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Tax Credits Finance Update - August 28, 2018

Tax Credits Finance Update
August 28, 2018
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Tax Credits Finance Update


CDFI Fund Releases Application Demand for 2018 Round of NMTC Program
The CDEs that applied under the 2018 round are headquartered in 43 states, the District of Columbia, and Puerto Rico. These applicants requested an aggregate total of $14.8 billion in NMTC allocation authority, over four times the $3.5 billion in authority available for the 2018 round.

H.R. 6627 Would Expand NMTC in Rural Communities
Reps. Jason Smith (R-MO) and Terri Sewell (D-AL) introduced the Rural Jobs Zones Act, bipartisan legislation that would expand NMTC allocation authority for projects targeted at certain rural communities. The bill would provide $500 million in additional NMTC authority for both 2018 and 2019, targeted at Rural Job Zones.

Exploring the Potential for Opportunity Zones to Work With LIHTC
While Opportunity Zone Fund equity will not fully mitigate the lost value of the credit from the corporate tax rate deduction, it provides an intelligent way of adding equity to tax credit developments in underserved communities and, potentially, could attract a new cohort of investors to the tax credit equity market.

Rep. Clyburn Introduces Affordable Housing Legislation
The Restoring Tax Credits for Affordable Housing Act will restore the 235,000 affordable housing units projected to be lost over the next ten years as a result of the Tax Cuts and Jobs Act. The Act increases the Low-Income Housing Tax Credit (LIHTC) allocation and improves the credit percentage formula to promote affordable housing. 

IRS Issues New Guidance on Rules for Investment Tax Credit Qualification
The ITC provides a credit to taxpayers equal to a percentage of the basis of qualifying energy property, which percentage varies depending on the type of such property, the year in which construction begins, and the year in which the property was placed in service. In general, the ITC Notice is similar to guidance provided for wind facilities qualifying for the ITC.

Changes Keep Coming for Long-Stable Historic Tax Credit
For a provision that's been an enduring part of the federal tax code for 40 years, the historic tax credit (HTC) has been on a bit of a roller coaster ride the past 18 months. The concerns about elimination of the credit were real, as last winter's landmark tax legislation threatened the continuation of the credit and ultimately eliminated the 10 percent rehabilitation credit for non-historic properties.

Incentives Watch: State Tax Incentive Review Programs Come of Age
The last twenty years have seen an explosion of state tax credit programs, including historic rehabilitation/preservation credits, economic development credits, and even individual credits to assist first responders and veterans. But growing with this expansion is concern that states have no way of knowing whether a particular program is working. However, reform in this area is picking up steam.

Washington State Housing Finance Commission Approves $108.4M for Affordable Housing
Seven of the 10 projects approved are financed through the 2018 low-income housing tax credit (LIHTC) competition. Three of them were made possible by the recent nationwide increase of 12.5% in the housing tax credit.

NJ Biotechnology Task Force Recommends Angel Investor Tax Credit Expansion
These recommendations, if adopted, may also help certain New Jersey corporate investors that earn more than $1 million in income to offset the tax rate increase enacted with the recent passage of the state budget. The Task Force's underlying rationales apply with equal force to tech and tech-enabled companies.

Upcoming Events
CDFA National Development Finance Summit

CDFA Brownfields Financing Webinar Series:The Developer's Perspective in Financing Brownfield Projects
September 6, 2018 - 2:00 - 3:30 PM Eastern
Join CDFA, our technical assistance partners, and experienced brownfield communities as we discuss how to negotiate with developers and involve them in a broader brownfields strategy.

More Headlines

WHEDA Approves $6.6M in Tax Credit for WI Housing Projects
BizTimes | Aug. 24 | Community Development | Tax Credits

HI Film Industry Fears Tax Credit Cap Will Drive Away Future Business
Hawaii Public Radio | Aug. 22 | Tax Credits

Report Suggests Tax Credit to Boost Broadband Access
Gongwer News Service | Aug. 17 | Tax Credits

Red Stone Equity Partners Closes $144M LIHTC Investment Fund
PR Newswire | Aug. 8 | Community Development | Tax Credits

TX Awards $76.6M in Low-Income Housing Tax Credit
Affordable Housing Finance | Aug. 3 | Tax Credits

New Regulations to the Historic Preservation Tax Credit Program Proposed in DE
Community News | Aug. 3 | Historic Preservation | Legislative | Tax Credits

$21.6M in Renovations Planned for Housing Complexes in Central PA
Central Pen Business Journal | Aug. 3 | Bond Finance | Tax Credits

OH Tax Credit Approvals to Create $1B in New Investments
Office of the Governor of the State of Ohio | Jul. 30 | Tax Credits

Harley Quinn Spinoff Earns $12.6M Tax Credit From California
Variety | Jul. 24 | Tax Credits

Historic Tax Credits Support Hotel in Former Insane Asylum
Richmond BizSense | Jul. 24 | Historic Preservation | Tax Credits

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