Learn About Investing in Community Development at the CDFA Virtual National Summit
The CDFA Virtual National Summit happening November 1-5. Sessions will focus on finding solutions to challenges we continue to face with COVID-19, but will also pivot to look at community, housing, infrastructure, and real estate finance opportunities. Join us for sessions on Investing in Equitable Community Development as well as Investing in Minority Developers. Through pragmatic and action-oriented discussion, presentations, case studies, and interactive networking, this event will bring together the development finance community.
Biden Crafts a Climate Plan B: Tax Credits, Regulation, and State Action
After losing the centerpiece of his climate agenda just a week before heading to a major global warming summit, President Joe Biden intends to make the case that the United States has a new plan that will still meet its ambitions to sharply cut greenhouse gases that are warming the planet. The administration's strategy now consists of a three-pronged approach of generous tax incentives for wind, solar, and other clean energy.
2021 LIHTC National Pool is $7.8M – Highest Amount in More than 25 Years
A revenue procedure from the Internal Revenue Service allocates nearly $7.8 million–the largest amount in 21 years–of unused low-income housing tax credits (LIHTCs) to 29 states. The 2021 amount is roughly triple the average amount for the past 25 years and the most since $16.6 million in unused credits were allocated in 1995.
Nearly $30B in LIHTC Provisions in House Ways and Means Committee Reconciliation Bill
The House Ways and Means Committee approved its portion of the $3.5 trillion Build Back Better reconciliation legislation, which includes the Affordable Housing Credit Improvement Act. Novogradac analyzed several primary low-income housing tax credit (LIHTC) unit financing provisions in the reconciliation bill and found that an estimated 1,380,500 additional affordable rental homes could be financed over 10 years if the bill were enacted.
New $76M Affordable Housing Development and Fresh Food Market in Buffalo, NY
Governor Kathy Hochul announced that a new $76 million development with 201 mixed-income affordable homes and a 22,000-square-foot fresh food market will open soon in Buffalo's Central Business District. State financing includes $10.5 million in permanent tax-exempt bonds, $21.8 million in equity from Federal and State Low-Income Housing Tax Credits, a $19.1 million subsidy from New York State Homes and Community Renewal, and $12 million in equity from state Brownfield tax credits.
Pittsburgh Awarded Housing Tax Credits, Providing More Than 100 Affordable Housing Units
The city of Pittsburgh was awarded three low-income housing tax credits, bringing 112 affordable housing units to the city's Allentown, Fairywood, and Hill District neighborhoods. The Low-Income Housing Tax Credit program supports the development and rehabilitation of affordable housing. The program provides an annual tax credit for owners of affordable rental properties for the first 10 years of operation.
Continued Support for Low-Income Housing Tax Credits in Congress
In the multifamily industry, 4% LIHTCs have long served as a crucial tool in the financing of affordable housing across the country. Congress aims to further bolster equity participation in affordable housing transactions by increasing the amount of 4% LIHTCs available for affordable housing projects through a reduction of the required amount of tax-exempt bonds that must be utilized for projects to benefit from the program and expanding the types of projects eligible for basis boosts.
New Ohio Projects Expected to Create More Than $162M in Investments
Ohio Governor Mike DeWine and Lt. Governor Jon Husted announced the approval of assistance for 12 projects set to create 2,426 new jobs and retain 3,252 jobs statewide. During its monthly meeting, the Ohio Tax Credit Authority (TCA) reviewed economic development proposals brought to the board by JobsOhio and its regional partners. Collectively, the projects are expected to result in more than $108 million in new payroll and spur more than $162 million in investments across Ohio.