How Can NMTC's Support Non-Profits Serving Low-Income Populations?
Artists for Humanity, a Boston based nonprofit located outside of a NMTC eligible census tract, was limited in its debt capacity and faced a significant financing gap for their expansion. However, MassDevelopment was still able to provide $10.9 million in NMTC by focusing on the population they serve. Join CDFA in Dallas, Texas for the 2018 National Development Finance Summit as we explore this uplifting and unique story.
$12.6M NMTC Investment Supports San Diego Employment Center
Civic San Diego (CivicSD) closed a $12.6 million New Markets Tax Credit investment to Goodwill Industries of San Diego County to fund improvements to the two buildings in San Ysidro to repurpose them as an outlet center and a distribution facility and to make improvements to an existing storefront in San Ysidro to add a Community Employment Center.
Why Affordable Housing Isn't More Affordable
A report released by the Government Accountability Office finds that LIHTCs have financed some 50,000 affordable units every year since 2010. On average, affordable rental units built with tax credits in Texas cost two-and-a-half times less ($126,000) than the average in California ($326,000).
Rising Costs Put Pressure on LIHTC Deals
Increased construction costs and rising interest rates are among the sleep-stealing concerns going into the second half of the year for low-income housing tax credit (LIHTC) syndicators. An escalation on either front could widen budget gaps and threaten to make already tight LIHTC deals even more difficult to pencil out.
Navigating Zero-Emissions Energy Credit Programs
In recent years, state emissions credit programs and policy have sought to incentivize only renewable electricity generation, leaving out other sources of zero-emissions generation. But that legislative and regulatory landscape is changing rapidly.
PA LIHTC Introduced in General Assembly
The tax credit is modeled after the Low-Income Housing Tax Credit (LIHTC), a federal program that is responsible for the vast majority of the nation's affordable-housing construction. Developers apply for tax breaks for their projects, and are then required to construct below-market-rate units.
New MA Incentive Program Encourages Apprenticeships
Massachusetts has created a new Apprenticeship Tax Credit program as part of a wide-ranging economic development bill passed this summer. The tax credit makes up to $2.5 million available per year to help employers provide apprenticeships for computer, health care, and manufacturing occupations.
MD Awards $23M in Financing for Baltimore Low-Income Housing
Maryland's Department of Housing and Community Development awarded $23 million worth of federal Low-Income Housing Tax Credits to 16 proposed developments in parts of the Baltimore region with "reasonable access to jobs, quality schools, and other economic and social benefits." All told, the tax credits would help developers create 807 low-income units across the region.
NJEDA Angel Investor Tax Credit Program Continues Its Success
The New Jersey Economic Development Authority recently announced that during the first 6 months of 2018, investors infused nearly $39 million into New Jersey's innovation economy through the State's Angel Investor Tax Credit Program.