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CDFA Brownfields Finance Update - March 6, 2018

Brownfields Financing Update
March 6, 2018
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Brownfields Finance Update


Time is Right for Clock Factory Conversion in New Haven, CT
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.

KeyBank Stakes $12.6M for Two Downtown Office Towers in Hartford, CT
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.

Developer to Turn Massachusetts Mill Into Affordable Housing
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.

LIHTC Prices Expected to Drop as Market Adjusts to Tax Rate
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.

Former Memphis Distribution Center Uses the Whole Toolbox for Makeover
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. 

$6.4M in NMTCs Funds a Pensacola Bay Area Health Center
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.

WV Bill Would Create Tax Credits to Develop Post Mining Sites
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.

Historic School Buildings Transformed into Affordable Housing in Nelsonville, OH
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.

States Must Act Now on Opportunity Zone Tax Incentives
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.

Upcoming Events
Intro Tax Credit Finance WebCourse

Reimagining Brownfields as Transit Oriented Developments
March 8, 2018 - 2:00 - 3:30 PM Eastern
This installment of the CDFA Brownfields Redevelopment Financing Webinar Series will focus on transit oriented development (TOD) and how it can be used to revitalize blighted properties and activate economies.

CDFA Brownfields Technical Assistance Program

Brownfields Financing Headlines

United Shore HQ Relocation Gets $1.9M in Brownfield Financing in Pontiac, MI
Crains Detroit | Mar. 5 | Brownfield Financing

Fairfield Inn & Suites Adding Hotel Near Wells Fargo Arena in Downtown Des Moines, IA
Des Moines Register | Feb. 20 | Brownfield Financing | Tax Increment Finance (TIF)

Developer Gets $12M TC for Cleanup in Schenectady, NY
Times Union | Feb. 13 | Brownfield Financing | Tax Credits

MassHousing Provides $14.3M Financing for a Non-Profit Developer
Boston Real Estate Times | Feb. 9 | Access to Capital | Brownfield Financing | Tax Credits

Highlights from the Online Resource Database

City of Pensacola - Maritime Park Marina
Brownfield Financing | CDFA Original Research
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.

CDFA // BNY Mellon Development Webcast Series: Transforming the Motor City: Redevelopment in the Rust Belt
Brownfield Financing | Economic Development | Redevelopment | Webcasts
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.

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.

Disclaimer: This publication was developed under Assistance Agreement No. TR-83576801-0 awarded by the U.S. Environmental Protection Agency. It has not been formally reviewed by EPA. The views expressed in this document are solely those of Council of Development Finance Agencies and EPA does not endorse any products or commercial services mentioned in this publication. 

Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300

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