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CDFA Tax Credits Finance Update - December 24, 2019

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Tax Credits Finance Update
December 24, 2019
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Tax Credits Finance Update

Features

CDFA Legislation to Modernize Private Activity Bonds Introduced in Congress
The Council of Development Finance Agencies (CDFA) is pleased to announce that Representatives Stephanie Murphy (D-FL) and Darin LaHood (R-IL) have introduced the Modernizing Agricultural and Manufacturing Bonds Act (MAMBA) in the U.S. House of Representatives as H.R. 5422. MAMBA would modernize the Internal Revenue Code (IRC) as it relates to small issue bonds, specifically the private activity bond rules for first-time farmers and manufacturing bonds.

New Markets Tax Credit Receives One-Year, $5 B Extension
The Fiscal Year 2020 appropriations bill , H.R. 1865, signed into law today by President Trump, includes a one-year, $5 billion extension of the New Markets Tax Credit (NMTC). The NMTC, which faced expiration on December 31, instead received a $1.5 billion increase in allocation that will go far to meet the demand for this important resource that revitalizes communities, creates jobs, increases economic opportunity and improves lives.

Senate Passes Tax Extenders Deal That Includes Extension of Renewable Energy Incentives
The US Senate passed a package of tax extenders as part of the year-end appropriations act that the US House of Representatives passed on December 17, 2019. The package includes a one-year extension of the production tax credit (PTC) under section 45 for wind and other technologies. It also includes limited extension of other energy tax incentives that were set to expire and a retroactive extension for some credits that had already expired in 2018.

Assessing WA's Aerospace Tax Preferences: A Mixed Bag?
In 2013, Washington state offered Boeing and the aerospace industry a high-profile incentive package valued over time at $8.7 billion. Earlier this year the state's Joint Legislative Audit and Review Committee (JLARC) completed a study of the aerospace tax preferences that made up the incentive offer. This blog post from Smart Incentives analyzes the results.

Announcing the CDFA Federal Policy Conference: April 14-15, 2020 in Washington, DC
The CDFA Federal Policy Conference will highlight policies and programs at the federal level and will feature development finance experts and practitioners from key federal agencies, congressional offices, and policy organizations. Attendees will have access to networking opportunities with a dozen federal agencies, a federal grant application writing workshop, and so much more. Register now to secure your spot!

An Assessment of the GREEN Act: Implications for Emissions and Clean Energy Deployment
The Growing Renewable Energy and Efficiency Now (GREEN) Act, a discussion draft distributed to Congress on November 19th, proposes to extend several tax credits for clean energy deployment and expand several others. This independent analysis quantifies the combined impact of most major provisions of the proposal on both technology deployment and GHG emissions, through 2030.

Pairing the Opportunity Zones Incentive with Historic Tax Credits
Developers are continually looking for ways to make use of the OZs incentive to drive investment to their projects. Among them, historic tax credit (HTC) developers are exploring ways to combine the OZs incentive with HTC investments for their often difficult to finance projects. Many HTC projects are located in OZs, which makes considering the potential to raise OZ capital a worthwhile exercise for these developers.

More States Facing Shortage in Private Activity Bonds for Rental Housing
Another affordable rental housing funding crisis is brewing–a crisis in the supply of private activity bonds (PABs). For many years, the demand for PAB cap has been less the supply. The national carryforward amount–the unused cap from the previous three years–has been at least $32 billion each year since 2008. That landscape is rapidly changing, already forcing some states to make difficult decisions.

Upcoming Events
CDFA Federal Policy Conference

Fundamentals of Economic Development Finance WebCourse
January 29-30, 2020 - Daily: 12:00 - 5:00 PM Eastern
The Fundamentals WebCourse is the foundation for all of CDFA's educational offerings. This course helps attendees understand the variety of development finance tools available, from bonds, tax credits and TIF, to federal financing programs, RLFs, and access to capital lending resources.

More Headlines

Downtown Ashtabula, OH Projects Awarded Nearly $1 M in Historic Tax Credits
Star Beacon | Dec. 21 | Historic Preservation | Tax Credits | Tax Credits\State Historic Tax Credits

Details on the Energy Tax Extenders Unveiled by Congress
Lexology | Dec. 18 | Energy Finance | Legislative | Tax Credits

Negotiators Agree to Revive, Extend Biodiesel Tax Credit
Agri Pulse | Dec. 17 | Energy Finance | Tax Credits

Expiring Tax Breaks Set Off Year-End Legislative Scramble
The Hill | Dec. 11 | Energy Finance | Green Finance | Legislative | Tax Credits

Real Estate Outlook 2020 Trends and Opportunities
Houston Business Journal | Dec. 6 | Housing Finance | Opportunity Zones | Tax Credits | Tax Credits\Low Income Housing Tax Credits (LIHTCs) | Tax Credits\Federal New Markets Tax Credits (NMTCs) | Tax Credits\State New Markets Tax Credits

Steele Properties Acquires TX Section 8 Community
Affordable Housing Finance | Dec. 6 | Housing Finance | Tax Credits | Tax Credits\Low Income Housing Tax Credits (LIHTCs)

Adaptive Reuse Financing Game Plans
Multi-Housing News | Dec. 5 | Historic Preservation | Housing Finance | Tax Credits | Tax Increment Finance (TIF) | Tax Credits\Federal Historic Rehab Tax Credits | Tax Credits\State Historic Tax Credits

The Most Transformative Project in America
The Philadelphia Citizen | Dec. 5 | Historic Preservation | Opportunity Zones | Property Assessed Clean Energy (PACE) | Tax Credits | Opportunity Zones\Case Studies | Property Assessed Clean Energy (PACE)\Case Studies | Tax Credits\Low Income Housing Tax Credits (LIHTCs) | Tax Credits\Federal Historic Rehab Tax Credits | Tax Credits\Federal New Markets Tax Credits (NMTCs)

Paskenta Band of Nomlaki Indians to Break Ground Saturday on Administrative, Community Center
Red Bluff Daily News | Dec. 5 | Tax Credits | Tribal Finance | Tax Credits\Federal New Markets Tax Credits (NMTCs)

Avesta Aims to Expand Affordable Housing Project in South Portland, ME
Porland Press Herald | Dec. 4 | Housing Finance | Tax Credits

Tax Credits Will Allow Bangor, ME Nonprofit to Build 40 More Affordable Housing Units
Bangor Daily News | Dec. 4 | Tax Credits | Tax Credits\Low Income Housing Tax Credits (LIHTCs)

Legislation Would Allow States to Sell Toll Credits for Transportation Matching Funds
Transportation Today | Dec. 3 | Infrastructure Finance | Legislative | Tax Credits

Congressional Tax Writers Look for Opening to Move Legislation
Bloomberg Tax | Dec. 3 | Legislative | Tax Credits

Tax Credits for Railway Exchange Building in Jeopardy If Bankruptcy Petition Moves Forward
St.Louis Business Journal | Dec. 3 | Historic Preservation | Tax Credits | Tax Credits\Federal Historic Rehab Tax Credits

IRS Issues Private Letter Ruling Allowing Tax Equity Financing with a Regulated Utility Taxpayer
JD Supra | Dec. 3 | Energy Finance | Internal Revenue Service (IRS) | Tax Credits | Energy Finance\Renewable Energy Production Tax Credit (PTC) | Energy Finance\Renewable Energy Investment Tax Credit (ITC) | Tax Credits\Renewable Energy Production Tax Credit (PTC) | Tax Credits\Renewable Energy Investment Tax Credit (ITC)

Why These Hospitals Have Promised $700 Million for Affordable Housing and More
Next City | Dec. 3 | Housing Finance | Social Finance | Tax Credits | Social Finance\Health | Tax Credits\Low Income Housing Tax Credits (LIHTCs)

Low-Interest Microloans Available to Aid Renovation of Historic WV Buildings
Charleston Gazette-Mail | Dec. 3 | Access to Capital | Historic Preservation | Tax Credits | Access to Capital\Revolving Loan Funds (RLFs) | Tax Credits\State Historic Tax Credits

OH Opportunity Zone Tax Credit Application Period Opens January 2, 2020
Vorys | Dec. 2 | Opportunity Zones | State Finance Program | Tax Credits

Investors Assess LIHTC Market Heading into 2020
Affordable Housing Finance | Dec. 2 | Tax Credits | Tax Credits\Low Income Housing Tax Credits (LIHTCs)

State of IN Attempts to Combat Food Deserts
Star Press | Nov. 30 | Access to Capital | Food Systems Finance | Special Assessment Districts | Tax Credits

Federal, State Dollars Allocated to ND Low-Income Housing Projects
Grand Forks Herald | Nov. 27 | Housing Finance | Rural Development | Tax Credits

CEI Deployed Over $24M to ME Businesses in 2019
Mainebiz | Nov. 27 | Access to Capital | Agriculture Finance | Food Systems Finance | Tax Credits


New Additions to the Online Resource Database

New Markets Tax Credit Summary Report - FY 2003 to FY 2017
Community Development | Economic Development | Tax Credits
The CDFI Fund requires all CDEs that have been awarded NMTC allocations to submit an annual report detailing how they invested Qualified Equity Investment (QEI) proceeds in low-income communities. The Summary Report categorizes all CDE investments utilizing the North American Industry Classification System (NAICS) from FY 2003 - FY 2017.


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