Don't Miss the Upcoming Intro Brownfields Finance Course on December 7-8!
Join us on December 7 & 8 for the Intro Brownfields Finance Course, the industry's only comprehensive training curriculum that helps economic developers, policymakers, and real estate professionals master the financing strategies for the lifecycle of a brownfield property. Learn the basics of brownfields, the legal and regulatory challenges, and the financing tools available to clean up and build up these sites.
U.S. Treasury Announces $5B in New Markets Tax Credits for Low-Income, Distressed Communities
The U.S. Department of the Treasury announced more than $5 billion in New Markets Tax Credit (NMTC) awards to go to 107 Community Development Entities nationwide. Over 20 percent of the investments will be made in rural communities and will make nearly $1B in NMTC investments in non-metropolitan counties.
$185M in New Market Tax Credits to Promote Jobs in Distressed Mississippi Communities
Two community development entities are receiving support from the NMTC investment incentive program to spur greater private investment in distressed communities. Senators, Wicker and Hyde-Smith, have pressed Treasury officials to ensure that greater consideration is given to the needs of Mississippi communities when deciding future allocations under the NMTC Program.
Georgia Department of Community Affairs Awards $28M in Housing Tax Credits
The Georgia Department of Community Affairs (DCA) recently announced that it will award $27,980,800 in 9% Housing Tax Credits to construct or preserve twenty-eight (28) affordable rental housing developments. Once complete, the properties will provide below-market rents to families, seniors, and persons requiring supportive housing.
Pennsylvania Gov. Approves $80M Annually in Tax Credits for Natural Gas, Hydrogen Purchases
Pennsylvania Gov. Tom Wolf approved Act 108, which amends the Keystone State's tax code to bring tax credits for natural gas use from more than $26.6 million to $56.6 million. Bringing a hydrogen hub to the state would help to achieve Pennsylvania's statewide climate goals of reducing greenhouse gas emissions by 26% by 2025 and by 80% by 2050 as compared with 2005 levels.
APPA Weighs in on Energy Tax Provisions of Inflation Reduction Act
In comments filed with the Internal Revenue Service (IRS) and the Treasury Department on Nov. 4 related to the implementation of the Inflation Reduction Act, the American Public Power Association (APPA) weighed in on several key issues tied to the energy tax provisions of the IRA. A number of IRA sections include a reduction in the respective credit for tax-exempt bond financing.
U.S. Storage Tax Credit Opens up New Markets for Developers
President Joe Biden's Inflation Reduction Act identifies stand-alone energy storage as eligible for Investment Tax Credits (ITC) for the first time, making solar developers rethink their storage strategies. Battery storage has only qualified for ITCs when coupled with solar facilities. The IRA provides a 30% ITC to stand-alone storage and also extends tax credits for solar and wind for a further 10 years.
Five Points Community Capital, LLC Closes $7.76M NMTC for Texas Meat Distributor
Five Points Community Capital, LLC, a community development entity, announced the closing of a $7.76 million New Markets Tax Credit (NMTC) enhanced loan supporting the relocation and expansion of Houston Meat Distributors, Inc. into their new headquarters which includes a new, state-of-the-art, cold storage facility under construction in Pasadena, Texas.