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CDFA Tax Credits Finance Update - October 24, 2023

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Tax Credits Finance Update
October 24, 2023
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Tax Credits Finance Update


Don't Miss the 2023 CDFA National Development Finance Summit
CDFA is traveling to Philadelphia, PA, for the 2023 National Development Finance Summit November 8-10! Join us for CDFA training courses, targeted breakout sessions, networking events, and workshops you can't get anywhere else. Register today!

CDFA Coalition Submits $2B Clean Investment Accelerator for DFAs Proposal Under Greenhouse Gas Reduction Fund Competition
CDFA and its coalition partners submitted a $2 billion Clean Investment Accelerator for Development Finance Agencies (DFAs) proposal for the Clean Communities Investment Accelerator competition under the Greenhouse Gas Reduction Fund. Under this program, CDFA and its coalition partners will launch a 6-year accelerator program designed to serve a community lender network of DFAs to build the expertise and financial capacity of DFAs to fund qualified projects that reduce or avoid emissions of greenhouse gas and other pollutants in low-income and disadvantaged communities.

$63M for Multifamily Historic Conversion Project in Downtown Oklahoma City, OK
Institutional Property Advisors has arranged $63 million in financing for a project that will convert two 1920s historic buildings in downtown Oklahoma City into a 265-unit apartment complex. The financing on the project included a $40.3 million senior construction loan as well as federal and state historic tax credit equity.

Investing in America Program to Spur Clean Energy Investments in Underserved Communities
The U.S. Department of the Treasury, U.S. Department of Energy, and Internal Revenue Service (IRS) announced that applications for the Low-Income Communities Bonus Credit program under Section 48(e) of the Internal Revenue Code are now open. This groundbreaking program through President Biden's Inflation Reduction Act — the largest climate investment in history — provides a 10 or 20-percentage point boost to the Investment Tax Credit for qualified solar or wind facilities in low-income or Tribal  communities.

$270M Green Financing for Tierra Bonita Solar Project in Pecos County, TX
Ashtrom Renewable Energy signed a Tax Credit Transfer Agreement to sell the production tax credit (PTC) to be produced by the project over a ten-year period to a highly rated U.S. institutional entity. The total value of the PTC is estimated at around $300 million. The Tierra Bonita project is one of the very first solar projects in the U.S. to complete a Tax Credit Transfer Agreement for solar PTCs under the new Inflation Reduction Act and complete financing under a project finance structure.

Massachusetts Governor Signs Budget Bill Increasing Annual State LIHTC Cap to $60M
Massachusetts Gov. Maura Healey signed budget legislation into law that increases the annual cap for the state low-income housing tax credit (LIHTC) from $40 million to $60 million. The $1 billion state budget bill includes several tax cuts. The Massachusetts state LIHTC is authorized through Jan. 1, 2025, and has a maximum per-development cap of $5 million for a new assisted living project and $10 million for all others.

NJEDA Angel Tax Credit Approvals Drive Over $63M in Private Sector Investment
The New Jersey Economic Development Authority (NJEDA) announced that 28 emerging New Jersey technology businesses benefitted from $63.2 million in private investment as supported in 2023 by the New Jersey Angel Investor Tax Credit Program. The NJEDA approved more than $8.2 million in tax credits and investments to support emerging New Jersey-based companies in the life science, technology, and clean technology sectors.

Native American Bank Receives $50M in New Markets Tax Credit Allocation
The U.S. Department of the Treasury awarded Native American Bank the authority to raise $50 million in financing for low-income Native American communities. This award will help Native American Bank provide much-needed gap financing to Tribal enterprises and projects owned by individual tribal members for projects predominantly located on reservations, trust lands, or other Federal Indian areas.

Upcoming Events
CDFA National Development Finance Summit

CDFA // BNY Mellon Development Finance Webcast Series: The Latest in Cannabis Finance
November 21, 2023 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, speakers will review the latest regulations affecting cannabis financing and the creative financing approaches providing capital to this emerging industry.

Intro Federal Finance Course
December 13-14, 2023 - Daily: 12:00-5:00 PM Eastern
The Intro Federal Finance Course provides an overview of the federal funding sources available to help advance economic development efforts and strategies for navigating and securing these resources. This course explains how federal support tools can work in coordination with other development finance tools for programs and projects on the local level.

More Headlines

Leon County, FL Approves $35M Bond Issue for Affordable Housing
WFSU News | Oct. 19 | Bond Finance | Tax Credits | Exempt Facility Bonds | Low Income Housing Tax Credits (LIHTCs)

Massachusetts Unveils $4B Affordable Homes Act to Increase Production, Lower Costs
Mass.gov | Oct. 18 | Community Development | Energy Finance | Green Finance | Housing Finance | Infrastructure Finance | Legislative | Tax Credits

The Annex Group to Develop $52.7M Affordable Housing Community in Lincoln, NE
Rebusiness Online | Oct. 13 | Housing Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

Rehabilitation of 52-Unit Affordable Housing Development in Wyoming County, NY
New York State | Oct. 12 | Federal | Housing Finance | Rural Development | Tax Credits

Evergrow Announces First Funding of a Clean Energy Tax Credit Transfer Following IRA
Cision | Oct. 11 | Community Development | Energy Finance | Internal Revenue Service (IRS) | Tax Credits

Energy Independence: A Solar Energy Revolution is Starting in Michigan
Digital Journal | Oct. 10 | Energy Finance | Tax Credits

Treasury Department Aims to Make it Easier to Get EV Tax Credit in 2024
CNBC | Oct. 10 | Energy Finance | Tax Credits

Berkadia Arranges $37.8M LIHTC Financing for Affordable Housing in Washington, D.C.
Rebusiness Online | Oct. 6 | Housing Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

Mascoma Community Development Wins Sixth NMTC Allocation for $50M
New England Real Estate Journal | Oct. 6 | Tax Credits | Federal New Markets Tax Credits (NMTCs)

$60M in Tax Credits Awarded to San Francisco, CA Nonprofits in Underserved Neighborhoods
CBS News | Oct. 3 | Community Development | Social Finance | Tax Credits | Federal New Markets Tax Credits (NMTCs)

48C Qualified Advanced Energy Project Tax Credit: One Year Into the Inflation Reduction Act
JD Supra | Sep. 29 | Energy Finance | Green Finance | Tax Credits | U.S. Dept. of Energy (DOE)

Fort Wayne, IN Awarded $35M in New Markets Tax Credits
InkFreeNews | Sep. 29 | Tax Credits | Federal New Markets Tax Credits (NMTCs)

Office Space Redeveloped by PACE and Tax Credits in San Antonio, TX
Virtual Builders Exchange | Sep. 27 | Energy Finance | Historic Preservation | Property Assessed Clean Energy (PACE) | Redevelopment | Tax Credits

United Bank Wins Sixth New Markets Tax Credit Allocation for $65M
PR Newswire | Sep. 27 | Tax Credits | Federal New Markets Tax Credits (NMTCs)

New York Bond Issuance and Tax Credits to Fund 188 Unit Affordable Housing Deal
New York State | Sep. 27 | Bond Finance | Food Systems Finance | Housing Finance | Tax Credits

Evernorth Rural Ventures Awarded $60M in NMTC for New England Communities
VermontBiz | Sep. 27 | Rural Development | Tax Credits | Understanding Tax Credits | Federal New Markets Tax Credits (NMTCs)

KeyBank Provides $46M of Financing for Affordable Housing Community in Layton, UT
CSR Newswire | Sep. 26 | Housing Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

New Additions to the Online Resource Database

DevelopOhio Economic Incentives Toolkit - An Effective Economic Development Toolkit for Growth and Job Creation
Bond Finance | Brownfield Financing | Economic Development | Energy Finance | Historic Preservation | Infrastructure Finance | Opportunity Zones | Redevelopment | Rural Development | Tax Credits
This guide from Bricker Graydon outlines the array of tools with which Ohio economic development practitioners can intervene to stimulate or induce development to occur — or occur sooner than market forces sometimes allow — in their communities. This guide also assists practitioners by identifying programs, clarifying changes to existing programs, and introducing effective new options to consider. If knowledge is power, this guide provides practitioners with the unique ability to empower their communities or businesses to accomplish a variety of economic development objectives.

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

  • BNY Mellon
  • Bricker Graydon LLP
  • Bryan Cave Leighton Paisner 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
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
Become a Sponsor