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CDFA Tax Credits Finance Update - February 26, 2019

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Tax Credits Finance Update
February 26, 2019
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Tax Credits Finance Update


KeyBank Provides $11M for Affordable Housing in Cleveland, OH
KeyBank Community Development Lending and Investment announced $11.5 million in financing to Snavely Group for the creation of 38 affordable housing units at Forest City Square Apartments in Cleveland. The units target households earning between 30 percent to 60 percent of area median income.

Investors Pay More Than Anticipated for LIHTCs, Easing Developers' Funding Fears
Tax credit prices had already dropped in 2017, as the corporations that buy LIHTCs bet lower corporate taxes would cut into their need for tax benefits. Then the Tax Cuts and Jobs Act of 2017 cut corporate taxes more than anyone anticipated. Experts thought LIHTC prices would drop again, but they stayed relatively stable in 2018.

Large Nonprofit Developers Unite in New, Unique LIHTC Fund
The National Affordable Housing Trust (NAHT) has launched a unique low-income housing tax credit (LIHTC) fund that brings together deals from the top mission-driven, nonprofit developers in the nation. NAHT's new fund is different because all of the projects will be determined by the 13 members of Stewards of Affordable Housing for the Future (SAHF).

CDFI Fund Delays Allocation Announcement for NMTCs
Community Development Financial Institutions Fund (CDFI Fund) Director Jodie Harris recently indicated that CDFI Fund staff were reviewing each program's timelines and priorities in response to the recent government shutdown. The five-week shutdown requires the CDFI Fund to alter deadlines, and anticipated timelines, for compliance and reporting, awards announcements, and the opening of application rounds.

Help Make the NMTC Program Permanent
The New Markets Tax Credit Coalition is sending a sign-on letter to Congress requesting the permanent extension and expansion of the New Markets Tax Credit. CDFA has signed-on to the letter, and asks all development finance stakeholders to do the same.

The Tax Credit That is History in the Re-Making
How can we best preserve and celebrate our past, while also meeting our communities' needs for economic investment and job creation? One answer is the federal Historic Tax Credit, an increasingly popular incentive first created in 1976. In fact, 35 states have taken notice and created their own state historic tax credit programs.

Unique Solar-Wind-Energy Storage Project Announced in OR
The wind component of the facility will be operational by December 2020 and qualify for the federal production tax credit at the 100 percent level. Construction of the solar and battery components is planned for 2021 and will qualify for the federal investment tax credit.

MD Launches 2019 Energy Storage Income Tax Credit Program
The Maryland Energy Administration (MEA) launched its 2019 Energy Storage Income Tax Credit, which awards up to $750,000 in energy storage tax credits on a first-come, first-served basis. In 2017, Maryland became the first state in the country to pass a bill creating an income tax credit on energy storage devices.

Study Finds Multifamily Lending is Vital in Meeting CRA Requirements
As changes to Community Reinvestment Act (CRA) regulations are considered and developed, it is imperative to consider how those changes could affect regulated financial institutions and their investment and lending activities. A report from the Urban Institute's Housing Finance Policy Center sheds light on multifamily mortgage trends and how they can be instrumental in meeting CRA standards.

At Current Hiring Pace, Foxconn Could Earn $500M in Tax Credits by 2022
Foxconn Technology Group could continue to fall short of job targets included in its contract with the state and still earn more than $500 million in capital expenditure tax credits by the end of 2022 if it continues its current hiring pace. To reach that figure, the company would have to create 3,560 jobs and invest $3.5 billion on capital expenditures in Mount Pleasant.

Upcoming Events
CDFA Federal Policy Conference

CDFA - PFM Capital Markets Webinar Series - Financing for Climate Resilience
March, 14, 2019 - 2:00 - 3:30 PM Eastern
The effects of climate change are widespread and varied. Many communities are suffering from more frequent violent storms, severe droughts, and massive forest fires. As climate change becomes an ever-pressing challenge, cities and rural areas are looking to fortify their development and infrastructure in more resilient ways. Climate resilience requires substantial upfront investment and generates benefits over decades, making bond financing an attractive financing option. This session will discuss how cities are addressing the challenges of climate change and the types of bond and financing structures being used to build more resilient communities.

More Headlines

OH Historic Preservation Tax Credit Program Round 22 Application Now Available
Ohio Development Services Agency | Feb. 25 | Historic Preservation | State Finance Program | Tax Credits

New Netflix Hub and Tax Incentives Fuel NM's Hollywood Dream
Bloomberg | Feb. 21 | Economic Development | Incentives | State Finance Program | Tax Credits

Walz Budget Plan Includes Restoration of MN Angel Tax Credit Program
Twin Cities Business | Feb. 20 | Innovation Finance | Tax Credits

OH Legislation Would Value LIHTC Property at Market-Rent Level
Novogradac & Company | Feb. 20 | Community Development | Legislative | State Finance Program | Tax Credits

Amazon's Pivot Raises Scrutiny of Incentive Deals
The Wall Street Journal | Feb. 15 | Incentives | Tax Credits

Historic Tax Credit Pushed in NJ
NJBIZ | Feb. 15 | Historic Preservation | Tax Credits

Is Renewables' Production Tax Credit Bullet Proof?
Forbes | Feb. 14 | Energy Finance | Tax Credits

Charlotte, NC Food Bank Expansion Spurred by NMTC
Charlotte Business Journal | Feb. 13 | Food Systems Finance | Redevelopment | Tax Credits | Urban Development

New Markets Tax Credit Spurs Nashville, TN Revitalization Projects
Nashville Business Journal | Feb. 12 | Community Development | Tax Credits

Federal Government Begins Step-Back of Solar Energy Incentive
BCTV | Feb. 12 | Energy Finance | Federal | Incentives | Tax Credits

Looking at the AL Historic Tax Credit One Year Later
Birmingham Business Journal | Feb. 12 | Historic Preservation | Tax Credits

PA Lawmakers Mull Increasing Cap on Historic Tax Credit
The Philadelphia Inquirer | Feb. 7 | Historic Preservation | Legislative | Redevelopment | State Finance Program | Tax Credits

MD County Approves Tax Credit Package for New Lodge
The Cecil Whig | Feb. 6 | Community Development | Incentives | Local Finance Program | Tax Credits

PA Lawmakers Debate Increasing the State's Film Tax Credit
Pennsylvania Watchdog | Feb. 5 | Incentives | Legislative | Tax Credits

NM Film Production Tax Credit Attracts Video Game Studio Headquarters
Albuquerque Business First | Feb. 4 | Incentives | State Finance Program | Tax Credits

Central MA Communities Have Different Philosophies for Tax Breaks
Worcester Business Journal | Feb. 4 | Community Development | Local Finance Program | Tax Credits | Tax Increment Finance (TIF)

ND Legislators Look at Budgeting Money for Housing Incentive Fund
The Dickinson Press | Feb. 3 | Community Development | Legislative | State Finance Program | Tax Credits

Bipartisan Bills Introduced to Make Railroad Tax Credit Permanent
American Short Line and Regional Railroad Association | Feb. 2 | Infrastructure Finance | Legislative | Tax Credits

NY State Expands Historic Tax Credits to Buildings in Parks
Newsday | Feb. 1 | Historic Preservation | Redevelopment | State Finance Program | Tax Credits

Work Opportunity Tax Credit Supported 2,500 NC Employers in 2018
North Carolina Department of Commerce | Jan. 31 | 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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