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CDFA Tax Credits Finance Update - May 24, 2022

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Tax Credits Finance Update
May 24, 2022
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Tax Credits Finance Update


Adaptive Reuse Offers Advantages to Affordable Housing Developers
Taking vacant properties and adapting them for use as affordable housing can help developers save money while reducing their environmental footprint. Partner Insights spoke to Jack Bernhard, executive director of community development real estate for JPMorgan Chase, about this approach.

Changing Course, KC Current Seeks State Funds for Stadium. Total Cost Grows to $117M
Just a few months ago, the owners of the KC Current women's soccer team said they wouldn't seek public money to fund construction of their $70 million stadium. Now, that's changed. The team asked the Kansas City Council to apply for $6 million in state tax incentives. And the price tag for the stadium — the first of its kind in the country — has risen to $117 million.

House Democrats Push for State and Local Taxes Relief in Appropriations Bill
Five House Democrats are still fighting for relief on the $10,000 limit on the federal deduction for state and local taxes, known as SALT. The lawmakers are urging colleagues to block IRS funds for enforcing state-level SALT cap workarounds via the fiscal 2023 appropriations bill.

President Biden Announces New Actions to Ease the Burden of Housing Costs
The Biden administration announced its Housing Supply Action Plan to close the housing supply shortfall in five years, including the creation and preservation of hundreds of thousands of affordable homes in the next three years. The plan calls for investments in housing production and preservation, such as those outlined in the House reconciliation bill to increase the annual low-income housing tax credit allocation cap and create the Neighborhood Homes Tax Credit.

WHEDA Awards $23.3M in Housing Credits for Wisconsin
Twenty-three affordable housing developments are moving forward with the support of $23.3 million in state and federal housing tax credits awarded by the Wisconsin Housing and Economic Development Authority. The projects are in 20 communities across the state and will provide more than 1,400 housing units.

Treasury Silent as Bond, Housing Advocates Search for Clues on New Tax Policy
A drumbeat of criticism is building over a proposed global tax regime that may hurt demand for tax-exempt debt and other U.S. tax credits. What's not clear is whether Treasury is hearing it. At issue is an implementation of the Organisation for Economic Cooperation and Development's new minimum global corporate tax rate of 15%, a deal agreed to last year by 136 countries.

Gov. Kelly Signs Bipartisan Legislation Creating Tax Incentive for Housing Construction in Kansas
Kansas Governor Laura Kelly has signed bipartisan legislation creating incentives in the form of state income tax credits for investors in construction of residential housing that contributes to economic development in Kansas.

Missouri Awards $6M in Tax Credits to 37 Organizations Through the Youth Opportunities Program
The Department of Economic Development announced that it will award $6 million in 50% tax credits to 37 organizations throughout Missouri through the Youth Opportunities Program during its 2022 cycle. YOP funds a variety of project types, including degree completion, internships and apprenticeships, mentoring, substance abuse prevention, violence prevention, counseling, and more.

Upcoming Events
CDFA Infrastructure Finance Learning Series: Building the Foundation for Infrastructure Projects

CDFA Food Systems Finance Webinar Series: Driving Investment in Regional Food Supply Chains
Tuesday, June 7, 2022 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Food Systems Finance Webinar Series, we will explore opportunities to access capital and leverage federal funds to support new investments in regional infrastructure for food aggregation, processing, storage, and more.

CDFA Federal Financing Webinar Series: Creating More Equitable Environments with the EPA
Tuesday, June 14, 2022 - 2:00 PM - 3:30 PM Eastern
This session of the Federal Financing Webinar Series will highlight the resources available at the U.S. Environmental Protection Agency to encourage development strategies that protect human health and the environment while also creating economic opportunities.

More Headlines

Expiration of Public Health Emergency, Enhanced Tax Credits Could Surge State's Uninsured Rolls
Florida Politics | May. 20 | Healthcare | Tax Credits

Federal Tax Credit Lures Development in Underserved Areas
41 KSHB | May. 20 | Community Development | Economic Development | Federal | Tax Credits

Solar and Affordable Housing Developments: What You Need to Know
pv magazine | May. 19 | Energy Finance | Green Finance | Housing Finance | Social Finance | Tax Credits

Whitmer Proposes $500 Tax Rebate to Working Families; State GOP Wants Bigger Cut
FOX 2 Detroit | May. 19 | Economic Development | Federal | Incentives | Infrastructure Finance | Legislative | Tax Credits | COVID-19

The NMTC Program: An Underutilized Opportunity for Indian Country
Holland & Knight | May. 13 | Federal | Rural Development | Tax Credits | Tribal Finance | U.S. Dept. of Treasury CDFI Fund

Verona, WI Site Receiving Several Million in State and Local Tax Benefits
Endpoints News | May. 12 | Economic Development | Incentives | Redevelopment | State Finance Program | Tax Credits | Tax Increment Finance (TIF)

Wisconsin Gov. Evers Awards Tax Credits to Help Frigate Contract
Green Bay Press Gazette | May. 12 | Economic Development | State Finance Program | Tax Credits

$20M Was Announced to Expand Affordable Rental Housing in Rural Maine
Office of Governor Mills | May. 10 | Bond Finance | Community Development | Housing Finance | Rural Development | State Finance Program | Tax Credits

Stripped-down Farm Measure Rolls Through Missouri Legislature
St. Louis Post-Dispatch | May. 10 | Agriculture Finance | Rural Development | State Finance Program | Tax Credits

George Norcross Firm and Partners Got N.J. Tax Credits for Camden Offices, Years After Task Force Scrutiny
The Philadelphia Inquirer | May. 6 | Economic Development | Incentives | Legislative | Tax Credits | U.S. Economic Development Administration (EDA)

Top Treasury Official Aims to Ease Concerns Over Biz Credits, Global Minimum Tax
Politico | May. 5 | Economic Development | Energy Finance | Housing Finance | Incentives | Tax Credits

North Carolina Approves Bonds for Charlotte, Asheville Airports
The Bond Buyer | May. 4 | Bond Finance | Infrastructure Finance | Legislative | Tax Credits | Water Finance

Georgia Rural Hospital Tax Credit Program Gets Clean Bill of Health
Henry Herald | Apr. 29 | Community Development | Healthcare | State Finance Program | Tax Credits

New $20M Fund Created to Provide Grants for Affordable Apartment Developments Throughout Wisconsin
Milwaukee Journal Sentinel | Apr. 28 | Access to Capital | Economic Development | Federal | Housing Finance | State Finance Program | Tax Credits | Tax Increment Finance (TIF)

Colorado House Panel Passes Bill Dealing with Metro Districts' Construction Bonds
Colorado Politics | Apr. 27 | Bond Finance | Housing Finance | Infrastructure Finance | Legislative | Tax Credits

New Additions to the Online Resource Database

Community Development Finance Letter for Pillar II
Access to Capital | Bond Finance | Community Development | Housing Finance | Incentives | Tax Credits
More than two dozen advocates for low-income housing and community investment are sounding the alarm over the global tax deal agreed to by the U.S. and dozens of other countries. The advocates specifically are worried about proposed rules for a global minimum tax, which businesses and experts believe could undercut the value of key domestic tax incentives.

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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