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Tax Credits Finance Update - June 26, 2018

Tax Credits Finance Update
June 26, 2018
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Tax Credits Finance Update

Features

Community Development Impact of NMTC Remains Clear Post-Tax Reform
For effective, bipartisan programs like the New Markets Tax Credit, last year's tax reform debate created a great deal of uncertainty. The credit's existence hung in the balance as the House and Senate each championed their own versions of the tax bill. In the end, congressional leaders recognized the need for the NMTC.

Coalition Releases 2018 New Markets Tax Credit Report
Eighty-nine CDEs participated in the 2018 survey and provided data on their progress raising capital, lending, and investing for 271 projects in 2017 with the NMTC. All told, the report analyzed 81 percent of the NMTC activity in 2017, or about $3.9 billion out of $4.8 billion.

Structuring NMTC Loan Funds is Key
NMTC Loan funds find success in their potential for additional flexible terms, facilitating QLICIs that are not otherwise feasible in the NMTC program, and providing access to capital not otherwise available to businesses in low-income communities.

NMTC Key to Fort Wayne, IN Redevelopment Projects
Electric Works, Rescue Mission and four other projects are likely to receive support from the City of Fort Wayne New Markets Revitalization Fund. The Fort Wayne New Markets Revitalization Fund (FWNMRF) is a subsidiary company formed by the city of Fort Wayne.

LIHTC Allocating Agencies' Initial Implementation of Income Averaging
At the time of this writing, eight state low-income housing tax credit (LIHTC) allocating agencies have made statements or issued guidance about how they will implement the new set-aside option known as income averaging (IA).  Other allocating agencies around the country likely will look to these examples.

Novogradac LIHTC News Brief - June 2018
The Internal Revenue Service published Revenue Procedure 2018-22 (Rev. Proc. 2018-22) April 30. Rev. Proc. 2018-22 reflects an increase in the state low-income housing tax credit (LIHTC) ceiling enacted through the Consolidated Appropriations Act of 2018. The amended state LIHTC ceiling is the greater of $2.70 multiplied by the state population or $3.105 million.

Renewable Energy Tax Credit Briefs - June 2018
This brief, produced by Novogradac & Company, overviews three major renewable energy tax credit deals and reports from 2018.

IL Historic Tax Credit Program Expanded
A bipartisan effort by state lawmakers recently passed legislation expanding existing River Edge Redevelopment Zone (RERZ) tax credits that were previously set to expire. The measure simultaneously created the Illinois Historic Preservation Tax Credit, granting state income tax credits to encourage preservation of historic buildings statewide.

28 Historic Rehabilitation Projects Receive State Tax Credits in OH
The Ohio Development Services Agency awarded $30,228,955 in Ohio Historic Preservation Tax Credits for the rehabilitation of 31 historic buildings. Together, the projects are expected to leverage approximately $348 million in private investment in 13 communities.

Governor Mike Parson Will Not Reinstate MO State LIHTC Program
In November 2017, the Missouri Housing Development Commission voted to cut the program, a move led by then-Gov. Eric Greitens' appointments to the commission. The only dissenting members of the commission then were Parson, who was lieutenant governor at the time, and John Hensley, who was standing in for Missouri Treasurer Eric Schmitt.

MI Historic Tax Credit Gains Steam in Legislature
Legislation resurrecting Michigan's historic preservation tax credit cleared the House Tax Policy Committee after legislators capped the annual amount of credits that could be awarded at $15 million. SB 469 would restore the credit which subsidized up to 25 percent of the costs of rehabilitating historic buildings.

Upcoming Events
CDFA Summer School

CDFA // BNY Mellon Webcast Series: Nonprofit & Manufacturing Bonds in the Spotlight
Tuesday, July 17, 2018 - 1:00 PM Eastern
During this installment of the CDFA//BNY Mellon Development Finance Webcast Series, bond finance experts will walk listeners through the usage and application of two often overlooked PAB categories: qualified 501(c)(3) and manufacturing bonds.

More Headlines

How Government-Assisted Housing Units Become Available
Omaha World-Herald | Jun. 21 | Bond Finance | Tax Credits | U.S. Dept. of Housing & Urban Development (HUD)

MA Governor Breaks Ground on $47.5M Mixed-Use Project
Daily Hampshire Gazette | Jun. 20 | Special Assessment Districts | Tax Credits

Syracuse, NY Project to Receive HTCs
Business Journal News Network | Jun. 20 | Historic Preservation | Redevelopment | Tax Credits

Hamilton, OH Rehab Project Receives $4.7M in HTCs
Journal-News | Jun. 20 | Historic Preservation | Redevelopment | Tax Credits

Marin, CA Approves $2.6M for Affordable Senior Housing Project
Marin Independent Journal | Jun. 14 | Access to Capital | Tax Credits

How the New U.S. Tax Law Affects Community Development Projects
Urban Land | Jun. 5 | Bond Finance | Opportunity Zones | Tax Credits

Proposed PA Tax Credit Aims to Support Affordable Housing
WGAL | Jun. 5 | Community Development | Tax Credits


New Additions to the Online Resource Database

2018 NMTC Progress Report
Tax Credits
This report, produced by the New Markets Tax Credit Coalition, examines nearly ninety CDEs to understand their progress in raising capital, lending, and investing with the NMTC in the wake of the record $7 billion allocation award in 2017.


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
info@cdfa.net


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