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.
|