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CDFA Tax Credits Finance Update - March 22, 2022

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Tax Credits Finance Update
March 22, 2022
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Tax Credits Finance Update


BRP Cos. Secures $294M for New York Project
The development of 500 Main St., a 477-unit, Class A mixed-income residential property is slated to begin in downtown New Rochelle, N.Y., following the announcement that $294 million in construction financing has been secured. The 26-story project, including 24,000 square feet of amenity spaces, is slated to be completed in late 2024.

The Centennial Wins $40M in Tax Credits for ‘Transformational' Projects in Cleveland, OH
The investment group behind a six-building revitalization plan in Cleveland's Superior Arts District, won just over $8.5 million in credits. That portfolio includes the future home of CrossCountry Mortgage, a fast-growing mortgage lender that plans to move its headquarters and hundreds of employees to the city from Brecksville. Properties on either side of the future corporate complex will become additional offices, apartments, and restaurants.

Creating NHTC, Expanding LIHTC Could Finance Nearly 1M Affordable Homes, Help Address Inflation, and Promote Racial Equity
The supply and demand imbalance that applies throughout the housing market, but especially among affordable homes, has led the cost of housing to rise significantly and required higher household incomes to afford housing. Creating a Neighborhood Homes Tax Credit and expanding the low-income housing tax credit could increase the supply of affordable housing while also reducing the rate of inflation by providing this needed housing.

Developers Secure $42M in Financing for an Affordable Housing Development in Newark, New Jersey
L+M Development Partners, Type A Projects, and MSquared recently closed on $42 million in construction financing to complete a 78-unit affordable housing project in Newark, New Jersey. The property will occupy a portion of an existing residential complex at 250 Georgia King Village in the city's Fairmount neighborhood. The project is being financed through a combination of public and private capital.

Innovative Solutions for Affordable Housing Finance
Expanding the inventory of affordable housing presents one of today's biggest challenges for multifamily developers, public agencies, and nonprofit organizations. To address the complex process of assembling the capital necessary to expand the inventory, unconventional alternatives are emerging.

Community Housing Capital Deploys $30M New Market Tax Credit Allocation to Five Neighborworks America Organizations to Develop Affordable For-Sale Homes
With a huge financing gap for affordable housing development, Community Housing Capital is investing more than ever in single-family projects that create equity for families and communities. Allocations for affordable homes will benefit low-income families in neighborhoods of higher distress and disinvestment.

Senate Approves Plan for $150M in Tax Credits to Film Movies in Arizona
Arizona landscapes would have a better chance of ending up on the silver screen under a legislative proposal to lure production companies to the Grand Canyon State with $150 million in tax credits that the Senate has approved. The benefits include construction of filming locations and hotels to meet new demand, hiring locals, keeping production jobs in-state, and attracting out-of-state tourists and industry professionals.

County to Provide $9.75M Loan for Affordable Housing Project
A proposal to develop a city parking lot at 444 Bryant St. into affordable housing took a big step forward when the Santa Clara County Board of Supervisors recently agreed to loan $9.75 million in county funds toward the project. The county's loan is intended to help the developer apply for more than $46 million in low-income housing tax credits this fall, another step toward pulling together the needed construction financing.

Upcoming Events
Intro Revolving Loan Fund WebCourse

CDFA // BNY Mellon Development Finance Webcast Series: Investing in Resiliency with Green and Blue Bonds
Tuesday, April 19, 2022 - 2:00 PM - 3:00 PM Eastern
To support local communities and our environment, innovative financing solutions have been created to allow corporate or personal investors to invest in these bonds. Experts in this session will discuss the market for green and blue bonds, public engagement, and ways to invest in resilient infrastructure projects.

Intro Tax Increment Finance WebCourse
April 25-26, 2022 - Daily: 12:00 - 5:00 PM Eastern
The Intro Tax Increment Finance WebCourse offers an in-depth look at the guiding principles and appropriate application of TIF. Topics discussed include the basics of TIF, negotiating and structuring TIF deals, understanding various financing structures, and combining TIF with different capital sources.

More Headlines

How Consistent Capital Flow Can Save Rural America
Forbes | Mar. 9 | Access to Capital | Community Development | Federal | Legislative | Revolving Loan Funds (RLFs) | Rural Development | Tax Credits

Senate Passes Legislation to Strengthen New York's Agricultural Industry
The New York State Senate | Mar. 9 | Access to Capital | Agriculture Finance | Legislative | State Finance Program | Tax Credits | Urban Development

Construction to Begin This Week on 45 New Units of Affordable Senior Housing in Randolph, MA
The Patriot Ledger | Mar. 3 | Housing Finance | Tax Credits

Tax Credit Program Helps Beginning Iowa Farmers Rent Land
Successful Farming | Mar. 2 | Access to Capital | Agriculture Finance | Rural Development | Tax Credits

Using SLFRF with the Housing Credit Sign-On Letter to Congress
NCSHA | Mar. 1 | Access to Capital | Disaster Recovery & Relief | Economic Development | Federal | Housing Finance | Legislative | Tax Credits

The Biden Administration's Historic Investments to Create Opportunity and Build Wealth in Rural America
The White House | Mar. 1 | Agriculture Finance | Disaster Recovery & Relief | Economic Development | Federal | Infrastructure Finance | Rural Development | COVID-19

State of Michigan Helps Fund Redevelopment of Former Merrill School
Morning Sun | Feb. 28 | Brownfield Financing | Housing Finance | Redevelopment | Tax Credits

Tax Relief and Work Opportunities — Two Birds, One Stone in Maryland
Maryland Matters | Feb. 28 | Economic Development | Federal | Legislative | Tax Credits | COVID-19

CDFI Fund Releases Application Demand for CY 2021 Round of the NMTC Program
CDFI Fund | Feb. 28 | Federal | Tax Credits | U.S. Dept. of Treasury CDFI Fund

Missouri Agricultural Economic Development Bills Advancing
Fulton Sun | Feb. 28 | Access to Capital | Agriculture Finance | Legislative | Revolving Loan Funds (RLFs) | Rural Development | State Finance Program | Tax Credits

Two Projects Pending on the Outcome of the Missouri Rural Workforce Development Act
The Missouri Times | Feb. 27 | Economic Development | Rural Development | State Finance Program | Tax Credits

Road Projects, Farms the Focus of Bills Put Forward by Minnesota Legislators
Independent | Feb. 25 | Access to Capital | Agriculture Finance | Legislative | Revolving Loan Funds (RLFs) | State Finance Program | Tax Credits

Georgia Senate Considers Renewal of Rural Tax Credit Despite Slow Return on Investment
The Citizens | Feb. 23 | Agriculture Finance | Rural Development | State Finance Program | Tax Credits

Atlanta, GA Community Food Bank Receives $13M NMTC Investment
The Atlanta Journal-Constitution | Feb. 22 | Access to Capital | Community Development | Federal | Food Systems Finance | Tax Credits | U.S. Dept. of Treasury

Agricultural Business Development Center Supports Pennsylvania Farmers
Lancaster Farming | Feb. 19 | Access to Capital | Agriculture Finance | State Finance Program | Tax Credits

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
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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