Attend the CDFA Advanced Tax Credit Finance Course
The Advanced Tax Credit Course will take a deeper dive into the use and applicability of tax credits. Building on the basic structure of tax credits covered in the Intro to Tax Credit Course expert speakers will discuss details of New Markets Tax Credits (NMTC) and Low- Income Housing Tax Credits (LIHTC) through the lens of all parties and how they come together on a given transaction. Case studies will be presented to illustrate on how tax credits work with other economic development tools such as bonds or loans.
MSHDA Awards $27.9M in Tax Credits for Affordable Housing Development Projects
The Michigan State Housing Development Authority (MSHDA) announced tax credits for affordable housing development projects — its largest in recent history — which will be used to construct new affordable multifamily rental housing and to rehabilitate existing properties for low- to moderate-income Michigan residents.
New York Launches $100M Tax Credit for Theater Revival
New York is launching a new $100 million state tax credit program designed to give a much-needed boost to musical and theater productions and help generate additional tourism income for the city. The $100 million New York City Musical and Theatrical Production Tax Credit is a two-year program designed to support the entertainment and tourism industries in New York City.
Detroit, MI Touts Low-Income Tax Credits Toward $150M in Affordable Housing Projects
Detroit, MI celebrated investments of more than $150 million to add hundreds of affordable housing units across the city with the aid of low-income housing tax credits. Detroit Mayor Mike Duggan gathered with state and city housing officials to discuss $74.5 million in Low Income Housing Tax Credit grants awarded by the Michigan State Housing and Development Authority.
AZ Governor Signs Bill Creating State LIHTC Worth Portion of Federal Credit
Arizona Gov. Doug Ducey signed legislation that creates a state low-income housing tax credit (LIHTC) worth at least 50% of the federal credit. S.B. 1124 sets an annual state LIHTC cap of $4 million. The state LIHTC can be allocated among the partners, members, or shareholders and can be carried forward up to five years.
Family Farm ReGeneration Act Passes Ohio House
By a vote of 96 to 1, the Ohio House passed House Bill 95, which could clear a major hurdle for the next generation of Ohio farmers and provide greater resilience to Ohio's food system. The Family Farm ReGeneration Act will authorize tax credits for those who sell or rent farmland, livestock, buildings, or equipment to beginning farmers. It also provides a credit for beginning farmers who attend a financial management program.
Homeless Hiring Tax Credit Included in 2021-2022 California Budget
The California Homeless Hiring Tax Credit will confront the homelessness crisis facing California, address the job losses stemming from the COVID-19 pandemic that have disproportionately harmed low-income communities, and ease the significant financial strain that many small businesses are currently experiencing. A tax credit between $2,500 and $10,000 per homeless individual hired will create access to meaningful employment and pathways to careers for as many as 3,000 individuals.
Wisconsin Housing and Economic Development Authority Issues $156M Housing Revenue Bond
The Wisconsin Housing and Economic Development Authority (WHEDA) has issued a $156 million Housing Revenue Bond to finance rental housing developments currently in its loan closing pipeline. The bond issuance is expected to help finance 10 developments that will provide more than 800 units of affordable and workforce rental housing in Fitchburg, Madison, Milwaukee, Oregon, Oshkosh, Sturgeon Bay, and Wausau.
LIHTC Agencies Respond to Increased Costs
One of the top real estate headlines this year has been the dramatic rise in the cost of lumber and other construction materials. Developments with low-income housing tax credits (LIHTCs) have the added challenge of a limited ability to increase sources, causing many to face difficult or insurmountable gaps. Effectively the same problem occurred in 2017, although then it was due to a rapid reduction in equity investment.