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CDFA Tax Credits Finance Update - October 26, 2021

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Tax Credits Finance Update
October 26, 2021
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Tax Credits Finance Update

Features

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.

Upcoming Events
CDFA Virtual National Summit

CDFA // BNY Mellon Development Finance Webcast Series: When it Comes to Financing Smart Cities, What Counts as Smart?
Tuesday, November 16, 2021 - 2:00 PM - 3:00 PM Eastern
The concept of Smart Cities is no longer brand new, yet most communities are still working to understand what kinds of smart infrastructure they want and need at the local level - and how to pay for it. Join CDFA for this next installment of the CDFA // BNY Mellon Development Finance Webcast Series to learn about what types of smart infrastructure projects are happening around the country and how these efforts are being financed.

CDFA // BNY Mellon Development Finance Webcast Series: Affordable Housing Finance - Market Rate/Affordable/Low-Income
Tuesday, December 21, 2021 - 2:00 PM - 3:00 PM Eastern
Affordable Housing has been a hot button issue over the last few years with a focus on what percentage of affordable housing should comprise a residential development. This session will discuss how various tools such as Low Income Housing Tax Credits and Private Activity Bonds play a role in how these decisions are made.

More Headlines

Donors to EPS' Foundation, Other Public Schools to Receive Tax Credits
Enid News & Eagle | Oct. 22 | Education | State Finance Program | Tax Credits

Massachusetts ARPA Funds Used in Addressing Systemic Issues of Equity
Telegram & Gazette | Oct. 22 | Access to Capital | Disaster Recovery & Relief | Federal | Food Systems Finance | Housing Finance | Tax Credits | COVID-19

Iowa Awards $1.5M in Tax Credits to 2 Downtown Housing Projects
The Gazette | Oct. 22 | Housing Finance | Tax Credits

URA Closes on $500K Loan to Help Bring Music Back to James Street in East Allegheny Neighborhood
The City of Pittsburgh | Oct. 21 | Access to Capital | Food Systems Finance | Redevelopment | Revolving Loan Funds (RLFs) | Tax Credits

Nebraska Has Plenty of Work, but Not Enough Workers
Star Herald | Oct. 21 | Food Systems Finance | Tax Credits

Cleanup Completed at Poughkeepsie, NY Brownfield Site
Mid Hudson News | Oct. 18 | Brownfield Financing | Economic Development | Redevelopment | State Finance Program | Tax Credits

Ohio's New State Tax Credit Program Designed to Transform Communities
The Business Journal | Oct. 15 | Brownfield Financing | Tax Credits

Connecticut Nonprofits Get $10.9M in Tax Credits for Affordable Housing
CT Insider | Oct. 12 | Housing Finance | Tax Credits

CDFI Fund ‘Tentatively Plans' to Open CY 2021 NMTC Allocation Application Round This Fall
Novogradac | Sep. 30 | Community Development | Economic Development | Federal | Tax Credits | U.S. Dept. of Treasury CDFI Fund

California Law Expands State LIHTC to More ‘At-Risk' Buildings, Adaptive Reuse Properties
Novogradac | Sep. 30 | Housing Finance | State Finance Program | Tax Credits

Do Incentives for Entrepreneurial Firms Work?
Smart Incentives | Sep. 28 | Access to Capital | Economic Development | Incentives | Revolving Loan Funds (RLFs) | Tax Credits

Historic Award of Research and Development Tax Credits in New Hampshire
Gov. Chris Sununu | Sep. 27 | Economic Development | State Finance Program | Tax Credits

New Frontiers for Historic Tax Credit in Alabama
Birmingham Business Journal | Sep. 27 | Economic Development | Historic Preservation | Redevelopment | State Finance Program | Tax Credits

Historic YMCA Transformed Into Artsy Apartment Complex in Downtown Granite City, IL
Belleville News-Democrat | Sep. 27 | Economic Development | Housing Finance | Redevelopment | State Finance Program | Tax Credits


New Additions to the Online Resource Database

Incentives for Entrepreneurial Firms
Access to Capital | Economic Development | Incentives | Revolving Loan Funds (RLFs) | Social Finance | Tax Credits
Many economic development organizations (EDOs) have embraced the mission to support entrepreneurial firms in their communities. EDOs engage in their entrepreneurial ecosystems, in part, by providing resources, sometimes in the form of business incentives. The purpose of this report is to provide practitioners and policymakers with insights regarding the use of these incentives and guidance for offering incentives to entrepreneurial firms.

Analyzing the Impact of Lowering the 50% Test for 4% Tax-Exempt Bond Financed Properties
Bond Finance | Economic Development | Federal | Housing Finance | Legislative | Tax Credits
Novogradac conducted an analysis of the private activity bond (PAB) financed by test for low-income housing tax credits (LIHTCs). The analysis determined that lowering the financed by test for PAB test from the current law threshold of 50 percent to 40 percent would "free" nearly $37.5 billion in PAB cap over 2021-30 that could be allocated for more affordable rental housing or other PAB-eligible uses.

CDFA // BNY Mellon Development Finance Webcast Series: Layering the Capital Stack
Bond Finance | Special Assessment Districts | Tax Credits | Tax Increment Finance (TIF) | Webcasts | Community Development | Housing Finance
This webinar discussed how Bonds, Tax Increment Finance, Tax Credits as well as the litany of federal funding through recent legislation can work for your project and ultimately the community that is benefitting.


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

  • Baker Tilly
  • BNY Mellon
  • Bricker & Eckler LLP
  • Brownfield Superfund Advisory, Inc
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Frost Brown Todd LLC
  • gener8tor
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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