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CDFA Tax Credits Finance Update - January 25, 2022

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Tax Credits Finance Update
January 25, 2022
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Tax Credits Finance Update


JPMorgan Chase's Record-Breaking Year in Affordable Housing
With the affordable housing crisis across the U.S., JPMorgan Chase spent 2021 deploying considerable resources to finance the construction, rehabilitation, and preservation of housing for low- and middle-income renters. Partner Insights spoke with Alice Carr, head of community development banking for JPMorgan Chase, about the firm's 2021 efforts in this area, and its plans for 2022.

Goldman Sachs Launches $75M Fund to Aid Black Affordable Housing Developers
Goldman Sachs Asset Management's Urban Investment Group has closed on a $75 million venture with the National Affordable Housing Trust to support Black affordable housing developers in completing new projects around the country. The initiative will establish the Black Developers Initiative Affordable Housing Fund, which will finance affordable housing projects across the country that are sponsored by Black developers with a heavy focus on Black women-led developments.

MBA in Affordable Housing Pledge
The Mortgage Bankers Association will ask industry leaders to increase subsidies for low-income housing - including supporting legislation to remove "unhelpful" zoning laws - and make a "concrete" pledge to finance more affordable rental properties, Flood pointed out that one of the MBA's top goals over the last three years had been to increase the supply of affordable single-family housing and rental housing in the country.

Michigan Gov. Whitmer to Propose Tripling Tax Credit for Low-Wage Workers
Gov. Gretchen Whitmer will ask lawmakers to triple Michigan's tax credit for low- and moderate-income workers, putting on average an extra $350 a year into their pockets. The proposal, which is to be unveiled in her annual State of the State address, would restore the state earned income tax credit to 20% of the federal credit. The refundable credit helps more than 730,000 families a year.

Embattled Homeless Housing Development Finally Breaks Ground in Boston, MA
An affordable housing project for the homeless in Boston's Jamaica Plain neighborhood has finally broken ground after seeing off legal challenges from a neighboring commercial landlord. The project's complex capital stack includes $7 million of funding from the state Department of Housing and Community Development, $50 million in Low Income Housing Tax Credit equity, and over $60 million in construction financing from Bank of America.

‘Unprecedented' Investment Fuels $27M Makeover at Richford Arms in Downtown Erie, PA
Cohen, the president of development for the apartment complex's Boston-based owner, Beacon Communities, will be joined by Erie Mayor Joe Schember, representatives from Erie Insurance, and other local officials to officially launch the $27 million renovation of downtown's Richford Arms apartment complex. Beacon Communities' plan for upgrades at Richford Arms — which provides affordable housing to low- and moderate-income downtown residents — are fueled by a $3.5 million low-interest loan from Erie Insurance and $2.45 million in loans from the city of Erie.

Oceanside, CA Directs $3.5M to Homeless Apartment Project
The city has committed $3.5 million in residual receipt loans toward the construction of a 60-unit housing project that will provide homes for homeless and extremely low-income residents at risk of homelessness. Once completed, Greenbrier Village Apartments will provide 59 units for residency while the remaining unit will be left for management.

Merchants Capital Closes Two Tax Credit Equity Funds Totaling $233.4M
Merchants Fund V represents the company's first national multi-investor fund with a total capital raise of $172.5 million from 16 institutional investors, including both banks and insurance companies.  Merchants Fund V will infuse equity into 18 affordable housing properties that will create or preserve more than 1,958 affordable homes in 11 states. The investment in Merchants III will create 593 affordable homes in three states and revitalize historically significant housing properties in San Antonio and Kansas City.

Upcoming Events
Fundamentals of Economic Development Finance Course

Intro Bond Finance Course
February 14-15, 2022 - Daily: 12:00 - 5:00 PM Eastern
The Intro Bond Finance WebCourse provides an in-depth look at governmental and qualified private activity bonds, with a focus on industrial development bonds (IDBs), 501(c)(3) non-profit bonds, exempt facility bonds, and other special bond programs authorized by the federal government.

Advanced Bond Finance Course
February 16-17, 2022 - Daily: 12:00 - 5:00 PM Eastern
The Advanced Bond Finance Course is designed for professionals who already have an understanding of tax-exempt financing and seek detailed instruction on complex financing techniques. Expert speakers will explore topics including the application of financial derivatives, advance refundings, investing bond proceeds, and how to spot arbitrage issues.

More Headlines

Corpus Christi, TX City Council to Review Financing for New Affordable Multi Family Apartment
Kris 6 News | Jan. 23 | Bond Finance | Community Development | Housing Finance | Tax Credits

New Markets Tax Credit Brings 45 Affordable Homes to Westside and Southwest Atlanta, GA
The Atlanta Voice | Jan. 22 | Community Development | Federal | Housing Finance | Tax Credits

Biden's $2T Spending Bill Will Look Different
Yahoo Finance | Jan. 21 | Economic Development | Energy Finance | Legislative | Tax Credits

$75M Kentucky Rural Jobs Tax Credit Bill Returns
Herald Leader | Jan. 19 | Economic Development | Incentives | Legislative | Rural Development | Tax Credits

Housing Trust Group Completes Three Developments in Southern and Central Florida
Affordable Housing Finance | Jan. 19 | Community Development | Federal | Housing Finance | Tax Credits

Bill Would Allow Vancouver Businesses to Continue Getting Assistance, Tax Credits
The Columbian | Jan. 18 | Economic Development | Historic Preservation | Legislative | Redevelopment | Tax Credits

Victoria, TX City Council Votes to Support 4 Housing Project Tax Credit Bid
Victoria Advocate | Jan. 18 | Community Development | Housing Finance | Tax Credits

Pleasantville, NJ Residents and Officials Gather to Discuss Neighborhood Revitalization Plan
The Press of Atlantic City | Jan. 16 | Community Development | Economic Development | Opportunity Zones | Tax Credits

Newsom's Latest Housing Fix: More Californians Living Downtown
Los Angeles Times | Jan. 13 | Community Development | Housing Finance | Incentives | Rural Development | Tax Credits

How St. Paul, MN Became Home to the State's First Commercial Community Land Trust
Next City | Jan. 10 | Community Development | Housing Finance | Social Finance | Tax Credits

3rd Phase of Affordable Project in Miami, FL Area Breaks Ground
Multi-Housing News | Jan. 10 | Access to Capital | Housing Finance | Tax Credits

Missouri Bill Proposes Credit for Urban Farms in Food Deserts
Law 360 | Jan. 6 | Agriculture Finance | Food Systems Finance | State Finance Program | Tax Credits

New York Gov. Hochul Announces New Tax Relief for Small Businesses
Gov. Kathy Hochul | Jan. 5 | Agriculture Finance | Food Systems Finance | Incentives | State Finance Program | Tax Credits

Maine Company GO Lab Secures $85M in Funding for Revitalization of the Madison Paper Mill
News Center Maine | Jan. 4 | Bond Finance | Green Finance | Tax Credits

Lake Huron Woods Expansion in Fort Gratiot, MI Getting $1.2M Tax Credit Award
Times Herald | Dec. 27 | Community Development | Housing Finance | State Finance Program | Tax Credits

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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