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CDFA Tax Credits Finance Update - June 28, 2022

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Tax Credits Finance Update
June 28, 2022
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Tax Credits Finance Update


Dive Into Development Finance with CDFA's Virtual Summer School
CDFA Virtual Summer School is a week-long series of courses presented by the CDFA Training Institute. CDFA Virtual Summer School will offer three different training courses, all held online. Learn from our expert practitioners and experience CDFA's most interactive educational event of the year. These courses also qualify for the CDFA Training Institute's Development Finance Certified Professional Program! Scholarships are available to attend this event.

New Hampshire DFA Announces $5M in Tax Credits to Fund Housing, Affordable Childcare, and Community Revitalization
The New Hampshire Community Development Finance Authority announced that it had awarded $5 million in tax credits to projects throughout New Hampshire. The funds will significantly impact initiatives that advance local community economic development goals, capacity building for the New Hampshire nonprofit sector, and support for economic development across the state.

Ohio Awards Nearly $40M in Historic Tax Credits for Projects in 19 Communities
The State of Ohio will aid in the rehabilitation of 38 historic buildings by offering nearly $40 million in tax credits as part of the Ohio Historic Preservation Tax Credit Program. In total, the Ohio Department of Development announced Wednesday it is awarding $39,874,792 in Ohio Historic Preservation Tax Credits for rehabilitation projects in 19 communities located in 16 counties.

New Kansas Law Will Offer Tax Credits for Aviation Industry
Kansas is set to provide tax credits for workforce development in the aviation industry. Gov. Laura Kelly, joined by legislators and industry leaders, signed House Bill 2239, which offers one tax credit for aviation employees and two tax credits for aviation employers starting in the 2022 tax year.

Bill Introduced to Boost Economic Growth in Black, Brown, and Low-Income Communities
U.S. Sen. Mark R. Warner (D-VA) was joined by Sens. Roger Wicker (R-MS), Chris Van Hollen (D-MD), and Cindy Hyde-Smith (R-MS) in introducing bipartisan legislation to promote lasting economic prosperity in black, brown, and low-income communities. This bill would help unlock more equity and long-term financial capital for community development financial institutions (CDFIs).

Tax Credits Help Promote Equity in Affordable Housing, Community Development
Community development tax credits are important tools in helping to overcome inequities in accessing financing. Certain tax credits can provide financial incentives to build affordable rental housing, necessary goods and services to historically underserved communities and populations, and flexible, low-cost private capital for small businesses in low-income communities.

New Opportunities Under Connecticut's Expanded Tax Credits for Manufacturers
Public Act 22-118, signed into law on May 7, provides pass-through businesses operating in Connecticut, such as limited liability companies and S corporations and their members and shareholders, with the opportunity to directly benefit from the existing manufacturing apprenticeship tax credit. As originally adopted, the manufacturing apprenticeship tax credit was only available as a credit against the corporation business tax.

Adaptive Reuse Offers Advantages to Affordable Housing Developers
Taking vacant properties and adapting them for use as affordable housing can help developers save money while reducing their environmental footprint. Partner Insights spoke to Jack Bernhard, executive director of community development real estate for JPMorgan Chase, about this approach.

Upcoming Events
Intro Public-Private Partnership (P3) Finance WebCourse

CDFA // BNY Mellon Development Finance Webcast Series: Development Finance and the Cannabis Industry
Tuesday, July 19, 2022 - 2:00 PM - 3:00 PM Eastern
In this webcast, we will explore the creative financing approaches that are providing capital to the emerging cannabis industry, and the economic benefits to states that have legalized the sale of recreational and medical marijuana.

SSBCI Learning Series - Aligning your SSBCI Strategy with Federal Funding Priorities
July 29, 2022 - 1:00 PM Eastern
The fifth and final module of the SSBCI Learning Series will focus on how to align your SSBCI programs with other economic initiatives.

More Headlines

State Tax Credits Could Boost Jackson Apartments Toward Development in Greenwood, MI
mlive | Jun. 24 | Community Development | Housing Finance | State Finance Program | Tax Credits

Hoover District, Downtown Canton, OH Office Building Get State Help with Historic Tax Credits
CantonRep | Jun. 22 | Community Development | Historic Preservation | Housing Finance | Redevelopment | Tax Credits

Ogden City Council in Utah Approves $2M to Move Marshall White Center Rebuild Forward
Standard-Examiner | Jun. 20 | Bond Finance | Tax Credits

Completion of $23M Affordable Housing Development Announced in Poughkeepsie, NY
New York State | Jun. 20 | Brownfield Financing | Energy Finance | Housing Finance | Tax Credits

Tax Credit Promoted for Investments in Underserved Mississippi Communities
Y'all Politics | Jun. 20 | Access to Capital | Community Development | Legislative | Rural Development | Social Finance | Tax Credits

Avalon Housing Awarded $1.5M in Tax Credits for Affordable Housing in Ann Arbor, MI
A4 | Jun. 20 | Community Development | Energy Finance | Housing Finance | Tax Credits

Missouri Committee Recommends Rehab, Childcare, Rail Tax Credits for Supply Chain Woes
The Center Square | Jun. 14 | Community Development | Economic Development | Education | Healthcare | Public-Private Partnership (P3) Financing | Social Finance | Tax Credits

Appalachian Community Capital Announces Over $1.9M in TA for 34 Development Projects
Appalachian Community Capital | Jun. 7 | Community Development | Opportunity Zones | Rural Development | Tax Credits

Ohio Passes Increased Historic and Opportunity Zone Incentives in SB 225
KJ+K | Jun. 6 | Federal | Historic Preservation | Incentives | Opportunity Zones | Tax Credits

Despite 500 Fewer Jobs, Keeping Farmers Insurance Mega Tax Credits Was Right Call
mlive | Jun. 2 | Agriculture Finance | Economic Development | Incentives | Tax Credits

SB Friedman Front Porch NMTC Financing & Closing Support in Atlanta, GA
SB Friedman | May. 27 | Access to Capital | Economic Development | Member News | Tax Credits

Vermont Institutions Pool Resources to Win Clean Energy Innovation Funding
Energy News Network | May. 26 | Energy Finance | Green Finance

Pennsylvania Governor Highlights Investment in Innovative Solution to Feeding the Future
Pennsylvania Government | May. 26 | Access to Capital | Agriculture Finance | State Finance Program | Tax Credits

Tax Credits Combine with Pandemic Relief to Support Affordable Vermont Apartments
VermontBiz | May. 25 | Community Development | Federal | Housing Finance | Infrastructure Finance | Redevelopment | Tax Credits | COVID-19

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.
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  • Bricker Graydon LLP
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  • Frost Brown Todd LLP
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  • Hawes Hill and Associates LLP
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  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
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  • Raza Development Fund
  • SB Friedman Development Advisors
  • Stifel Nicolaus
  • The Bond Buyer
  • U.S. Bank
  • Wells Fargo Securities
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