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CDFA Tax Credits Finance Update - October 27, 2020

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Tax Credits Finance Update
October 27, 2020
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Tax Credits Finance Update

Features

The Menkiti Group Hosts Construction Tour of Unique Residential Development in Downtown Worcester, MA
The project is the ongoing construction of Chatham Lofts, a new, market-rate residential apartment community located at 6 Chatham Street, Worcester, MA. The project has received preliminary approval for listing on the National Register of Historic Places from the National Park Service and has qualified for both federal and state historic tax credits. The project is also being financed through the Developer's Opportunity Zone fund program.

LIHTC Per-Capita Multiplier Remains Same for 2021 While the Private Activity Bond Multiplier Increases
The per-capita multiplier to set a state's 9 percent low-income housing tax credit (LIHTC) cap for 2021 will remain the same as 2020, while the private activity bond (PAB) multiplier will increase by $5 per capita, according to Revenue Procedure 2020-45, published today by the Internal Revenue Service.

Restoration of Historic Pancratia Hall Underway in Denver, CO
The first phase of Westside Investment Partners' master plan that will transform the historic Loretto Heights campus into a vibrant new community is now underway. The project will be financed with a $3.3 million cash flow loan toward the restoration. Additional financing includes 4 percent Federal low-income housing tax credits (LIHTCs), Private Activity Bonds and Federal and State historic tax credits.

Civil Legal Aid's Value Increases for Economic Recovery
Although funds from the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), cannot stave off eviction from tenants in certain cases, living in an apartment complex that was a recipient of Low Income Housing Tax Credits (LIHTC) has a different meaning. Since LIHTC projects are governed by the CARES Act, tenants cannot be evicted for nonpayment of rent during the month in question.

The First CDFA Charter Schools Financing Initiative Paper Is Here! Development Finance Strategies for Charter Schools
CDFA has released the first publication of the CDFA Charter Schools Financing Initiative series, funded with support from the National Alliance For Public Charter Schools. This paper demonstrates how charter schools can access development finance tools and provides real-world examples of how these tools resources have been successfully implemented across the nation.

Expiring State Historic Tax Credit Could Hinder Future Development, Including in Duluth, MN
The Minnesota Historic Structure Rehabilitation Tax Credit will expire at the end of June unless legislative action is taken to renew the 20% tax credit. However, officials' concerns are lessened by the fact that the Federal Historic Tax Credit is not expiring and that TIF and OZ's can still continue to be used.

Cincinnati, OH City Council Ordinance Could Save Lower Price Hill Affordable Housing Project
The 47-unit project by Over-the-Rhine Community Housing and nonprofit Community Matters, called LPH Thrives, would include 10 renovated buildings and a new building, as well as mixed-use space. The effort has garnered more than $10M in investment via Low Income Housing Tax Credits and Historic Preservation Tax Credits.

CDFI Fund Opens CY 2020 Round of New Markets Tax Credit Program
The CDFI Fund released the Notice of Allocation Availability (NOAA) for the calendar year 2020 round of the New Markets Tax Credit Program. The NOAA makes up to $5.0 billion in tax credit allocation authority available for the CY 2020 round, an increase of $1.5 billion more than the $3.5 billion in NMTCs initially authorized for allocation in CY 2019.

Upcoming Events
CDFA Virtual National Summit: Financing Our COVID Recovery

Reframe, Build, Plan: Restoring America's Local Food Systems
Thursday, October 29, 2020 - 1:00 PM Eastern
CDFA recently released the final publication of the CDFA Food Finance White Paper Series, Advancing Local Food Systems Through Development Finance. Join us for an overview of this publication as we review CDFA's framework for expanding traditional financing and attracting capital to local food systems through the Reframe, Build, Plan approach.

CDFA // BNY Mellon Development Finance Webcast Series: Financing Resilient Infrastructure
Tuesday, November 17, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will analyze how to finance the built environment to mitigate disaster and protect human life.

More Headlines

Village of Nunda, NY Receives Grant for Cultural Resources Survey
Livingston County News | Oct. 25 | Historic Preservation | Tax Credits | Federal Historic Rehab Tax Credits | State Historic Tax Credits

Winter Park, CO Moves Forward with Workforce Housing in LIHTC Project
Sky-Hi News | Oct. 25 | Housing Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

Fredericksburg, VA Expands Arts and Cultural District, Extends Tax Credits
The Free Lance-Star | Oct. 24 | Tax Credits | State Tax Credit Programs

IAAM Receives New Markets Tax Credits
Charleston Business | Oct. 22 | Tax Credits

Ryan Helps West Texas Centers Secure $6M in New Markets Tax Credits
Business Wire | Oct. 15 | Tax Credits

The State's Largest Historic Renovation in Downtown Dallas, TX Lights Up
D Magazine | Oct. 9 | Historic Preservation | Tax Credits | Federal Historic Rehab Tax Credits

$59M Mixed-Use Development on Milwaukee, WI North Side Seeks $750K City Loan
Milwaukee Journal Sentinel | Oct. 8 | Community Development | Historic Preservation | Redevelopment | Revolving Loan Funds (RLFs) | Tax Credits | U.S. Environmental Protection Agency (EPA) | Federal Historic Rehab Tax Credits

What Novogradac's Estimate of More Than $1M Rental Homes That Could be Financed through H.R. 2 Means for Each State
Novogradac | Oct. 8 | Housing Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

New CDFA Paper Released! Reframe, Build, and Plan to Restore America's Local Food Systems
CDFA | Oct. 7 | Access to Capital | Agriculture Finance | Bond Finance | Food Systems Finance | Revolving Loan Funds (RLFs) | Tax Credits | Tax Increment Finance (TIF) | Case Studies | Case Studies | Understanding Food Systems Finance | Case Studies | Case Studies | Case Studies | Case Studies

$11M in LIHTC Funds for Waco Seniors Complex
Connect Group Media | Oct. 7 | Housing Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

Inside the $1B Bid to Rescue Affordable Housing
Bloomberg City Lab | Oct. 7 | Housing Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

First National Garage to Open Next Summer
The Oklahoman | Oct. 7 | Historic Preservation | Tax Credits | State Historic Tax Credits

Manufacturing Activities Generate More Brownfield Tax Credits
JD Supra | Oct. 5 | Brownfield Financing | Tax Credits

Dubuque, IA Council Approves Development Agreement for Housing Project
Telegraph Herald | Sep. 30 | Tax Credits | Tax Increment Finance (TIF)

Restaurant Owners Seek Help From Congress
Law 360 | Sep. 25 | Disaster Recovery & Relief | Food Systems Finance | Legislative | Revolving Loan Funds (RLFs) | Tax Credits | COVID-19


New Additions to the Online Resource Database

CDFA - PFM Capital Markets Webinar Series: Pricing Private Activity Bonds in Complex Capital Stacks
Bond Finance | Green Finance | Housing Finance | Tax Credits | Tax Increment Finance (TIF)
During this installment of the CDFA-PFM Capital Markets Webinar Series, project finance experts and issuers discussed the viability of how private activity bond deals can fit into complex capital stacks.

CDFA - PFM Capital Markets Webinar Series: Pricing Private Activity Bonds in Complex Capital Stacks
Bond Finance | Green Finance | Housing Finance | Tax Credits | Tax Increment Finance (TIF) | Webcasts
During this installment of the CDFA-PFM Capital Markets Webinar Series, project finance experts and issuers discussed the viability of how private activity bond deals can fit into complex capital stacks.

CDFA Charter Schools Financing Initiative: Development Finance Strategies for Charter Schools
Access to Capital | Bond Finance | CDFA Original Research | Development Finance Toolbox | EB-5 Visa | Education | Energy Finance | Opportunity Zones | Property Assessed Clean Energy (PACE) | Revolving Loan Funds (RLFs) | Tax Credits | Tax Increment Finance (TIF) | Community Development | Housing Finance | Infrastructure Finance | Rural Development | Social Finance | Urban Development
CDFA's first publication of the CDFA Charter Schools Financing Initiative series, funded with support from the National Alliance For Public Charter Schools. This paper demonstrates how charter schools can access development finance tools and public finance and provides real-world examples of how these tools have been successfully implemented.

CDFA Food Finance White Paper Series: Advancing Food Systems Through Development Finance
Access to Capital | Agriculture Finance | Bond Finance | CDFA Original Research | Economic Development | Food Systems Finance | Revolving Loan Funds (RLFs) | Tax Credits | Tax Increment Finance (TIF) | Brownfield Financing | Community Development | Housing Finance | Rural Development | Social Finance
This is the sixth and final white paper in a series examining the potential creation of a food systems asset class that supports the market growth of local and regional food systems. This paper presents three replicable strategies for restoring local food systems: reframe food systems development as infrastructure and economic development; build effective relationships and partnerships across the entire food system; and plan for strategic food system financing.

Local and Urban Food Systems: Selected Farm Bill and Other Federal Programs
Access to Capital | Agriculture Finance | Community Development | Federal | Food Systems Finance | Legislative | Revolving Loan Funds (RLFs) | Rural Development | Tax Credits
More than 30 USDA grant and loan programs provide support and assistance for local and urban food producers and producer groups. These grant and loan programs may be grouped into several broad program categories, including marketing and promotion; business assistance and agricultural research; rural and community development; urban and indoor production; nutrition and education; and farmland conservation.


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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