Join CDFA for our upcoming Bond Finance Week! The Intro Bond Finance WebCourse will take place on March 4-5 followed by the Advanced Bond Finance WebCourse on March 6-7. Register for one or both of these courses to learn from experts about how to bring economic growth to your community by utilizing the vast resources of the bond finance industry.

The city of St. Louis has authorized up to $7 million in tax credits for a startup - Terra Environmental Holdings - to locate an industrial facility in south St. Louis. This capital will help finance the purchase, renovation, and equipment for a 27,900-square-foot industrial facility at 3600 S. First St., in the Marine Villa neighborhood.

The U.S. government has reimbursed auto dealers for about $135 million in advance point-of-sale consumer electric vehicle tax credit payments since the start of the year through February 6, according to Treasury. Prior to 2024, U.S. auto buyers could only take advantage of the $7,500 new electric vehicle credit or $4,000 used EV credit when they filed tax returns the following year. As of January 1, 2024, consumers can transfer the credits to a car dealer at the time of sale, effectively lowering the vehicle's purchase price.

The Inflation Reduction Act of 2022 (IRA) provides a number of renewable energy credits that are newly available to nonprofits under a direct pay election. Tax-exempt entities, states and political subdivisions, the Tennessee Valley Authority, Indian tribal governments, Alaska Native Corporations, and rural electricity cooperatives are eligible to make the direct payment election and treat the IRA tax credits as "refundable" tax credits.

Legislation introduced in the Utah House of Representatives would allow unallocated portions of the state Low-Income Housing Tax Credit (LIHTC) to be carried forward to future years. H.B. 465 modifies several affordable housing provisions, including to allocate credits returned to or recaptured by the Utah Housing Corporation in the previous year. The bill would also allow the allocation of holdover credits if all potential credits were not allocated in a previous year, with a maximum of 15% of the total previous allocation amount.

Legislation introduced in the Georgia House of Representatives would increase the cap and extend the deadline for the state Historic Tax Credit (HTC), while expanding eligibility for the state's residential HTC. H.B. 1134 would extend the sunset date of the HTC by one year to the end of 2028 and double the annual nonresidential HTC cap to $60 million. The bill would also increase the annual nonresidential project cap from $5 million to $7.5 million, going to $15 million if the project creates 200 or more permanent jobs or $5 million in annual payroll within two years of the placed-in-service date.

Governor Kathy Hochul recently announced that over $15 million has been awarded to support 19 projects across New York State through the Regional Economic Development Council initiative. Round XIII included core capital grant and tax credit funding from Empire State Development, which was made available on a continuous and competitive basis to support the immediate needs of communities. Funding will support impactful projects that align with each region's strategic goals.

The $78 billion Tax Relief for American Families and Workers Act of 2024 that includes key measures to boost the Low-Income Housing Tax Credit (LIHTC) program now moves to the U.S. Senate for approval. If approved, the legislative package promises to spur housing development. It includes restoration of a 12.5% increase in annual 9% LIHTC allocation for 2024 and 2025 and a reduction, from 50% to 30%, of the amount of private bond financing required to access the 4% housing credit.

The House passed a sweeping, bipartisan tax bill that would expand the child tax credit for American families and reinstate some tax cuts for businesses. The package would also increase the amount of federal money that states can receive to encourage the development of low-income housing, authorizing a 12.5% increase for the federal Low-Income Housing Tax Credit (LIHTC), which was originally meant to subsidize up to 70% of construction.

The Caren S. Franzini Fellowship was created to develop and recognize outstanding women in the field of development finance for their leadership and dedication to the advancement of the industry. This 6-month fellowship program, run through the CDFA Foundation, is open to women employed by a CDFA member organization who have worked in the development finance industry for less than 10 years. Apply by Friday, March 15!

SSBCI Learning Series - Promoting Success: Best Practices for Highlighting SSBCI Programs
March 12, 2024 - 2:00 PM - 4:00 PM Eastern

CDFA // BNY Mellon Development Finance Webcast Series: The Re-emergence of Bond Banks
March 19, 2024 - 2:00 PM - 3:00 PM Eastern

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