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CDFA Tax Credits Finance Update - July 25, 2023

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Tax Credits Finance Update
July 25, 2023
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Tax Credits Finance Update


Mark Your Calendar for the 2023 CDFA Virtual Summer School!
Join us August 7-15 for a series of courses presented by the CDFA Training Institute. CDFA Virtual Summer School will offer five different training courses, all held online. Learn from our expert practitioners and experience CDFA's most interactive educational event of the year – all from the comfort of your home or office! All CDFA Virtual Summer School courses qualify for the CDFA Training Institute's Development Finance Certified Professional (DFCP) Program.

At One Year Old, Inflation Reduction Act is Already Turbocharging Clean Energy Technology
The IRA is America's most significant response to climate change, designed to spur clean energy buildout. The Congressional Budget Office initially estimated the IRA's tax credits would cost about $270 billion over a decade, but Brookings says businesses might take advantage of the credits far more aggressively and the federal government could pay out three or four times more.

New $196.5M Multi-Investor Tax Credit Fund to Support 2,300 Affordable Homes in 13 States
Merchants Capital has announced the closing of Merchants Capital Tax Credit Equity Fund 15, L.P. which represents the company's largest and most diverse national fund with a total capital raise of $196.5 million from 14 institutional investors, including 10 repeat and four new investors. This new fund will infuse equity into 19 affordable housing properties that will create or preserve more than 2,300 affordable homes in 13 states.

$7.1M NMTC Closing for Emergency Shelter and Resource Center in Keene, NH
Evernorth Rural Ventures recently announced the closing of a $7.1 million New Markets Tax Credit investment to construct a 15,180-square-foot, 48-bed emergency shelter and resource center in Keene. The new facility is nearing completion and will allow the nonprofit Hundred Nights, Inc. to centralize, consolidate, and increase its shelter and resource center to better serve low-income individuals and families experiencing or at risk of homelessness.

CDFA to Build Greenhouse Gas Reduction Fund Coalition
CDFA is building a national coalition to apply for the Greenhouse Gas Reduction Fund's Clean Communities Investment Accelerator and hosted an informational briefing on how it's building that coalition. Join today!

Beginning Farmer Tax Credit Expands to Further Incentivize Land Transfer in Minnesota
Owners of agricultural assets that lease or sell to beginning farmers in Minnesota may be eligible for the Beginning Farmer Tax Credit, which is open for applications through the Minnesota Department of Agriculture's Rural Finance Authority.

How a Tax Credit is Helping Turn New York Brownfield Sites Into New Projects
Under New York's Brownfield Cleanup Program, developers and property owners who remediate the properties can receive tax credits that can cover up to 20% of each of the qualified cleanup and new construction costs, or as much as 40%.

Camp Verde, AZ Housing Projects Receive Federal Tax Credits
The Arizona Department of Housing announced that it has allocated all of its annual $22 million share of 2024 federal low-income housing tax credits to fund 15 affordable housing developments throughout the state, which will build 1,049 new housing units at a total project cost of $34.6 million.

Upcoming Events
CDFA Virtual Summer School

CDFA // BNY Mellon Development Finance Webcast Series: Bond Rating Agency Trends
August 8, 2023 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, panelists will discuss rating agency trends and take a look at new initiatives being implemented that improve municipalities' bond ratings to attract new economic development.

Intro Tax Credit Finance Course
September 27-28, 2023 - Daily: 12:00 PM - 5:00 PM Eastern
The Intro Tax Credit Finance Course examines the application of tax credit programs in greater economic development finance efforts. This course discusses the practical application of tax credit programs including brownfields, new markets, low-income housing, historic preservation, and state-specific programs.

More Headlines

Combined Indigenous CDFI/CDE Might Boost Tribal Carbon Removal Efforts
Tribal Business News | Jul. 24 | Economic Development | Green Finance | Tax Credits | Tribal Finance

The IRA's Impact, One Year Later
Energy News Network | Jul. 24 | Energy Finance | Green Finance | Infrastructure Finance | Legislative | Resiliency | Tax Credits

Ohio Budget Provides First 'Comprehensive Housing Policy'
The Columbus Dispatch | Jul. 20 | Housing Finance | Tax Credits

KeyBank Structures $9.9M in LIHTC Equity for Affordable Seniors Housing Project in Cleveland Heights, OH
RE Business Online | Jul. 20 | Housing Finance | Tax Credits | U.S. Dept. of Housing & Urban Development (HUD) | Low Income Housing Tax Credits (LIHTCs)

Study Examines QAPs for Energy Efficiency, Health, and Racial Equity Practices
Housing Finance | Jul. 20 | Community Development | Housing Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

Here's How U.S. Clean Hydrogen Tax Rules Could Shake Out
Power Engineering | Jul. 20 | Energy Finance | Green Finance | Resiliency | Tax Credits

New Home Construction Tax Credits in 2023, 2024
EIN Newswire | Jul. 20 | Housing Finance | Tax Credits

MassHousing Provides $16.3M for New Affordable Rental Housing in Boston, MA
Boston Real Estate Times | Jul. 19 | Access to Capital | Housing Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

Los Angeles, CA Affordable Senior Development Secures $12M
Multi-Housing News | Jul. 19 | Housing Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

Hamilton, OH Set to Add Incentives for Well House Hotel Project
Journal-News | Jul. 18 | Economic Development | Historic Preservation | Redevelopment | Tax Credits | Tax Increment Finance (TIF)

Construction Starts on Equitable Transit-Oriented Development Project in Chicago, IL
City of Chicago | Jul. 10 | Housing Finance | Redevelopment | Tax Credits | Tax Increment Finance (TIF) | Urban Development

KeyBank Provides $117M for Two Affordable Housing Developments in Colorado
InvestorsObserver | Jul. 5 | Housing Finance | Tax Credits

Bonds and TIF will Help the New Riverwest, WI Affordable Housing Development Project
OnMilwaukee | Jul. 5 | Bond Finance | Food Systems Finance | Housing Finance | Tax Credits | Tax Increment Finance (TIF)

Two Northeast Ohio Companies Win Tax Credits, Plan Expansions, and 117 New Jobs
Cleveland.com | Jun. 26 | Energy Finance | 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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CDFA National Sponsors

  • Alliant Insurance Services, Inc.
  • BNY Mellon
  • Bricker Graydon LLP
  • Business Oregon
  • CohnReznick
  • Frost Brown Todd LLP
  • Grow America | Formerly NDC
  • Hawes Hill and Associates LLP
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • Raza Development Fund
  • SB Friedman Development Advisors
  • Stifel Nicolaus
  • The Bond Buyer
  • U.S. Bank
  • Wells Fargo Securities
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