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CDFA Tax Credits Finance Update - November 23, 2021

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Tax Credits Finance Update
November 23, 2021
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Tax Credits Finance Update


House Passes $1.7T Build Back Better Act Containing LIHTC, NHTC, NMTC, Renewable Energy Provisions
On November 19, the U.S. House of Representatives passed the Build Back Better Act, a $1.7 trillion bill that includes an expansion of the low-income housing tax credit (LIHTC), the introduction of the neighborhood homes tax credit (NHTC), an additional tribal allocation of the new markets tax credit (NMTC) and $325 billion in renewable energy tax incentives.

CDFI Fund Opens CY 2021 NMTC Allocation Round; Application Deadline Jan. 13, 2022
The Community Development Financial Institutions (CDFI) Fund released a notice of allocation availability (NOAA) for the $5 billion calendar year 2021 allocation round of the New Markets Tax Credit (NMTC) program, along with application materials and an updated application FAQ document. The NOAA will be published in the Federal Register Monday and applications are due Jan. 13, 2022.

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.

Personal Finance Child Tax Credit May Plunge to $1K From $3.6K Per Kid After 2025
Parents can currently get a child tax credit of up to $3,000 per child under 18 years old, and $3,600 for kids under age 6. That value is poised to drop to $1,000 per kid after 2025. The current version of Democrats' Build Back Better Act would only extend the current credit for another year, through 2022. However, the legislation would make the credit fully refundable permanently.

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.

Food Hall Included in Uses for $105M Redevelopment in Milwaukee, WI
A food hall will be among the new uses in the redevelopment of the historic department store in Milwaukee's Bronzeville area. The project, known as ThriveOn King, will also include 89 affordable and market-rate apartments. The project's financing includes commercial loans totaling $48.5 million; $22.5 million in state and federal historic preservation tax credits; $9.4 million in federal affordable housing tax credits; $8.5 million in equity cash, and $3.5 million through a deferred developer's fee.

Developers Move to Rehabilitate 20 New Mexico Properties
Community Preservation Partners has closed on the financing to preserve six rural affordable housing developments in central New Mexico. The transaction marks the final installment in a deal involving 20 properties with 654 units across 10 counties. The overall portfolio has a cost of about $63.26 million, with $29.65 million in bond financing. It is believed to be the largest 4% low-income housing tax credit and bond deal in the state.

Columbus, OH City Officials and Nonprofit Partners Announce Affordable Housing Plans
City and non-profit leaders at a press conference on Thursday outlined plans for more affordable housing with the remaining funds from a $50 million bond issue passed in 2019. Six new affordable housing projects will be completed in 2022 in different parts of Columbus.

Upcoming Events
Intro Property Assessed Clean Energy (PACE) Finance WebCourse

CDFA Federal Financing Webinar Series: Preserving Local Food Systems with Federal Financing
Tuesday, December 14, 2021 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Federal Financing Webinar Series, hear from experts at the USDA about their various programs available for rural food systems and agricultural producers to recover from the pandemic.

CDFA // BNY Mellon Development Finance Webcast Series: Affordable Housing Finance - Market Rate/Affordable/Low-Income
Tuesday, December 21, 2021 - 2:00 PM - 3:00 PM Eastern
Affordable Housing has been a hot button issue over the last few years with a focus on what percentage of affordable housing should comprise a residential development. This session will discuss how various tools such as Low Income Housing Tax Credits and Private Activity Bonds play a role in how these decisions are made.

More Headlines

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

Car-Loving LA in Midst of Largest Rail Construction Program in US
Los Angeles Business Journal | Nov. 15 | Bond Finance | Incentives | Infrastructure Finance | Tax Credits

Utah Governor's Office Bringing New Distribution Center to Salt Lake City Through Tax Credit Incentive
KTVX | Nov. 15 | Economic Development | Redevelopment | Rural Development | State Finance Program | Tax Credits | Tax Increment Finance (TIF)

Wilmington Council Set to Vote on Millions in Gap Financing for Starway Affordable Housing Project
Port City Daily | Nov. 14 | Community Development | Federal | Housing Finance | Tax Credits | U.S. Dept. of Housing & Urban Development (HUD) | COVID-19

$1.7M in Tax Credits Headed for 8 Lehigh Valley Development Projects
Lehigh Valley Live | Nov. 14 | Community Development | Redevelopment | Tax Credits

Flanigan Project in Elyria Seeking $3.4M in Ohio Tax Credits
The Chronicle | Nov. 14 | Redevelopment | State Finance Program | Tax Credits

State Incentive Brings Plant to Rural Utah
Utah Business | Nov. 12 | Economic Development | Rural Development | State Finance Program | Tax Credits | Tax Increment Finance (TIF)

Four Area Organizations in Pennsylvania Receive Funding for Community Revitalization Projects
The Times | Nov. 11 | Brownfield Financing | Education | Food Systems Finance | Housing Finance | Infrastructure Finance | Public-Private Partnership (P3) Financing | Social Finance | State Finance Program | Tax Credits

Creating Financial Strength in Tribal Nations
Native News Online | Nov. 8 | Access to Capital | Community Development | Economic Development | Food Systems Finance | Revolving Loan Funds (RLFs) | Rural Development | Tax Credits

Reconciliation Bill's Corporate Tax Could Dampen Demand for Munis
The Bond Buyer | Nov. 1 | Bond Finance | Tax Credits

Kalamazoo, MI Plan to Replace Crumbling Buildings with ‘Vibrant' Housing Clears Hurdle
WOOD-TV | Oct. 29 | Brownfield Financing | Economic Development | Incentives | Redevelopment | State Finance Program | Tax Credits

Financially Attractive Development Opportunities Within Lackawanna, NY Brownfield Opportunity Area and Opportunity Zone
Buffalo Business First | Oct. 29 | Brownfield Financing | Incentives | Opportunity Zones | Redevelopment | State Finance Program | Tax Credits

More Than $50M of Nebraska's New Property Tax Credit Goes Unclaimed
KPVI | Oct. 27 | Incentives | Tax Credits

Michigan Governor Announces Agribusiness Expansion, Placemaking Projects Around the State
Governor Whitmer | Oct. 26 | Access to Capital | Agriculture Finance | Brownfield Financing | Economic Development | Food Systems Finance | Housing Finance | Incentives | State Finance Program | Tax Credits | Tax Increment Finance (TIF)

New Additions to the Online Resource Database

IRS Revenue Procedure 2021-45: Calendar Year 2022 Housing Credit and Bond Volume Caps
Bond Finance | Housing Finance | Tax Credits
IRS Revenue Procedure 2021-45 sets out the calendar year 2022 Low-Income Housing Tax Credit and Bond Volume Caps.

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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