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CDFA Tax Credits Finance Update - April 25, 2023

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Tax Credits Finance Update
April 25, 2023
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Tax Credits Finance Update

Features

Join CDFA for the Return of the Revolving Loan Fund Training Course Week!
Revolving Loan Fund Week is coming up next week, with the Intro Revolving Loan Fund Course on May 1-2 followed by the Advanced Revolving Loan Fund Course on May 3-4. Register for one or both of these courses to learn from experts about developing, implementing, and managing revolving loan fund programs that are efficient and impactful.

Senators Back a $973M Wide-Ranging Tax Break Package
The Finance and Tax Committee unanimously backed SPB 7062, which is ready to go to the full Senate. The House has proposed a $1.38 billion package and legislative leaders will negotiate a final tax plan as part of upcoming budget talks.

Perinton, NY Apartment Complex to Undergo $130M Renovation Project
The area's largest suburban public housing development is going to get a long-demanded renovation. The Pines of Perinton will start its makeover nearly a year and a half after a massive fire displaced 65 people.

New Jersey EDA Board Approves Food Desert Relief Tax Credit Program Rules
The New Jersey Economic Development Authority (NJEDA) Board today approved proposed rules for the $240 million Food Desert Relief Tax Credit Program, which will help address food access challenges by attracting and retaining new supermarkets in the 50 Food Desert Communities (FDCs) designated by the NJEDA last year.

Congresswoman Tenney Introduces Tax Credit Bill to Assist Rural Developers
Congresswoman Claudia Tenney, a member of the House Ways and Means Committee, introduced the New Markets Tax Credit Extension (NMTC) Act of 2023. This bipartisan legislation would make the NMTC permanent, index the allocation to inflation in future years, and exempt NMTC investments from the Alternative Minimum Tax.

Pinnacle Secures $72M for Affordable Housing Project in Miami, FL
Pinnacle has broken ground on Pinnacle at Tropical Pointe, a 215-unit affordable housing development in the Princeton neighborhood of Miami-Dade County. Pinnacle has closed $72.3 million in financing for the development through local bonds, tax credit equity, and local subsidies.

Low-Income Housing Tax Credits News Briefs
Introduced on March 7 in the U.S. Senate, the Neighborhood Homes Investment Act would create a tax credit for the rehabilitation of deteriorated single-family homes in distressed neighborhoods. The legislation would create a credit for the lesser of the excess of development costs over the sales price, 35% of development costs, or 28% of the national median price for new homes.

Treasury Releases Proposed Guidance on Clean Vehicle Credit
The U.S. Department of the Treasury and the Internal Revenue Service (IRS) released proposed guidance on the new clean vehicle provisions of the Inflation Reduction Act that will lower costs for consumers, build a resilient industrial base and spur manufacturing in the U.S., and strengthen supply chains that are vital for energy security. This guidance will help ensure that American workers, companies, and consumers continue to benefit from private sector investment in clean vehicle and battery supply chains. 

Upcoming Events
Intro Revolving Loan Fund Course

CDFA Tribal Finance Webinar Series: Promoting Access to Capital for Tribal Small Businesses
May 9, 2023 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Tribal Financing Webinar Series, development finance experts will highlight a variety of finance programs that are helping to increase access to capital for new and existing small business owners.

CDFA // BNY Mellon Development Finance Webcast Series: Financing Charter Schools Through Bond Finance and P3
May 16, 2023 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, presenters will share how charter schools are partnering with private entities to use bond finance and public-private partnership approaches to better provide the facilities needed to support learning outcomes.

More Headlines

Minnesota Legislation Aims to Boost Speed and Scale of Green Financing
Energy News Network | Apr. 24 | Access to Capital | Energy Finance | Federal | Legislative | State Finance Program | Tax Credits

$4.5M in New Affordable Housing Funds for Nevada
The Nevada Independent | Apr. 24 | Federal | Housing Finance | Legislative | Tax Credits

Alabama Senate Passes Two Economic Development Bills
Alabama Political Reporter | Apr. 21 | Economic Development | Incentives | Legislative | Rural Development | Tax Credits

California Bills to Expand State Tax Credits Could Send $1B to Low-Income Families
CAL MATTERS | Apr. 19 | Federal | State Finance Program | Tax Credits

NMTC Financing for Lotus Children's Village in Miami, FL
Florida Community Loan Fund | Apr. 19 | Education | Infrastructure Finance | Tax Credits

Florida's Feeding Tampa Bay will Expand Its Reach with a New Hunger Relief Center
Florida Community Loan Fund | Apr. 19 | Community Development | Food Systems Finance | Housing Finance | Tax Credits

Fintech Evergrow Nets $7M for Clean Energy Tax Credits
Axios Pro | Apr. 18 | Energy Finance | Tax Credits

Arkansas Recycling Tax Credit: Arkansas Department of Energy & Environment
JD SUPRA | Apr. 18 | Energy Finance | Infrastructure Finance | Tax Credits

Tennessee Expands Brownfield Redevelopment Incentives
JD Supra | Apr. 18 | Brownfield Financing | Incentives | Legislative | Redevelopment | Tax Credits | Tax Increment Finance (TIF)

Shapiro Administration Invests $5M to Protect Pennsylvania Farmland From Development
Pennsylvania Pressroom | Apr. 14 | Access to Capital | Agriculture Finance | Incentives | Revolving Loan Funds (RLFs) | State Finance Program | Tax Credits

PHFA Announces $4.8M for Pennsylvania Community Revitalization Projects
CISION PR Newswire | Apr. 13 | Community Development | Housing Finance | Tax Credits

IRS Proposes Regulations for Energy Community Bonus Tax Credit
Internal Revenue Service | Apr. 4 | Energy Finance | Green Finance | Internal Revenue Service (IRS) | Legislative | Tax Credits | Renewable Energy Production Tax Credit (PTC) | Renewable Energy Investment Tax Credit (ITC)

Nebraska Legislature Advances School Finance Reforms
Nebraska Public Media | Apr. 4 | Education | Legislative | Rural Development | State Finance Program | Tax Credits

Renovation of Former Tonawanda, NY Piano-Key Factory Seeks $1.5M in Tax Breaks
The Buffalo News | Mar. 31 | Brownfield Financing | Economic Development | Federal | Redevelopment | State Finance Program | Tax Credits

Illinois Legislature to Consider Affordable Housing Tax Credit
Planetizen | Mar. 29 | Housing Finance | 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
info@cdfa.net

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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
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