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CDFA Tax Credits Finance Update - April 23, 2019

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Tax Credits Finance Update
April 23, 2019
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Tax Credits Finance Update


Freddie Mac Invests $50M in Affordable Housing in Rural, Underserved Areas
Freddie Mac recently announced it closed a Low-Income Housing Tax Credit fund with CAHEC and initiated several investments within the fund, totaling $50 million, for affordable rental housing in the Middle Appalachia area. This closing marks the sixth LIHTC fund that Freddie has closed since re-entering the market last year.

Tuscon, AZ Affordable Housing Capital Stack Filled by Bonds, TIF, Tax Credits
The $25 million affordable housing project was funded by Low Income Housing Tax Credits (LIHTC), Federal Home Loan Bank of San Francisco Affordable Housing Program (AHP), the Rio Nuevo Tax Increment Finance District and Pima County G.O. Bonds. The County's involvement also helped the project qualify for major tax credit funding from the state Department of Housing.

Flint, MI Grocery Project Would be Financed through CDBG, NMTCs, and TIF
The Fresh Start Hutchinson Neighborhood Grocery Store would be financed/funded through a $2.6 million HUD loan, a $1.5 million CRA grant from the state, $3 million in New Market Tax Credits, and tax increment financing. The proposed 25,000 square foot grocery store would be built in what is considered to be a food desert.

MD Bill to Establish OZ Incentives, Extend State HTC Awaits Governor's Signature
Maryland legislation that establishes the Opportunity Zone (OZ) Enhancement program and extends the state historic tax credit (HTC) program through 2024 has been sent to Gov. Larry Hogan for his signature. S.B. 581 would make qualifying businesses in OZs eligible for six state tax credit incentives.

Solar Panel Installs Surge as Tax Credit Set to Phase-Out
Annual solar installation has grown by over 1,600% since the ITC was enacted in 2006. The Solar Investment Tax Credit, or ITC, is available for solar panel systems on both residential and commercial properties. After this year, the tax credit drops to 26% for 2020 and 22% for projects that begin in 2021. After 2021, the residential credit will drop to zero.

Tax Incentive Attracts Netflix to Invest Over $100M in New York, NY Production Hub
Empire State Development has offered up to $4 million in performance-based Excelsior Tax Credits over ten years, which are directly tied to real job creation. To receive the full incentive, Netflix must create the 127 jobs by 2024 at its new executive production office and then retain those new jobs and their existing 32 office jobs for another five years.

WI Governor Evers Unveils $10M in Housing Tax Credits from WHEDA
Wisconsin Governor Tony Evers announced the award of $24,760,812 in Federal Housing Tax Credits and $7,369,167 in State Housing Tax Credits to fund housing developments across Wisconsin. The tax credits, which are distributed by the Wisconsin Housing and Economic Development Authority (WHEDA), will move forward 35 developments that will create 2,308 units of rental housing.

Treasury Releases Second Tranche of Proposed Regulations for Opportunity Zones
The Department of the Treasury just released its second round of proposed regulations on Opportunity Zones. These rules are designed to make compliance easier for opportunity fund investors.

Upcoming Events
CDFA Summer School

CDFA // BNY Mellon Development Finance Webcast Series: Strategies to Support Your Local Venture Capital Ecosystem
Tuesday, May 14, 2019 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Webcast Series, expert speakers will highlight several development finance programs that have proven effective in attracting venture and start-up capital.

More Headlines

Fiat Chrysler Wants $160M in Tax Incentives for its Proposed Detroit, MI Plant
Detroit Metro Times | Apr. 22 | Access to Capital | Incentives | Tax Credits

Lancaster, CA Senior Housing Complex Trades for $8.7M
San Fernando Valley Business Journal | Apr. 20 | Access to Capital | Housing Finance | Opportunity Zones | Tax Credits

Orchard Farm Uses Tax Credits for Solar Installation
CT News | Apr. 19 | Agriculture Finance | Energy Finance | Food Systems Finance | Green Finance | Tax Credits

NY Farm to Food Bank Tax Credit Aims to Help Those in Need
Natural Resources Defense Council | Apr. 19 | Food Systems Finance | Tax Credits

Senior Housing on ME Penobscot Reservation Gets $2.1M Boost
Bangor Daily News | Apr. 17 | Access to Capital | Community Development | Housing Finance | Rural Development | Tax Credits

VT Housing Finance Agency Awards Housing Tax Credits
Affordable Housing Finance | Apr. 16 | Access to Capital | Housing Finance | Tax Credits

Stark County, OH Approves Tax Incentives for Manufacturing Project
Akron Beacon Journal | Apr. 12 | Incentives | Tax Credits

Bipartisan Bill Would Triple Number of EVs Eligible for Tax Credit
The Detroit News | Apr. 10 | Federal | Green Finance | Legislative | Tax Credits

LA Bill Would Create Tax Credit Pilot for OZs
Business Report | Apr. 10 | Economic Development | Opportunity Zones | Tax Credits

House Democrats Propose a New Energy Storage Tax Credit Bill
pvbuzz | Apr. 9 | Energy Finance | Federal | Legislative | Tax Credits

PA Eyes Tax Credit to Link Retiring and Young Farmers
Farm and Dairy | Apr. 2 | Agriculture Finance | Food Systems Finance | Tax Credits

Reducing Food Waste With Tax Credits
Boulder Weekly | Apr. 2 | Agriculture Finance | Food Systems Finance | Tax Credits

Cleanup Loan Approved for East Chicago, IL Senior Housing Site
The Chicago Tribune | Apr. 1 | Brownfield Financing | Redevelopment | Tax Credits | Housing Finance

IL Solar Incentives Continue to Improve
Digital Journal | Mar. 29 | Energy Finance | State Finance Program | Tax Credits

RI Food Hub Gets Financial Boost
The Public's Radio | Mar. 27 | Agriculture Finance | Food Systems Finance | Tax Credits

Project Converting Factory to Lofts Wins Approval of Buffalo, NY Planning Board
The Buffalo News | Mar. 27 | Brownfield Financing | Community Development | Redevelopment | Tax Credits

WEDC Approves Tax Credits for New Amazon Facility in Oak Creek, WI
Urban Milwaukee | Mar. 26 | Tax Credits

$2.8B IN Fertilizer Plant Project Back on Track
San Francisco Chronicle | Mar. 26 | Bond Finance | Incentives | Tax Credits

Capital Stack Filled for Mixed-Use Redevelopment Project in Harlem, NY
Commercial Observer | Mar. 26 | Access to Capital | Brownfield Financing | Tax Credits | Urban Development

New Additions to the Online Resource Database

Treasury Releases Round Two of Proposed Regulations for Opportunity Zones
Federal | Opportunity Zones | U.S. Dept. of Treasury
The Department of the Treasury just released its second round of proposed regulations on Opportunity Zones.

The Hatchery Chicago Fact Sheet
Community Development | Economic Development | Food Systems Finance | Tax Credits | Tax Increment Finance (TIF)
The Hatchery Chicago is a non-profit food business incubator that enables local entrepreneurs to build and grow successful businesses. Accion, the area's largest microlender, and ICNC, which runs one of the largest business incubators in the country, are the joint venture partners and building owners. The City of Chicago and its affiliates provided a portion of the land, grants, tax increment financing, and new markets tax credits to help reduce the debt the project must carry.

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

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