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CDFA Tax Credits Finance Update - September 21, 2021

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Tax Credits Finance Update
September 21, 2021
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Tax Credits Finance Update


DASH Act Introduced in Senate Would Expand LIHTC, Create MIHTC, NHTC, Renter Tax Credit
The Decent, Affordable, Safe Housing for All (DASH) Act was introduced by Senate Finance Committee Chair Sen. Ron Wyden, D-Oregon. Among the bill's provisions are: lowering the private activity bond financing threshold from 50% to 25%; an expansion of the 9% low-income housing tax credit (LIHTC); basis boost provisions targeting extremely low-income households, rural and Native American communities; and the creation of 5% and 2% middle-incoming housing tax credits (MIHTCs).

Using New Markets Tax Credits as a Tool to Build Affordable for-Sale Housing
A small consulting firm located in St. Louis, Missouri (Smith NMTC Associates, LLC) persuaded Habitat for Humanity International (HFHI) to collaborate with them on an application for NMTCs. The application, and subsequent ones, successfully garnered $108 million in NMTCs to be used exclusively for Habitat affiliates' projects throughout the U.S.—all of which develop affordable for-sale housing and sell to low-income households.

Governor Hochul Announces Start of Construction on $14.7M Affordable Housing in Niagara County, NY
Governor Kathy Hochul announced that construction has started on True Bethel Commons, a $14.7 million, 39-apartment affordable housing development in Niagara Falls with eight apartments fully adapted for people with physical disabilities. New York State Homes and Community Renewal provided $7.9 million in equity through the LIHTC Program, $2.3 million in Housing Trust Fund subsidy, $2.3 million in Federal HTC Equity, and $1.5 million in State HTC Equity.

2020 NMTC Allocation Awards Announced
The U.S. Department of the Treasury's Community Development Financial Institutions Fund awarded 100 Community Development Entities (CDEs) $5 billion in New Markets Tax Credit (NMTC) allocation authority. The allocation awards, made through the calendar year (CY) 2020 round of the NMTC Program, will help stimulate economic growth in low-income areas nationwide.

Florida Community Loan Fund Awarded $35M in NMTC Allocation
Florida Community Loan Fund, a statewide nonprofit lending institution, today announced an award of $35 million in New Markets Tax Credit allocation from the U.S. Treasury Community Development Financial Institution Fund. FCLF – Florida-based and Florida-focused – will devote 100% of this award to the underserved state of Florida.

Fannie Mae Increases Commitment to Low-Income Housing Tax Credit Market
Fannie Mae announced it has increased its capital for investment in low-income housing tax credit (LIHTC) activities as part of its ongoing effort to provide a reliable source of capital for affordable rental housing, especially in underserved markets. The Federal Housing Finance Agency (FHFA) approved the increase, up to $850 million annually from a $500 million annual cap set in 2017.

CDFI Fund Announces $5B in New Markets Tax Credits
The CDFI Fund announced $5 billion in New Markets Tax Credits that will spur investment and economic growth in low-income urban and rural communities nationwide. A total of 100 Community Development Entities (CDEs) were awarded tax credit allocations, made through the calendar year 2020 round of the New Markets Tax Credit Program.

Biden-Harris Administration Announces Steps to Increase Affordable Housing Supply
The Biden-Harris Administration is announcing a number of steps that will create, preserve, and sell to homeowners and non-profits nearly 100,000 additional affordable homes for homeowners and renters over the next three years, with an emphasis on the lower and middle segments of the market.

Regions Bank Closes $126M LIHTC Fund
A new $126 million tax credit equity tax fund managed by the Regions Bank Affordable Housing division has closed and will help create about 1,500 units of affordable housing at 16 properties in 10 states across the Northeast, Southeast, and Midwest. RAH Corporate Partners Fund 57 is comprised of four institutional investors with Regions Bank as a co-investor.

Ohio Capital Fund Shrinks Dependence on State Tax Credits
The state-backed fund that drew venture capital to Ohio tech startups is shrinking its reliance on tax credits to make bond payments and still aiming for a big return from its cumulative investments. Ohio Capital Fund LLC will use about $3 million in state tax credits in the next week to augment some $5 million in returns and pay the August principal and interest on its bonds.

U.S. Sen. Wyden Unveils Bill To Combat Profiteers In Low-Income Housing
U.S. Sen. Ron Wyden announced a bill he said would close a loophole that allows large investors to seek outsized profits in taxpayer-funded affordable housing. If successful, the change would apply to current and future housing deals that use the federal Low Income Housing Tax Credit for funding.

Upcoming Events
Intro Tax Credit Finance WebCourse

CDFA-Bricker PACE Webinar Series: PACE 2.0 - The Next 10 Years
Tuesday, November 20, 2021 - 2:00 PM - 4:00 PM Eastern
It has been approximately 10 years since the first PACE programs began. During this workshop, our speakers will provide insights related to expanding PACE assessments to benefit buildings and properties for other non-energy related improvements such as indoor air quality, lead water pipe replacement, surface storm water mitigation, and sewer overflows.

CDFA Federal Financing Webinar Series: Preserving Local Food Systems with Federal Financing
Tuesday, December 14, 2021 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Federal Financing Webinar Series, hear from experts at the USDA about their various programs available for rural food systems and agricultural producers to recover from the pandemic.

More Headlines

Historic Award of Research and Development Tax Credits in New Hampshire
Gov. Chris Sununu | Sep. 27 | Economic Development | State Finance Program | Tax Credits

New Frontiers for Historic Tax Credit in Alabama
Birmingham Business Journal | Sep. 27 | Economic Development | Historic Preservation | Redevelopment | State Finance Program | Tax Credits

Historic YMCA Transformed Into Artsy Apartment Complex in Downtown Granite City, IL
Belleville News-Democrat | Sep. 27 | Economic Development | Housing Finance | Redevelopment | State Finance Program | Tax Credits

Nearly $30B in LIHTC Provisions in House Ways and Means Committee Reconciliation Bill
Novogradac | Sep. 16 | Community Development | Economic Development | Green Finance | Housing Finance | Infrastructure Finance | Legislative | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

The Limitations of South Carolina's New Affordable Housing Tax Credit
Mondaq | Sep. 13 | Access to Capital | Economic Development | Housing Finance | Innovation Finance | State Finance Program | Tax Credits

White House Announces Steps to Increase Affordable Housing Supply
JD Supra | Sep. 13 | Economic Development | Federal | Housing Finance | Legislative | Tax Credits

San Francisco, CA Announces $50M in Tax Credits to Support Non-Profits, Businesses in Disadvantaged Communities
Post News Group | Sep. 13 | Access to Capital | Economic Development | Infrastructure Finance | Redevelopment | Tax Credits

60 More Units of Affordable Housing Going up in Marysville, WA
The Everett Herald | Sep. 13 | Economic Development | Federal | Housing Finance | Infrastructure Finance | Legislative | Tax Credits

United Bank Community Development Awarded $65M in NMTC Allocation
The Atmore Advance | Sep. 10 | Access to Capital | Community Development | Economic Development | Rural Development | Tax Credits

Impact Community Closes $210M Affordable Housing Fund
MultiHousing News | Sep. 1 | Economic Development | Housing Finance | Opportunity Zones | Tax Credits

Oklahoma City, OK Celebrates New Grocery Store Opening
The Journal Record | Aug. 31 | Food Systems Finance | Public-Private Partnership (P3) Financing | Revolving Loan Funds (RLFs) | Social Finance | Tax Credits | Tax Increment Finance (TIF) | Case Studies

Capital Analysis of the Proposed Middle-Income Housing Tax Credit
Novogradac | Aug. 30 | Economic Development | Housing Finance | Tax Credits

Jamestown, NY Awarded $10K Grant to Preserve Historically Significant Homes
Erie News Now | Aug. 30 | Historic Preservation | Housing Finance | State Finance Program | Tax Credits

Yorktowne Hotel in York, PA Has a New Opening Timeline
York Daily Record | Aug. 30 | Economic Development | Housing Finance | Redevelopment | Tax Credits

Historic Dayton, KY Building to Become Residential
The River City News | Aug. 30 | Economic Development | Historic Preservation | Housing Finance | Redevelopment | Tax Credits

Fox Theatre Executive Director Floats Possible Completion Timeline
Yahoo News | Aug. 30 | Community Development | Economic Development | Historic Preservation | Tax Credits

California Tax Incentive's Success Is in Its Failures
Bloomberg Tax | Aug. 26 | Economic Development | Incentives | State Finance Program | Tax Credits

Senator Wyden Proposes Sweeping Housing Tax Credit Reforms
LeadingAge | Aug. 25 | Community Development | Economic Development | Federal | Housing Finance | Legislative | Tax Credits

Project in Muskegon, MI to Receive $18M Renovation Through Low-Income Housing Funds
MLive | Aug. 25 | Community Development | Housing Finance | Redevelopment | State Finance Program | Tax Credits

Rose Associates Lands $182M Loan for White Plains, NY Multifamily Project
The Real Deal | Aug. 25 | Bond Finance | Housing Finance | Incentives | Redevelopment | Rural Development | Tax Credits

New Additions to the Online Resource Database

Community Investment Explorer Tool 2.0
Access to Capital | Community Development | Disaster Recovery & Relief | Economic Development | Foundations | Housing Finance | Infrastructure Finance | Rural Development | Social Finance | Tax Credits | Urban Development
Developed by the Federal Reserve Bank of St. Louis, the newly enhanced Community Investment Explorer (CIE) 2.0 includes over 73 million transactions totaling over $3.2 trillion in community and economic development capital from 2012 to 2020. This interactive tool allows users to find out where capital is going, how equitably is it being distributed, and for what purpose is it serving.

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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