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CDFA Tax Credits Finance Update - February 28, 2023

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Tax Credits Finance Update
February 28, 2023
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Tax Credits Finance Update


Coming Up Next Month: CDFA's Intro and Advanced Bond Finance Courses!
Join CDFA for our upcoming Bond Finance Week! The Intro Bond Finance Course will take place on March 13-14 followed by the Advanced Bond Finance Course on March 15-16. Register for one or both of these courses to learn from experts about how to bring economic growth to your community by utilizing the vast resources of the bond finance industry.

Announcing the CDFA-NASDA Foundation Socially Disadvantaged Farmers & Ranchers Access to Capital Program
The Council of Development Finance Agencies (CDFA) and the National Association of State Departments of Agriculture (NASDA) Foundation are excited to announce their partnership to create the CDFA-NASDA Foundation Socially Disadvantaged Farmers & Ranchers Access to Capital Program in response to the USDA Office of Partnerships and Public Engagement 2501 Grant Program. This program will assist socially disadvantaged farmers and ranchers in building successful operations by accessing sustainable business capital.

Alliant Capital Invest $40M in Affordable Housing Community in Sonoma County, California
Alliant Capital, a Walker & Dunlop company, announced its $40 million investment for Shiloh Crossing, a new construction of 171 Low Income Housing Tax Credit (LIHTC) units in Windsor, Sonoma County, California.

242 Senior Living Units Planned in New Whiteland, IN Complex
Over 200 "affordable" senior living apartments and a memory care center are under construction in New Whiteland, IN. Vita Investment Holdings will receive $674,394 in rental housing tax credits annually for 10 years from the state for the New Whiteland complex. The company also received $664,501 in tax credits to build a similar senior living complex, and it received $985,969 in credits to build 186 affordable multifamily units.

Ohio Department of Agriculture Introduces Beginning Farmer Tax Credit
The Ohio Department of Agriculture (ODA) has introduced a Beginning Farmer Tax Credit Program for those who've recently entered the field and those who help beginning farmers. Qualifying farmers will receive a 3.99% tax credit applicable to the sale of assets or to qualifying gross rental income.

Kansas Department of Commerce Makes $4.1M in Community Service Tax Credits Available
The Kansas Department of Commerce announced $4.1 million in tax credits will once again be made available under the Community Service Tax Credit Program (CSP). CSP assists private nonprofit organizations and public healthcare entities undertaking major capital campaigns for certain projects. Under this program, the state authorizes nonprofit organizations to offer tax credits to donors making contributions towards approved projects.

IRS Issues Guidance for Energy Tax Credits in Low-Income Communities
The Inflation Reduction Act of 2022 created several new tax incentives to encourage developing clean energy projects that would benefit underserved communities and individuals. Among these incentives, Congress included generous adders to the Section 48 investment tax credit for qualified solar and wind facilities deployed in specified low-income communities or residential developments.

Biden Restarts $10B Tax Credit for Clean-Energy Makers
The Biden administration is restarting a popular tax credit for manufacturers of solar panels, wind turbines, fuel cells, and other clean energy equipment after receiving a $10 billion infusion from the Inflation Reduction Act.

Upcoming Events
Intro Bond Finance Course

CDFA Tribal Finance Webinar Series: Tribal Community-Driven Economic Development Solutions
March 14, 2023 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Tribal Financing Webinar Series, speakers will discuss how tribal governments and their partner organizations are working collaboratively to drive sustainable economic development.

CDFA // BNY Mellon Development Finance Webcast Series: Exploring 501c3 Bond Finance for Nonprofit Organizations
March 21, 2023 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, speakers will break down 501(c)3 bond finance to demonstrate how this tool can drive investment for nonprofits.

More Headlines

Tax Saving Opportunities in Alaska for Energy Efficiency Improvements
Alaska Housing Finance Corporation | Feb. 27 | Energy Finance | Tax Credits

Lawmakers Considering Affordable Housing Tax Credit in Ohio
ValueWalk | Feb. 27 | Federal | Housing Finance | Incentives | Legislative | Tax Credits

New Jersey Community Capital Embarks on Expansion
NJBIZ | Feb. 27 | Access to Capital | Economic Development | Housing Finance | Tax Credits

Local Approval for Middletown, RI Affordable Housing Project
The Newport Daily News | Feb. 24 | Federal | Housing Finance | Tax Credits

Virginia Affordable Housing Development Approved for Unused Government Parking Lot
Fairfax County | Feb. 24 | Community Development | Housing Finance | Public-Private Partnership (P3) Financing | Tax Credits

Planning Concerns Stall Affordable Housing Project in Grand Rapids, MI Neighborhood
MiBiz | Feb. 23 | Community Development | Housing Finance | Tax Credits

Charleston, SC Affordable Housing Project Becomes First to Use Municipal Bond Funding
HUD User | Feb. 21 | Bond Finance | Economic Development | Redevelopment | Tax Credits | Tax Increment Finance (TIF)

Guidance on Low-Income Communities Bonus Credit Program Released
U.S. Treasury | Feb. 13 | Access to Capital | Energy Finance | Legislative | Tax Credits | U.S. Dept. of Energy (DOE) | U.S. Dept. of Treasury | Renewable Energy Investment Tax Credit (ITC) | Legislative Activities | Renewable Energy Investment Tax Credit (ITC)

State Senator from Arlington Heights, IL Files Tax Break Bill, Wants TIF Reform
Daily Herald | Feb. 7 | Economic Development | Legislative | Redevelopment | State Finance Program | Tax Credits | Tax Increment Finance (TIF)

Monarch Private Capital Finances New Affordable Housing Development in South Carolina
Bakersfield.com | Feb. 6 | Economic Development | Federal | Housing Finance | State Finance Program | Tax Credits

Kansas Encourages Rural Housing With Massive Influx of Funds
Flatland | Feb. 2 | Federal | Historic Preservation | Housing Finance | Revolving Loan Funds (RLFs) | Rural Development | State Finance Program | Tax Credits

Central Indiana Communities Receive Tax Credits for Affordable Housing
FOX 59 | Feb. 2 | Community Development | Economic Development | Federal | Housing Finance | Tax Credits

Sulzbacher Seeking $28M in Tax Credit Financing for Enterprise Village in Florida
Jacksonville Daily Record | Jan. 31 | Federal | Housing Finance | State Finance Program | Tax Credits

Montana Governor's Housing Task Force Provides Blueprint for Solutions
Billings Gazette | Jan. 29 | Access to Capital | Housing Finance | Revolving Loan Funds (RLFs) | Tax Credits

Northfield, Ohio Mulls Joining Energy Improvement District
Akron Beacon Journal | Jan. 25 | Energy Finance | Property Assessed Clean Energy (PACE) | Revolving Loan Funds (RLFs) | Tax Credits

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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CDFA National Sponsors

  • Alliant Insurance Services, Inc.
  • BNY Mellon
  • Bricker Graydon LLP
  • Business Oregon
  • CohnReznick
  • Frost Brown Todd LLP
  • Grow America | Formerly NDC
  • Hawes Hill and Associates LLP
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • Raza Development Fund
  • SB Friedman Development Advisors
  • Stifel Nicolaus
  • The Bond Buyer
  • U.S. Bank
  • Wells Fargo Securities
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