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CDFA Tax Credits Finance Update - March 26, 2024

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Tax Credits Finance Update
March 26, 2024
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Tax Credits Finance Update


Last Chance to Register for the 2024 Federal Policy Conference!
Reserve your spot at the 2024 CDFA Federal Policy Conference on April 2-3, 2024, in Washington, D.C. CDFA, with sponsorship by Ice Miller LLP and Grow America, will bring together leaders from the Biden administration, Congress, federal agencies, nonprofit organizations, and finance agencies who will discuss a range of federal legislative and policy topics. Interact with reps from the Department of the Treasury, the Small Business Administration, and the Environmental Protection Agency. Space is limited; act fast!

45L Tax Credits: A Game Changer for Affordable Housing Developers
Affordable housing developers can now benefit from 45L tax credits significantly expanded by the Inflation Reduction Act. The maximum tax credit has nearly tripled with it now being set at $5,000 per unit. Additionally, every multi-family building is now eligible regardless of height. Coordinating with Low-Income Housing Tax Credit (LIHTC) is much easier than before and developers have more of a runway to plan.

U.S. Treasury and IRS Release Final Regulations on Direct Pay
The Inflation Reduction Act added Section 6417 to the Internal Revenue Code of 1986. Under this new section, certain taxpayers may make an elective payment, which will treat certain eligible taxpayers as making a payment against their federal income tax liability in lieu of claiming certain energy tax credits. Tax-exempt entities, state or local governments, and other specified taxpayers may make a Direct Payment Election for all applicable tax credits. Other taxpayers are eligible to make a Direct Payment Election with respect to some or all of the tax credits available under Sections 45Q, 45V, and 45X.

$23B in Clean Energy Projects Ranks Georgia Second Nation for Creating Jobs
A recent report ranks Georgia second in the nation for clean energy projects, creating nearly 30,000 clean energy jobs. Throughout the state, new clean energy projects have spurred $23.12 billion in investment, the second highest in the nation, in four sectors − solar, batteries, electric vehicles, and other clean energy technologies.

Join CDFA for the Return of the Revolving Loan Fund WebCourse Week!
Revolving Loan Fund WebCourse Week is returning with the intro level on May 13-14 followed by the advanced level on May 15-16. Register for one or both of these courses to learn from experts about developing, implementing, and managing efficient and impactful revolving loan fund programs.

Baker Tilly Launches Compliance Solution for Clean Energy Tax Credits Under IRA
Baker Tilly, a leading advisory CPA firm, has unveiled a groundbreaking compliance solution designed to help clean energy projects maximize tax credits available through the Inflation Reduction Act (IRA) by adhering to Prevailing Wage & Apprenticeship requirements. This innovative tool aims to simplify the complex compliance landscape, offering a full suite of services to ensure organizations can fully leverage the financial benefits of the IRA's enhanced credits for clean energy initiatives.

Federal Historic Preservation Tax Incentive Projects Generate $7B GDP in 2022
The National Park Service certified historic rehabilitation projects in fiscal year 2022 totaling $7.3 billion of private investments as part of the Federal Historic Preservation Tax Incentives Program, contributing more than $13.7 billion of output in goods and services to the United States economy, generating approximately 122,000 jobs, and adding an overall $7 billion in gross domestic product (GDP).

$103M in LIHTC Financing for Affordable Housing Rehabilitation in Chicago, IL
Merchants Capital has provided more than $54 million of debt and $49 million in Low-Income Housing Tax Credit equity financing for the rehabilitation of a 21-story affordable housing property in Chicago. Merchants Capital maximized equity via a structure called "twinning," which leveraged both 4 percent and 9 percent tax credits issued by the Illinois Housing Development Authority and the City of Chicago. This syndication generated $31.8 million and $17.3 million, respectively, matched by two corresponding HUD-insured permanent loans totaling more than $22 million and two equity bridge loans totaling more than $32 million.

Upcoming Events
2024 CDFA Federal Policy Conference

Intro Revolving Loan Fund WebCourse
May 13-14, 2024 - Daily: 12:00 PM - 5:00 PM Eastern
The Intro Revolving Loan Fund Course offers an in-depth look at RLF program development, implementation, and management. During this course, attendees learn the essential elements needed to operate a successful RLF program and discuss programs making a difference in communities throughout the country.

CDFA // BNY Mellon Development Finance Webcast Series: Why Bond Deals Go Bad
April 16, 2024 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, panelists will explore factors that contributed to the challenges these high-profile deals encountered and discuss best practices for development finance practitioners to set the stage for successful bond finance in their communities.

More Headlines

U.S. Speeds Offshore Wind Farm Development With More Reviews and Tax Guidance
The Maritime Executive | Mar. 22 | Energy Finance | Tax Credits

St. Paul, MN Public Schools Tapping Geothermal to Cut Emissions and Building Costs
Energy News Network | Mar. 22 | Education | Energy Finance | Resiliency | Tax Credits

U.S. Tax Court Holds Bond Financing Costs Includible in LIHTC Basis
Lexology | Mar. 21 | Bond Finance | Housing Finance | Tax Credits | Bond Volume Cap | Low Income Housing Tax Credits (LIHTCs)

U.S. Treasury, IRS Announce Clean Energy Tax Credit Milestone
U.S. Department of the Treasury | Mar. 19 | Development Finance Toolbox | Energy Finance | Green Finance | Legislative | Tax Credits | U.S. Dept. of Treasury

$260M in Funding to Build and Preserve More Than 1,800 Homes Across New York
State of New York | Mar. 18 | Housing Finance | State Finance Program | Tax Credits

Ohio's Columbus State Community College Plans Affordable Housing Near Campus
The Chimes | Mar. 18 | Education | Housing Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

President Biden Proposes Billions in Additional Tax Credits
Novogradac | Mar. 18 | Access to Capital | Community Development | Development Finance Toolbox | Legislative | Tax Credits | Community Development Financial Institutions (CDFIs) | Low Income Housing Tax Credits (LIHTCs) | Federal New Markets Tax Credits (NMTCs) | Federal New Markets Tax Credits (NMTCs)

Marin County, CA Supplies $3M Loan to Speed Public Housing Project
Marin Independent Journal | Mar. 15 | Housing Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs) | Federal Historic Rehab Tax Credits

Maine Bill Would Double Transaction Cap, Reduce Claiming Period for State HTC
Novogradac | Mar. 13 | Housing Finance | State Finance Program | Tax Credits

Foodbank to Renovate Headquarters With $11M NMTC Allocation in Overland, MO
St. Louis Economic Development Partnership | Mar. 12 | Food Systems Finance | Revolving Loan Funds (RLFs) | Tax Credits | Federal New Markets Tax Credits (NMTCs)

Unlocking Clean Energy Tax Incentives for Underserved Communities With IRA
The Rockefeller Foundation | Mar. 8 | Energy Finance | Green Finance | Resiliency | Tax Credits

Minnesota House Proposes Tax Credit to Address EPA Water Quality Concerns
Brownfield Ag News | Mar. 7 | Access to Capital | Agriculture Finance | Tax Credits | U.S. Environmental Protection Agency (EPA)

Austin, TX Approves More Than $50M to Build Affordable Housing
MySA | Mar. 5 | Housing Finance | Revolving Loan Funds (RLFs) | Tax Credits

National New Markets Fund Invests $17.5M in Minnesota-Based Creamery
RE Journals | Mar. 1 | Food Systems Finance | Rural Development | Tax Credits | Federal New Markets Tax Credits (NMTCs)

Arts United Center Gets $10M Boost From City of Fort Wayne, IN
96.3XKE | Feb. 29 | Community Development | Tax Credits | Federal New Markets Tax Credits (NMTCs)

Stonehenge Community Development Invests $8.5M in Historically Black University in Durham, NC
PR Newswire | Feb. 29 | Education | Healthcare | Tax Credits | Federal New Markets Tax Credits (NMTCs)

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
Become a Sponsor