After decades of trying to make it work, conversion of the New Haven Clock Co. to apartments for artists and other creative types is on the brink of becoming a reality. The Project is slated to cost $40M and has secured  commitment for a low-interest $4 million loan from the state Department of Economic and Community Development toward the $6 million brownfield cleanup.

The financing is relying on a P3 structure. At 101 Pearl, the $28.4M tab was to be financed with $15.6M in private financing and equity, plus a $9.2M loan from the Capital Region Development Authority; and another $3.6M in brownfield remediation funding. 111 Pearl's redevelopment price tag of $21.5M was to be funded with $10.1M in bank financing and equity; a $6M CRDA loan; $2.8 million in historic tax credits; and $2.5M in brownfield-remediation grants.

MassHousing has committed $17.1 million in financing to assist an affiliate of Trinity Financial create an affordable housing community in Lawrence, Mass. Of the 102 units, 16 will be for very low-income households earning at or below 30% of the area median income (AMI), 67 will be for low-income households earning at or below 60% of the AMI, and 19 will be dedicated for workforce housing for households earning between 61 and 80% of the AMI.

Low-income housing tax credit (LIHTC) prices are expected to drop in the first half of the year as the market adjusts to the sweeping changes made under the recent tax reform legislation. While the market may eventually regain its strength by the end of the year, it's going to have to first reset at a lower corporate tax rate.

The Crosstown Concourse team was able to finance the nearly $200 million project cost through more than 30 sources that were a blend of private equity and bank loans, historic and new market tax credits, and local government funds for streetscape and utility improvement among them. 

Escambia Community Clinics has financed its new community health center in Brownsville with a variety of funding sources, including $6.4 million in federal New Market Tax Credits.

Legislation in the West Virginia Senate would, if passed, make it easier for businesses to set up shop on the post-coal mining sites throughout the state. Senate Bill 12 would create five-year tax credits for businesses locating on post coal mine sites.

Two historic school buildings have been revitalized as affordable housing for working families and seniors in the southeast Ohio town of Nelsonville. The $9.6 million historic rehab project was financed through state HTCs administered by the Ohio Development Services Agency, federal HTCs through the National Park Service, and competitive LIHTCs.

The IRS and the CDFI Fund have released guidance on the procedure for designating population census tracts as Qualified Opportunity Zones (QOZ). States must act quickly if they want to designate any QOZs, as they have until March 21, 2018 to submit their designations to Treasury.

Reimagining Brownfields as Transit Oriented Developments
March 8, 2018 - 2:00 - 3:30 PM Eastern

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As part of the Brownfields Technical Assistance Program, this report from CDFA staff and technical advisors provides redevelopment recommendations for the City of Pensacola's Maritime Park Marina in Pensacola, FL.

The effects of deindustrialization have been felt strongly throughout the rust belt, and Detroit is at the heart of this region. However, new development strategies have offered a way out of urban decline and decay and the Motor City has begun a transformation. What can be learned from the mixed-use development strategies out of Detroit? During this installment of the CDFA // BNY Mellon Development Finance Webcast, hear from Jennifer Kanalos and Brian Vosburg from the Detroit Economic Growth Corporation as they delve into various development strategies used to bring Detroit out of its slump and into a new urban renaissance.

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