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.

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.

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.

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.

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.

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 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.

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.

CDFA Federal Financing Webinar Series: Federal Programs for Affordable Housing Investment
Tuesday, May 11, 2021 - 2:00 PM - 3:30 PM Eastern

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

Advanced Tax Increment Finance WebCourse
May 26-27, 2021 - Daily: 12:00 - 5:00 PM Eastern

>>> VIEW THE TAX CREDITS RESOURCE CENTER   

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.

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.

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.

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.

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.

>>> MORE TAX CREDIT RESOURCES