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CDFA Tax Credits Finance Update - January 28, 2020

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Tax Credits Finance Update
January 28, 2020
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Tax Credits Finance Update


Freddie Mac Surpasses $1B in LIHTC Investments
Freddie Mac has topped the $1 billion mark in low-income housing tax credit (LIHTC) equity investments after re-entering the market in 2018. The latest investments were made in underserved communities in 22 states, Puerto Rico, and Guam and provide more than 8,500 homes for households that struggle to find safe and affordable rental housing, announced the company.

More SC Low-Income Housing Could Get Built With Tax Incentive Proposal
A Reagan-era federal tax credit to boost the construction of affordable housing could be expanded at the state level with S.C. lawmakers considering an incentives package. The measure, which moved through the S.C. House last year, won a favorable recommendation by the Senate Finance Committee this week and is a floor vote away from appearing on Gov. Henry McMaster's desk.

2020 Outlook: US Renewable Resources on Steady Course for Increased Deployment
Renewable energy resources have become a bigger part of the grid in recent years, competing with traditional generation sources. With flat load growth, falling costs and the expansion of the energy storage sector, this trend is only expected to rise. While national tax credits have been key drivers for wind and solar growth in the U.S. renewable energy market, tax credit reform didn't shake out new renewables incentives.

Dayton Arcade Uses NMTC, LIHTC, HTC for Redevelopment
A key to the redevelopment is the bevy of tax credit incentives used to finance the rehabilitation. Development partners Cross Street Partners, McCormack Baron Salazar and The Model Group used low-income housing tax credits, new markets tax credits, and federal and state historic tax credits to make the rehabilitation possible.

Developing Affordable Housing Isn't Easy
Oakland Affordable Living was financed with low-income housing tax credits. A federal program managed by state agencies, LIHTC is the financial skeleton key that unlocks most of the affordable rental housing developed in the United States. Without this crucial funding, the Oakland Planning and Development Corporation would not have been able to finance the $16.3 million project.

LIHTC, Bonds, and RLFs to Finance Rural IN Housing
The Moving Forward Rural Development Program, launched by the Indiana Housing and Community Development Authority, awarded a combined $88M to a group of four developers to revitalize more than 30 subsidized housing units in small communities. This included more than $68M in low-income housing tax credits and multifamily bonds to three developers, as well as funding from the USDA, and the developers each selected a nonprofit agency to create a revolving loan fund providing another $1M for the projects.

Dog-Park Bar and Delmar Apartments Land $12M In Federal Tax Credits
The SLDC also set aside $7 million in new markets tax credits to establish a small business revolving loan fund, something it has established before. This fund will be able to make loans of up to $4 million to finance inventory, equipment working capital, and other business needs outside of real estate improvements.

Trico Building Cleaned Up in Buffalo, NY
Cleanup of a brownfield site at the former Trico Plant has been completed, opening the door for one of the city's largest redevelopment projects to move forward in 2020. With the cleanup, the Krog Group is now eligible for New York State brownfield tax credits as well as state and federal historic tax credits to cover a portion of the $87 million price tag. Plans by the Krog Group call for 135 studio, one-bedroom and two-bedroom market-rate apartments, 12,000-square-feet of retail and food space, 105 extended-stay hotel rooms operated by Buffalo-based Hart Hotels, and 230 indoor parking spaces.

Upcoming Events
CDFA Federal Policy Conference

Intro Bond Finance WebCourse
February 26-27, 2020 - Daily: 12:00 - 5:00 PM Eastern
The Intro Bond Finance WebCourse provides an in-depth look at governmental and qualified private activity bonds, with a focus on industrial development bonds (IDBs), 501(c)(3) non-profit bonds, exempt facility bonds, and other special bond programs authorized by the federal government.

More Headlines

What's Going On With the Madison Public Market
The Cap Times | Jan. 27 | Tax Credits | Tax Increment Finance (TIF)

Historic Tax Credits OK'd For Project in Granite City, IL
The Telegraph | Jan. 27 | Tax Credits

U.S. Clean Energy Investment Hits New Record of $55.5B
Reuters | Jan. 16 | Energy Finance | Green Finance | Tax Credits

Boston-Area Mixed-Income Asset Lands Construction Financing
Multi-Housing News | Jan. 16 | Housing Finance | Tax Credits | Tax Credits\Low Income Housing Tax Credits (LIHTCs)

Northrop Grumman Plans Major Expansion in Weber County, Utah
Area Development | Jan. 15 | Tax Credits | Tax Increment Finance (TIF)

Procter & Gamble Expands Box Elder County, UT Operations
Area Development | Jan. 14 | Tax Credits | Tax Increment Finance (TIF)

Bill Introduced to Improve Economic Prosperity of Native Communities
Maui Now | Jan. 10 | Legislative | Tax Credits | Tribal Finance

NY Gov Proposes Tax Cuts for Small Businesses, Farmers
Bloomberg Tax | Jan. 8 | Agriculture Finance | Legislative | Tax Credits

Opportunity Zones Explained: A Helpful Solar Incentive
Solar Power World | Jan. 6 | Energy Finance | Green Finance | Opportunity Zones | Tax Credits

IHCDA Awarded $88M to Developers to Revitalize Subsidized Housing
Journal Review | Jan. 6 | Bond Finance | Community Development | Housing Finance | Incentives | Revolving Loan Funds (RLFs) | Tax Credits

Developers Score at Least $689M in City Financing for Mixed-Use Development
The Real Deal | Dec. 31 | Access to Capital | Housing Finance | Local Finance Program | Tax Credits | Urban Development

NM Lawmakers Seek Oversight of Tax Incentives
Albuquerque Journal | Dec. 30 | State Finance Program | Tax Credits

Massive $1.4T Spending Measure Goes on the Books
Engineering News-Record | Dec. 26 | Economic Development | Energy Finance | Export Import Bank of the United States (Ex-Im Bank) | Federal | Infrastructure Finance | Legislative | Tax Credits | U.S. Dept. of Transportation (DOT) | U.S. Environmental Protection Agency (EPA)

NJ Tax Credit Awards to Seed 1,200 New Affordable Multifamily Units
GlobeSt | Dec. 26 | Housing Finance | Tax Credits | Tax Credits\Low Income Housing Tax Credits (LIHTCs)

Tax Legislation not Expected Until Late 2020 at Earliest
The Bond Buyer | Dec. 24 | Bond Finance | Legislative | Tax Credits

New Additions to the Online Resource Database

The Low Income Housing Tax Credit: How It Works and Who It Serves
Housing Finance | Tax Credits
The Low-Income Housing Tax Credit (LIHTC) is a complex but crucial tool for the production and preservation of affordable rental housing. In this report, the Urban Institute outlines the basics of the LIHTC program, including how it works, the various partners involved, how financing is structured, how investors benefit from the program, and who lives in the LIHTC properties.

Historic Tax Credits - Community Development Fact Sheet
Historic Preservation | Tax Credits
This Community Developments Fact Sheet summarizes certain aspects of the Historic Tax Credit (HTC) program for national banks and federal savings associations (collectively, banks) and explains how HTCs may be used to support a bank's affordable housing and community development strategies.

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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