Grant for Affordable Housing Development
Chelsea Record | Mar. 11 | Brownfield Financing | Housing Finance | Social Finance | Tax Credits

Alabama Legislature Renews Growing Alabama Act and Alabama Jobs Act
Lexology | Mar. 9 | Economic Development | Rural Development | State Finance Program | Tax Credits

Hoping to Attract Businesses, Reading Reauthorizes Pennsylvania's Economic Enterprise Zone
Reading Eagle | Mar. 9 | Brownfield Financing | Local Finance Program | Tax Credits | Enterprise Zones Tax Credits

How New York is Allocating Its $100B in Relief Funding
WKTV | Mar. 8 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | Revolving Loan Funds (RLFs) | State Finance Program | Tax Credits | COVID-19

Georgia State House Passes Tax Relief Legislation
Henry Herald | Mar. 6 | Economic Development | Incentives | Rural Development | State Finance Program | Tax Credits

New Mexico Signs Two Pandemic Recovery Bills Into Law
Albuquerque Journal | Mar. 3 | Disaster Recovery & Relief | Food Systems Finance | State Finance Program | Tax Credits | COVID-19

New Low-Income Apartments Planned for Des Moines, IA with TIF, LIHTC
Des Moines Register | Mar. 2 | Housing Finance | Social Finance | Tax Credits | Tax Increment Finance (TIF) | Low Income Housing Tax Credits (LIHTCs)

$6.9M TIF District Created for Kingsway Elevation District in St. Louis, MO
nextSTL | Feb. 28 | Brownfield Financing | Tax Credits | Tax Increment Finance (TIF)

Urban Agriculture Zones Established for Regions in Indiana
NWI Times | Feb. 27 | Agriculture Finance | Community Development | Food Systems Finance | State Finance Program | Tax Credits

Kansas Law Creates Tax Exemption for Interest Income on Ag Real Estate Loans
ABA Banking Journal | Feb. 26 | Agriculture Finance | Revolving Loan Funds (RLFs) | Rural Development | State Finance Program | Tax Credits

How Innovation Districts Can Lead Inclusive Recovery
The Philadelphia Citizen | Feb. 25 | Brownfield Financing | Federal | Opportunity Zones | Social Finance | Tax Credits

New Jersey Entices Developers with Loans, Tax Credits to Remake Brownfield Sites
NJ Spotlight | Feb. 25 | Brownfield Financing | Tax Credits

Bipartisan Bill Introduced to Increase Access to Healthy Foods, Eliminate Food Deserts
U.S. Senator Mark Warner | Feb. 24 | Food Systems Finance | Legislative | Tax Credits | U.S. Dept. of Agriculture (USDA)

JPMorgan and Google Launch Program to Help Minority-Owned Banks
CNN | Feb. 23 | Access to Capital | Community Development | Crowdfunding | Revolving Loan Funds (RLFs) | Social Finance | Tax Credits

California Gov. Gavin Newsom Signs $7.6B Coronavirus Relief Package
CBS News | Feb. 23 | Access to Capital | Disaster Recovery & Relief | State Finance Program | Tax Credits | COVID-19

New Additions to the Online Resource Database

Food Forward NYC: A 10-Year Food Policy Plan
Access to Capital | Agriculture Finance | Economic Development | Food Systems Finance | Incentives | Special Assessment Districts | Tax Credits
Food Forward NYC is the City's first ever 10-year food policy plan, laying out an ambitious interagency policy framework to reach a more equitable, sustainable, and healthy food system by 2031. The success of this plan depends on the partnership of everyone involved in the food system. Food businesses large and small, community-based organizations and advocates, philanthropies and academic institutions, regional partners, and the state and federal government all have a critical role to play.

Reimagining Rural Policy: Organizing Federal Assistance to Maximize Rural Prosperity
Access to Capital | Agriculture Finance | Economic Development | Federal | Infrastructure Finance | Revolving Loan Funds (RLFs) | Rural Development | Tax Credits
The federal programs and tools available today to help generate social and economic development in rural communities serve as a reminder of active and broad federal involvement in the 20th century, and the possibilities for federal leadership to help rural communities meet the current moment. Yet they are outdated, fragmented, and incoherent. This report identifies over 400 programs open to rural communities for economic and community development, spanning 13 departments, 10 independent agencies, and over 50 offices and sub-agencies.

Federal Tax Incentives for Rehabilitating Historic Buildings - FY20 Annual Report
Economic Development | Historic Preservation | Redevelopment | Community Development | Rural Development | Tax Credits
The Federal Historic Preservation Tax Incentives Program, administered by the National Park Service in partnership with the State Historic Preservation Offices, is the nation's most effective program to promote historic preservation and community revitalization through historic rehabilitation. The 2020 annual report for the Historic Tax Credit program shares accomplishments and select projects from the past year.

Community Serving Infrastructure: A Playbook for a New Infrastructure Partnership
Access to Capital | Bond Finance | Development Finance Toolbox | Economic Development | Incentives | Infrastructure Finance | Public-Private Partnership (P3) Financing | Tax Credits | Water Finance
The New Partnership on Infrastructure seeks to advance national policies driven by local innovation, with cities serving as testbeds for experimentation and transferable solutions. This document champions that idea. It is a summation of local practices and insights from across the country - cities large and small, red and blue, coastal and inland - that aggregate into America's New Playbook for Infrastructure.

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

  • 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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