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CDFA Tax Credits Finance Update - August 24, 2021

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Tax Credits Finance Update
August 24, 2021
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Tax Credits Finance Update


Historic Buildings Rehabilitated With the Help of State Tax Credit in Pittsburgh, PA
The commonwealth of Pennsylvania announced tax credits for the owners of 27 historic buildings that are actively being restored and rehabilitated. Six of the buildings that will receive the credits are in Allegheny County. All of them are unique structures and their owners have some interesting plans for their futures.

Reps. Sherrill, Pascrell, Senator Ossoff Introduce RAISE the Roof Act
Representatives Mikie Sherill (NJ-11) and Bill Pascrell, Jr. (NJ-09) introduced the Revamping Appropriate Incentives for Solar Energy for (RAISE) the Roof Act, which clarifies and expands the solar investment tax credit (ITC) to include integrated solar roofs. This move would maximize the positive climate and economic impacts of the next generation of solar energy technology.

Alliant Capital Announces Closing of $160M Tax Credit Fund
Alliant Capital is pleased to announce the closing of Fund 107, a $160 million low-income housing tax credit fund that will facilitate the creation and preservation of 14 properties, containing a total of nearly 1,300 affordable housing units across the country. Among those affordable housing units, over 330 will be senior housing, and nearly half - 595 - will be newly constructed units spread across eight properties.

Sens. Ron Wyden, Sherrod Brown Introduce Bill to Lower Cost of Rent for Workers and Families
The Renters Tax Credit Act of 2021 would establish a new renters tax credit to make housing more affordable for low-income households. These households, which include many low-wage workers, seniors, and people with disabilities living on low, fixed incomes, are more likely than other households to pay high shares of their income for housing and face a greater risk of eviction and homelessness.

How Georgia Economic Developers Help Create Jobs, Incentives to Bring Major Employers
Georgia is regularly touted as being the No. 1 state for business in the country, although there is some disagreement on this. Beating out competitors for major industrial projects is only one part of economic growth in Georgia, but it is one that brings in potentially thousands of jobs at a time and can include significant investments from local governments.

Enterprise Community Partners Closes $235.8M LIHTC Fund
Enterprise Community Partners has announced the closing of a $235.8 million low-income housing tax credit fund that will help create or preserve 2,529 affordable homes in 19 properties. The developments are in 14 states—Alabama, California, Colorado, Florida, Illinois, Kentucky, Massachusetts, Minnesota, Montana, New York, North Carolina, Pennsylvania, Washington, and Wisconsin.

Governor Pritzker of Illinois Signs New Legislation Expanding Affordable Housing
Gov. JB Pritzker signed House Bill 2621 into law, creating new financing programs and tax incentives to support the creation and preservation of affordable housing in communities across Illinois. The legislation includes several provisions aimed at reducing the shortage of affordable housing and builds on efforts to support housing stability in areas disproportionately affected by COVID-19.

Ohio Renews 10% Income Tax Credit for Opportunity Zone Investments
Ohio Governor Mike DeWine signed into law a state budget that renews funding for the Ohio OZ income tax credit for an additional two-year term. In 2020, Ohio taxpayers saved $120 million in income tax by investing in 73 opportunity zone projects throughout Ohio.

Supermarket Tax Credit Act Introduced to Address Food Deserts
The Supermarket Tax Credit for Underserved Areas Act was introduced in the U.S. House. The bipartisan legislation would incentivize the opening of a grocery store in a food desert, and create a tax credit for selling fresh fruit and vegetables. It would increase the work opportunity tax credit for these grocery stores hiring local residents, veterans, disadvantaged youth, and other workers with barriers to employment.

Upcoming Events
SSBCI Learning Series - Module I

CDFA Rural Development Finance Webinar Series: Best Practices for Rural Development Finance Agencies
Tuesday, August 31, 2021 - 2:00 PM - 3:00 PM Eastern
During the third installment of the CDFA Rural Development Finance Webinar Series, discover best practices of development finance agencies to help you identify the right partner for your projects.

CDFA Federal Financing Webinar Series: The Federal Role in Financing Broadband
Tuesday, September 14, 2021 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Federal Financing Webinar Series, experts will discuss how federal financing tools can be used to fund 5G broadband networks.

More Headlines

Granada Theater in Bluefield, WV Closes on $1.1M Historical Tax Credit
Bluefield Daily Telegraph | Aug. 20 | Economic Development | Redevelopment | Tax Credits

Brookhaven, GA Development Authority Moves Forward on $15M Tax Abatement
Atlanta Journal-Constitution | Aug. 12 | Bond Finance | Incentives | Redevelopment | Tax Credits

WHEDA Lowering Interest Rates on Its Tax-Exempt Bond Financing and Other Financing Tools
WHEDA | Aug. 12 | Bond Finance | Member News | Tax Credits

Utah Bedding Company Expanding Headquarters, Adds 4,200 New Jobs
ABC 4 | Aug. 12 | Economic Development | Public-Private Partnership (P3) Financing | Rural Development | Tax Credits | Tax Increment Finance (TIF)

Bill Introduced to Lower Cost of Rent for Workers and Families
The World | Aug. 10 | Access to Capital | Disaster Recovery & Relief | Economic Development | Federal | Housing Finance | Legislative | Tax Credits

Budget Resolution Debate Begins
Roll Call | Aug. 10 | Legislative | Social Finance | Tax Credits

Hunt Capital Invests $8.8M in LIHTC, Historic Tax Credit Equity for Affordable Housing Project in Monroe, Louisiana
Rebusiness Online | Aug. 9 | Access to Capital | Housing Finance | Redevelopment | Tax Credits

$12.3M Affordable Housing Development Completed in Erie County, NY
Gov. Andrew Cuomo | Aug. 9 | Community Development | Economic Development | Housing Finance | Redevelopment | Tax Credits

Affordable Housing Conversion in Cleveland, OH Gets Early Go-Ahead From Planning Commission
Cleveland.com | Aug. 6 | Access to Capital | Redevelopment | Tax Credits | Urban Development

Legislators Propose $2.5K Federal Tax Credits for Used EVs
Green Car Reports | Aug. 5 | Access to Capital | Economic Development | Energy Finance | Federal | Legislative | Tax Credits

IRS Notice Provides Population Figures for Disaster-Zone LIHTC Allocation
Novogradac | Aug. 3 | Access to Capital | Disaster Recovery & Relief | Federal | Housing Finance | Internal Revenue Service (IRS) | Legislative | Tax Credits | COVID-19

New Homes Are Coming to Popular Craven County, NC Developments
Sun Journal | Aug. 3 | Access to Capital | Economic Development | Housing Finance | State Finance Program | Tax Credits

Six Grand Rapids, MI Projects Receive $6.7M in Low-Income Housing Tax Credits
MiBiz | Aug. 2 | Economic Development | Housing Finance | State Finance Program | Tax Credits

LIHTC Workforce Housing in Frederick, MD Historic District Announces Grand Opening
Yahoo Finance | Aug. 2 | Housing Finance | Opportunity Zones | Redevelopment | Tax Credits

Des Moines, IA Apartment Projects Under Review for State Tax Credits
Axios | Aug. 2 | Brownfield Financing | Economic Development | Redevelopment | Tax Credits

New York Launches $35M Restaurant Return-to-Work Tax Credit Program
Gov. Andrew Cuomo | Jul. 29 | Disaster Recovery & Relief | Food Systems Finance | Incentives | State Finance Program | Tax Credits | COVID-19

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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