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CDFA Tax Credits Finance Update - December 28, 2021

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Tax Credits Finance Update
December 28, 2021
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Tax Credits Finance Update


Bill Would Allow Tax Credit on Investments in Michigan-Based Businesses
House Bill 4116 would allow taxpayers to claim up to a 50-percent tax credit on investments in privately owned businesses based in Michigan that generate at least 80 percent of their gross revenues and hold 80 percent or more of the assets in the state. The legislation would require the Michigan Strategic Fund to certify within 60 days of an investment that a business meets the requirements so investors can seek the tax credit.

Sens. Hoeven, Wyden Introduce Legislation to Provide Financing Sources for Local Infrastructure
Sens. John Hoeven (R-ND) and Ron Wyden (D-OR), chair of the Senate Finance Committee, reintroduced the Move America Act. The bipartisan legislation would bring billions of dollars of investment to state and local governments to expand and repair the country's aging infrastructure. The bill would expand tax-exempt Private Activity Bonds and create new infrastructure tax credits to help fund infrastructure projects through public-private partnerships.

New Housing, Mortgage Fund Underway for Low-Income St. Louis, MO Neighborhoods
The St. Louis Development Corporation is launching a new $15 million loan fund to spur housing development and residential mortgages across north St. Louis and low-income areas of south St. Louis. $10 million from the American Rescue Plan Act will be combined with federal New Markets Tax Credits to generate another $5 million in equity for the fund.

Sign On Letter - Modify State and Local Fiscal Recovery Funds for LIHTC
The Housing Credit is our nation's most important program for the production of affordable rental housing. Nearly all affordable rental housing built or preserved today relies on the Housing Credit as its primary financing source. Housing Credit production has faced significant challenges since the onset of the pandemic due to heightened construction costs caused by supply chain disruptions and labor shortages.

Florida Community Loan Fund Finalizes NMTC Financing for the Agape Village Health Center
Florida Community Loan Fund has finalized closing on New Markets Tax Credit (NMTC) financing for the Agape Village Health Center. The $34.8 million campus will provide healthcare and social services from Miami's Goulds neighborhood. With financing through the NMTC program, this project brings a significant expansion of needed health services to the community.

Enterprise Community Partners Closes Low-Income Housing Funds After Raising $365M
Enterprise Community Partners closed two funds in its Enterprise Housing Partners Funds series, which has had three dozen iterations. Both funds utilize the Low-Income Housing Tax Credit. The $365 million was contributed by 17 investors. The funds will be used to create or preserve more than 3,500 affordable rental homes across 17 states, in 35 different properties.

Used EV Tax Credit, Union-Built Bonus Part of the House Social and Climate Bill Now Headed to Senate
The infrastructure and social policy bills passed by the United States House of Representatives this week include many EV provisions, from investments in charging infrastructure to a rejuvenated EV tax credit. Now they head to the Senate. The Build Back Better Act (H.R. 5376) replaces the current federal EV tax credit with a new one that eliminates the 200,000-unit cap for manufacturers to qualify.

Upcoming Events

Fundamentals of Economic Development Finance Course
January 26-27, 2022 - Daily: 12:00 - 5:00 PM Eastern
CDFA's Fundamentals of Economic Development Finance Course is the foundation for all of CDFA's educational offerings. This course helps attendees understand the variety of development finance tools available, from bonds, tax credits and TIF, to federal financing programs, RLFs, and access to capital lending resources.

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 WebCourse
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

Greystone Affordable Development Expands into New Construction in Rural North Carolina
Affordable Housing Finance | Dec. 17 | Access to Capital | Housing Finance | Revolving Loan Funds (RLFs) | Rural Development | Tax Credits

Colorado Company Approved for Rural Jump-Start Tax Credit Program
Colorado Biz | Dec. 17 | Economic Development | Incentives | Rural Development | State Finance Program | Tax Credits

Dare County, NC Moves Ahead on Affordable Housing 
The Coastland Times | Dec. 16 | Housing Finance | Legislative | Public-Private Partnership (P3) Financing | Tax Credits | Tax Increment Finance (TIF) | Water Finance

Creating Affordable Housing in Rural America
Affordable Housing Finance | Dec. 16 | Bond Finance | Housing Finance | Rural Development | Tax Credits

Environmental Work Underway at Old White Mill Pedestrian Bridge in Danville, VA
Danville Register & Bee | Dec. 15 | Brownfield Financing | Infrastructure Finance | Redevelopment | Tax Credits

Council OK's $2.82M TIF Subsidy for Affordable Apartments
Sun Prairie Star | Dec. 13 | Economic Development | Housing Finance | Redevelopment | Tax Credits | Tax Increment Finance (TIF)

$93M Redevelopment Approved for Jordan Park, St. Pete's Historic Public Housing Project
WFLA-TV | Dec. 13 | Economic Development | Housing Finance | Redevelopment | Tax Credits | Tax Increment Finance (TIF)

Warehouse Project at Former GM Plant in Livonia, MI Granted $3.7M in State Tax Credits
Hometown Life | Dec. 13 | Brownfield Financing | Community Development | Tax Credits

County, Solar Farm Discuss Economic Development Agreement
Pharos Tribune | Dec. 9 | Bond Finance | Economic Development | Energy Finance | Green Finance | Tax Credits

Keystone Communities Partnership Receives $196K in Tax Credits
The Sentinel | Nov. 22 | Community Development | Housing Finance | Redevelopment | State Finance Program | Tax Credits

Finding the Funding for Rural Outposts in America's EV Grid
Governing | Nov. 22 | Energy Finance | Green Finance | Infrastructure Finance | Rural Development | Tax Credits

New Additions to the Online Resource Database

State Tax Incentive Evaluations Database - National Conference of State Legislatures (NCSL)
Economic Development | Incentives | State Finance Program | Tax Credits
States across the country are starting to gather data and use evidence to systematically evaluate tax incentives. To illustrate what sort of evaluations states are conducting, NCSL created a database of state tax incentive evaluations. Evaluations published since the start of 2008 are included and more reports will be added over time.

2021 Picture of Affordable Housing Preservation Report
Community Development | Economic Development | Housing Finance | Infrastructure Finance | Social Finance | Tax Credits | Urban Development
Using data from the National Housing Preservation Database (NHPD), this report focuses on the challenge of preserving the federally assisted housing stock in the face of the national affordability crisis and chronic underfunding for housing programs.

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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