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Tax Credits Finance Update - January 23, 2018

Tax Credits Finance Update
January 23, 2018
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Tax Credits Finance Update

Features

Opportunity Zones: A New Tool for Community Development
In signing H.R. 1 (the Act) into law Dec. 22, 2017, President Donald Trump created a new tool for community development – a tool that provides tax incentives to help unlock investor capital to fund businesses in underserved communities.

Community Development Tax Credits: Damaged, but not Devastated
President Donald Trump's signing of the Tax Cuts and Jobs Act Dec. 22 brought the yearlong drama concerning tax reform–and its effect on community development tax credits–to a conclusion, leaving community development advocates rejoicing in the survival of  LIHTC, PABs, NMTC, HTC, and ITC/PTC, but also wounded as they assessed the damage done to these tools.

Endangering Community Investment with Tax Reform
Though HTCs were preserved in the tax bill passed by Congress, its value was diminished. Instead of allowing investors to take the full value of the credit when a building opens, as they can now, it parcels out the credit over five years. Historic preservationists fear this change will decrease the attractiveness of the credit and consequently negatively impact its pricing.

Bill Introduced to Extend Colorado State LIHTC
Colorado state Sen. Jack Tate and three bipartisan co-sponsors introduced a bill this week to extend the state Low-Income Housing Tax Credit (LIHTC) program through 2024. The Colorado LIHTC was introduced in 2015 with a sunset date of Dec. 31, 2019.

NCSHA Board Approves Update to Recommended Best Practices
The National Council of State Housing Agencies board of directors approved a task force's report this month to update recommended best practices for administering the low-income housing tax credit. The report combines the NCSHA's recommended practices in LIHTC allocation and underwriting with its recommended practices in LIHTC compliance monitoring.  

Wisconsin Legislation Would Increase Single-Parcel HTC Cap
Forty-nine Wisconsin state Legislators introduced a bill to increase the cap on state historic tax credits (HTCs) from $500,000 to $3.5 million for a single parcel.

What the New Tax Law Means for Renewable Energy Tax Credits
The final Republican tax bill that became law in December spared the wind and solar power industries from most attempts to roll back federal clean-energy incentives, but it left other renewable energy sources out in the cold, leading to calls for new legislation.

Former Pittsburgh Mill Receives $15M in TCs
PA Gov.Tom Wolf has announced that the state will pitch in $15 million in tax credits to expedite construction at Hazelwood Green — the site of a massive abandoned steel mill that a group of nonprofits hopes to transform into a bustling corporate hub for research and technology.

KY Angel Investment Tax Credit Reaches Annual Allotment in One Day
A state income tax credit on angel investments is in danger of collapsing under the weight of its own popularity — and because the money the state has allotted to the program may run out as early as this year. The credit, now in its fourth year, is so popular that applications for 2018 exceeded the annual $3 million cap in one day.

CT's New Stranded Tax Credit Program Aims to Improve Investment
Starting this year, the Department of Economic and Community Development (DECD) will accept applications from other companies that want to use their stranded credits in exchange for making major investments in buildings, infrastructure and Connecticut-based venture funds.

Upcoming Events

Intro Tax Credit Finance WebCourse
March 21-22, 2018 - Daily: 12:00 - 5:00 PM Eastern
The Intro Tax Credit Finance WebCourse examines the application of tax credit programs in greater economic development finance efforts. This course will discuss the practical application of tax credit programs including brownfields, new markets, low income housing, historic preservation, and state-specific programs.

More Headlines

Nonprofit Spotlight: Columbus-Franklin County Finance Authority
Columbus CEO | Jan. 22 | Bond Finance | Brownfield Financing | Community Development | Tax Credits | Tax Increment Finance (TIF)

Paterson, NJ Loses $53M in State Tax Credits in Christie Veto
northjersey.com | Jan. 18 | Tax Credits

Chelsea, MA to Expand Affordable Housing with Bonds and LIHTCs
Banker & Tradesman | Jan. 18 | Bond Finance | Tax Credits

$9M of State LIHTC and HTC Assist ID Housing Development
Post Register | Jan. 18 | Historic Preservation | Tax Credits

Understanding the Impacts of TCJA on TCs
The National Law Review | Jan. 17 | Legislative | Tax Credits

Camden, NJ Celebrates Opening of Affordable Apartment Community
Digital Journal | Jan. 17 | Tax Credits

Norwich, CT Housing Project Aided by $4M in LIHTC
The Day | Jan. 17 | Historic Preservation | Tax Credits

Loans and Tax Credits Used to Finance Grocery Store in New Orleans
Non Profit News | Jan. 16 | Food Systems Finance | Tax Credits | Access to Capital

Using R&D Tax Credit in the Agriculture Industry
Agriculture.com | Jan. 16 | Agriculture Finance | Tax Credits

Nine GA Communities Designated as Rural Zones
Georgia Department of Community Affairs | Jan. 12 | Tax Credits

Missouri Bill Would Lower Annual Statewide HTC Cap
Novogradac & Company | Jan. 12 | Legislative | Tax Credits

Alvarez & Marsal Taxand Expands R&D Tax Credit Expertise
Business Wire | Jan. 10 | Tax Credits

Cargo Manufacturer Using State Incentives for New Plant in VA
Virginia Business | Jan. 9 | Tax Credits | Incentives | Economic Development

LIHTC Aiding $18M Development in Atlanta, GA
Multi-Housing News | Jan. 9 | Tax Credits | Tax Credits\Low Income Housing Tax Credits (LIHTCs)

IL Suspends Second Outcome Health $1.3M Tax Credit Deal
Chicago Tribune | Jan. 8 | Tax Credits

WV Film Tax Credit Program Being Recommended for Elimination
MetroNews | Jan. 8 | Tax Credits

LIHTCs Bring Affordable Housing to Salem, OR
Novogradac & Company | Jan. 8 | Tax Credits

Developers Complete Workforce Housing Community in Orange, CA
Affordable Housing Finance | Jan. 8 | Tax Credits

Cancer Genetics Receives $1.1M From NJ Tax Credit Program
GenomeWeb | Jan. 5 | Tax Credits

Historic Pittsburgh Theatre Has a Buyer
Pittsburgh Post-Gazette | Jan. 4 | Access to Capital | Redevelopment | Tax Credits

Eleven Bethlehem, PA Start-Ups Receive $442K in KIZ Tax Credits
Lehigh Valley Economic Development | Jan. 4 | Tax Credits

MD Debates Biotech Tax Credit Findings
Smart Incentives | Jan. 3 | Tax Credits

LIHTC News Briefs - January 2018
Novogradac & Company | Jan. 3 | Tax Credits

WinnCompanies Preserves 320 Units in NY Supported by LIHTC
Affordable Housing Finance | Jan. 2 | Tax Credits

Cincinnati Buildings Receive $800K in State HTC
Cincinnati Enquirer | Dec. 29 | Access to Capital | Tax Credits

TRU Aseptics Food Processing Plant Receives Tax Credits for Expansion
Beloit Daily News | Dec. 29 | Food Systems Finance | Tax Credits

US Tax Changes Mean Good and Bad News for the Energy Efficiency Sector
Decentralized Energy | Dec. 27 | Bond Finance | Energy Finance | Legislative | Tax Credits

Philadelphia Hopes to Harmonize Historic Preservation
Next City | Dec. 26 | Tax Credits


New Additions to the Online Resource Database

Updated NMTC Census Tracts and Transition Rules
Tax Credits | U.S. Dept. of Treasury CDFI Fund
How does the Community Development Financial Institutions (CDFI) Fund's release of the New Markets Tax Credit (NMTC) program census data transition affect an NMTC investment?

NCSHA Recommended Practices in Housing Credit Administration
Tax Credits | U.S. Dept. of Housing & Urban Affairs (HUD)
The National Council of State Housing Agencies (NCSHA) have updated and revised their Recommended Practices in Housing Credit Administration. With help from industry partners, NCSHA combined their compliance monitoring polices with their allocation and underwriting polices as well as added 13 new practices and strengthened several previous practices to create the new Recommended Practices.


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
info@cdfa.net


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