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CDFA Tax Credits Finance Update - April 27, 2021

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Tax Credits Finance Update
April 27, 2021
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Tax Credits Finance Update

Features

Wall Street's Trillion-Dollar Environmental, Social, and Governance Club Comes with Huge Tax Perks
The President's infrastructure plan calls for an expansion of tax credits for low-income housing, energy-efficient buildings, and renewable energy that could boost the finance industry's options. One bank in particular cited tax credits offered to projects including affordable housing and renewable energy, which typically involve substantial pretax losses, saved the bank $3B on its tax bill last year.

Cleveland, OH Food Bank Expansion Comes at Critical Time, as Food Insecurity Explodes
The Greater Cleveland Food Bank's $40 million expansion has included the acquisition of 49 acres of Brownfield Property, Philanthropy, New Markets Tax Credits, and CARES Act funding. The expansion will add kitchen and refrigeration capacity, and enable the Food Bank to turn its current offices and warehouse into a client-choice pantry and client service center.

State Could Issue Up to $830M of Green Bonds for North Louisiana Renewable Diesel Plant
The state's economic development arm is leveraging one of its significant tools into a proposed $700 million renewable diesel refinery in north Louisiana. Additional offerings include the Enterprise Zone program, which offers a tax credit of either $3,500 one-time or $1,000 for each new job, in addition to a rebate of state sales and use taxes on materials such as machinery or equipment or 1.5% refundable investment tax credit on the total value of the capital investment.

Salt Lake City, UT Housing Development Receives Financing
A 237-unit affordable housing development took a step closer to being built in Salt Lake City. KeyBank Community Development Lending and Investment (CDLI) announced that it is providing a $31.3 million private-placement construction and permanent loan to and Goldman Sachs is providing LIHTC equity.

BDO Zone Investment Coalition Announces $1B of Deployable Capital for Biobased Projects
The BDO Zone Investment Coalition announced the mobilization of $1B of capital for deployment into biobased infrastructure and manufacturing plants located in Bioeconomy Development Opportunity (BDO) Zones. BDO Zones are areas in both the U.S. and Canada with sustainable surpluses of biomass feedstock, strong capability, and appetite for biobased development and solid infrastructure. BDO Zones located in the U.S. are economically distressed regions eligible for powerful federal tax incentives such as the New Market and Opportunity Zone tax credits.

Proposed Legislation by Cantwell, DelBene Would Build Millions of New Affordable Housing Units in Washington State
U.S. Sen. Maria Cantwell and U.S. Rep. Suzan DelBene have introduced legislation to increase investment in affordable housing, build tens of thousands of new affordable units around the state, and provide more resources and stronger protections for at-risk groups. The bill would increase the amount of LIHTC credits allocated to each state and increase the number of affordable housing projects that can be built using private activity bonds.

Virginia LIHTC Incentive Enacted with $15M Annual Statewide Cap
Virginia Gov. Ralph Northam signed into law legislation creating a state low-income housing tax credit (LIHTC). S.B. 1197 creates the Virginia housing opportunity tax credit, which will have a $15 million annual allocation for five years, applying to taxable years beginning on or after Jan. 1, 2021.

Opportunity Zone Investors in Ohio Leave $10M in State Tax Credits Unclaimed
Investors in the Ohio opportunity zones left about $ 10 million in state tax credits on the table this year. Blame the pandemic, which has slowed real estate development, and the recession. The rules of the Ohio Tax Credit Program, a sweetener for investors in locations with tax benefits, also excluded some projects with long gestation periods, the consultants said. And for other investors, perhaps, the incentive was not worth the discomfort of being mentioned in public records – and in newspaper articles.

Upcoming Events
Advanced Bond Finance WebCourse

CDFA Federal Financing Webinar Series: Federal Programs for Affordable Housing Investment
Tuesday, May 11, 2021 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Federal Financing Webinar Series, experts will cover how development finance agencies can leverage financing from the federal government to support housing projects in their communities.

CDFA // BNY Mellon Development Finance Webcast Series: Preserving Local Economies with Energy & Water Finance
Tuesday, May 18, 2021 - 2:00 PM - 3:00 PM Eastern
Join CDFA for this next installment of the CDFA // BNY Mellon Development Finance Webcast Series for a discussion about how energy and water finance programs can be positioned to address various local challenges simultaneously.

Advanced Tax Increment Finance WebCourse
May 26-27, 2021 - Daily: 12:00 - 5:00 PM Eastern
This course will focus on structuring TIF deals and developing short- and long-term policies. Attendees will also learn about performance monitoring, feasibility analysis, and using TIF in conjunction with other development finance tools.

More Headlines

NOAH Breaks Ground on New Desert Mission Health Center in Phoenix, AZ
AZBigMedia | Apr. 25 | Tax Credits | U.S. Dept. of Treasury CDFI Fund | Federal New Markets Tax Credits (NMTCs)

Oval Wood Dish Factory Developers Plan Apartments, Business Space in Historic New York Building
Adirondack Daily Enterprise | Apr. 23 | Historic Preservation | Tax Credits | State Historic Tax Credits

American Rescue Plan Tax Credits Available to Small Employers to Provide Paid Leave to Employees Receiving COVID-19 Vaccines
IRS | Apr. 21 | Access to Capital | Disaster Recovery & Relief | Federal | Internal Revenue Service (IRS) | Tax Credits | U.S. Dept. of Treasury | COVID-19

Union Trust Building Redevelopment Would Fill Gaps on Euclid Avenue in Cleveland, OH
ideastream | Apr. 19 | Public-Private Partnership (P3) Financing | Redevelopment | Tax Credits | Tax Increment Finance (TIF) | Urban Development

Looking at Rural Workforce Housing in Columbus, NE
The Columbus Telegram | Apr. 17 | Economic Development | Housing Finance | Revolving Loan Funds (RLFs) | Rural Development | Tax Credits | Tax Increment Finance (TIF)

CEI Capital Management Announces $1.49M NMTC Support for Saddleback Mountain Ski Resort in Maine
Daily Bulldog | Apr. 14 | Access to Capital | Economic Development | Revolving Loan Funds (RLFs) | Rural Development | Tax Credits

Cincinnati-Area Affordable Housing Developer Pursues Project in Buffalo, NY
The Buffalo News | Apr. 12 | Brownfield Financing | Housing Finance | Social Finance | Tax Credits | Brownfield Tax Credits | Low Income Housing Tax Credits (LIHTCs)

How States Can Avoid Costly Pitfalls While Rebuilding Their Economies
Pew Charitable Trusts | Apr. 9 | Disaster Recovery & Relief | Economic Development | Incentives | Tax Credits | COVID-19

Yard 56 in Baltimore, MD Opportunity Zone Opens
Baltimore Sun | Apr. 8 | Food Systems Finance | Opportunity Zones | Tax Credits | Federal New Markets Tax Credits (NMTCs)

Devastated By the Pandemic, Travel and Tourism Sector Looking for Rebound in 2021
Westchester & Fairfield County Business Journals | Apr. 5 | Disaster Recovery & Relief | Food Systems Finance | Legislative | Tax Credits | COVID-19

Historic Tax Credit Growth and Opportunity Act Reintroduced to Strengthen Incentive, Aid in Economic Recovery
Novogradac | Apr. 1 | Economic Development | Historic Preservation | Redevelopment | Rural Development | Tax Credits

CounterpointeSRE Closes $4.6M in C-PACE Financing for Amped Kitchens in Chicago, IL
PR Newswire | Mar. 26 | Access to Capital | Energy Finance | Food Systems Finance | Property Assessed Clean Energy (PACE) | Tax Credits

Construction Begins on $39M New York Regional Food Hub
The Packer | Mar. 25 | Access to Capital | Food Systems Finance | Local Finance Program | Tax Credits

Colorado Main Street Launches Heritage Energy Project
Colorado Main Street | Mar. 25 | Energy Finance | Property Assessed Clean Energy (PACE) | Rural Development | Tax Credits

Ohio House Agriculture Committee Passes House Bill 95, the Family Farm ReGeneration Act
OEFFA | Mar. 24 | Agriculture Finance | Food Systems Finance | State Finance Program | Tax Credits


New Additions to the Online Resource Database

CDFA Food Systems Finance Webinar Series: Financing Food-Centered Redevelopment
Access to Capital | Bond Finance | Community Development | Economic Development | Federal | Food Systems Finance | Historic Preservation | Housing Finance | Opportunity Zones | Redevelopment | Revolving Loan Funds (RLFs) | Tax Credits | Webcasts | Infrastructure Finance
During this installment of the CDFA Food Systems Finance Webinar Series, we explored how investing in food-centered redevelopment can restore local food systems infrastructure, catalyze additional neighborhood development, and protect healthy, sustainable communities.

Made in America Tax Plan Report
Economic Development | Energy Finance | Green Finance | Infrastructure Finance | Legislative | Tax Credits
The Made in America Tax Plan Report describes President Biden's Made in America tax plan, part of the newly announced American Jobs Plan. Importantly, this tax plan would generate new funding to pay for a sustained increase in investments in infrastructure, research, and support for manufacturing, fully paying for the investments in the American Jobs Plan over a 15-year period and continuing to generate revenue on a permanent basis.

Public Data for NMTC Program for Fiscal Years 2003 - 2019
Economic Development | Tax Credits | Community Development
This excel sheet from the CDFI Fund contains transaction-level data collected on New Markets Tax Credit (NMTC) investments across the nation from fiscal years (FY) 2003 - 2019.

Superfund Redevelopment Using Opportunity Zone Tax Incentives
Brownfield Financing | Community Development | Opportunity Zones | Redevelopment | Tax Credits
Opportunity Zones are a powerful way to encourage revitalization in economically distressed communities. Redevelopment of current or former Superfund sites may qualify for Opportunity Zone tax benefits. View this EPA fact sheet for more information.

Superfund Redevelopment Program Webinar Series - Opportunity Zones and Superfund Sites
Brownfield Financing | Opportunity Zones | Redevelopment | Webcasts | Revolving Loan Funds (RLFs) | Tax Credits
There are over 300 Superfund National Priorities List sites and thousands of Superfund removal sites located in or partially in Opportunity Zones. This webinar discussed Opportunity Zone tax benefits in the context of redeveloping Superfund sites and other types of contaminated properties and how communities, local governments, and developers can utilize these benefits.


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
info@cdfa.net

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CDFA National Sponsors

  • Baker Tilly
  • BNY Mellon
  • Bricker & Eckler LLP
  • Brownfield Superfund Advisory, Inc
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Frost Brown Todd LLC
  • gener8tor
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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