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.