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CDFA Tax Credits Finance Update - May 25, 2021

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Tax Credits Finance Update
May 25, 2021
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Tax Credits Finance Update


Check Out the Advanced Tax Credit Course at CDFA Virtual Summer School
The Advanced Tax Credit Course will take a deeper dive into the use and applicability of tax credits, building on the Intro Tax Credit Course that focuses on the basic structures of tax credits. In this Advanced Course, attendees will learn intimate details of New Markets Tax Credits (NMTC), Low-Income Housing Tax Credits (LIHTC), and other types of tax credits through the lens of all parties and how they come together on a given transaction.

Greystone Affordable Development Transforming Indiana Affordable Housing with 4% and 9% LIHTC Hybrid Portfolio
Greystone Affordable Development is spearheading the $45.6M redevelopment of 336 affordable housing units consisting of $14.7M in USDA 538 guaranteed loans; $12.4M in capital contributions and syndication of both 4% and 9% Housing Credits; $10.6M in multifamily private activity tax-exempt bonds; $6.6M of assumed and subordinated USDA Section 515 long-term debt; and $1M in funding via the Rural Revolving Loan Fund.

Bond Financing in a Post-Pandemic World: What's Next?
Even amid economic turmoil, tax-exempt bond financing fared well in 2020. New legislation and a recovering economy promise to keep the momentum going. Boston Capital Finance executives recently shared their insight on how the events of the past year—including December 2020 legislation that established a minimum 4% low-income housing tax credit rate—will affect bond financing.

Developers Begin Work on Housing, Health Clinic in Los Angeles, CA
Nonprofit developers Linc Housing and National Community Renaissance are partnering to build an affordable housing development with a ground-floor health clinic in the San Pedro community of Los Angeles. The land for the $50.4 million community was donated by the City of Los Angeles. Other funding sources include HOME funds, LIHTC equity, a construction loan, and a permanent loan by the California Community Reinvestment Corp.

Former Danville Textile Mill, Partnership Sews Up Tax Credits for Development
The Danville project will include 110,000 square feet of commercial space, 150 apartment units (with an additional 100 units in the future), and 219 interior parking spaces. Financing will consist of Historic Tax Credits, New Markets Tax Credits, equity from the developer, and loans provided by the Danville Industrial Development Authority.

Newark Symphony Hall Unveils Plans for $50M Renovation
One of Newark, N.J.'s oldest and largest Black-led arts and entertainment venues unveiled on May 5, designs for its exterior renovation, part of a three-phase, $50-million restoration project which includes facade, curb, and transportation improvements. The project is being financed through philanthropy, historic tax credits, and other state and federal programs.

State Awards $17M in Tax Credits for Paterson Housing Project
New Jersey state officials approved $17M in tax credits for a 74-unit low-income housing project. The project is being funded by state and federal funding consisting of $600,000 from a federal HOME grant, $890,000 from Regional Contribution Agreement (RCA) funds, and State Tax Credits. The city also granted the project a 30-year tax abatement or payment in lieu of taxes (PILOT) agreement.

Wells Fargo Debuts Sustainability Bond
Wells Fargo is out with its inaugural sustainability bond which will fund eligible projects under its sustainability framework. Wells Fargo's sustainability bond will fund green and social projects as well as affordable housing and New Markets Tax Credits.

Beacon Communities Announces $18.5M Redevelopment of Historic Pittsburgh Landmark
Beacon Communities in Pittsburgh is renovating a former B'Nai Israel Synagogue and School into 45 mixed-income housing units and a community center. The Pennsylvania Housing Finance Agency provided financing through a Low Income Housing Tax Credit (LIHTC) allocation, first mortgage loan, and PHARE funds. Local construction and permanent gap financing were provided through the Urban Redevelopment Authority of Pittsburgh ($1.225M) and the Housing Authority of the City of Pittsburgh ($1.095M).

Upcoming Events
CDFA Federal Financing Webinar Series: Federal Financing for Energy and Water Systems

Intro Revolving Loan Fund WebCourse
June 23-24, 2021 - Daily: 12:00 - 5:00 PM Eastern
The Intro Revolving Loan Fund Course offers an in-depth look at RLF program development, implementation, and management. This course demonstrates how an RLF program can complement your economic development strategy, encourage investment, and assist traditionally underserved businesses. During this course, attendees learn the essential elements needed to operate a successful RLF program and discuss programs making a difference in communities throughout the country.

CDFA // BNY Mellon Development Finance Webcast Series: How Healthcare Is Investing in Communities
Tuesday, July 20, 2021 - 2:00 PM - 3:00 PM Eastern
During this webinar, we will hear from experts on creative ways that hospitals and healthcare systems can be better partners in solving the most pressing issues in our communities.

More Headlines

Evergreen Plans Renovation of Historic Cleveland, OH Building
Affordable Housing Finance | May. 19 | Community Development | Historic Preservation | Housing Finance | Redevelopment | Tax Credits

Rezoning Tests Limits of Rural Growth
Coastal Observer | May. 15 | Community Development | Healthcare | Housing Finance | Rural Development | Tax Credits

Palladium Fain Street Closes LIHTC Development in Ft. Worth, TX
Texas Affiliation of Affordable Housing Providers | May. 15 | Housing Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

Greystone Affordable Development Transforming Indiana Affordable Housing
Globe Newswire | May. 13 | Bond Finance | Housing Finance | Revolving Loan Funds (RLFs) | Rural Development | Tax Credits | U.S. Dept. of Agriculture (USDA)

End Racial Disparity in Awarding New Markets Tax Credit Funds
American Banker | May. 12 | Social Finance | Tax Credits | U.S. Dept. of Treasury CDFI Fund

Developers Secure $71M in Financing to Acquire, Preserve Housing in Tuckahoe, New York
Housing Finance | May. 11 | Bond Finance | Energy Finance | Historic Preservation | Housing Finance | Social Finance | Tax Credits | U.S. Dept. of Housing & Urban Development (HUD) | Low Income Housing Tax Credits (LIHTCs)

Illinois Lawmakers Consider Tax Credit to Spur Construction of Affordable Housing
The Neighbor | May. 9 | Housing Finance | Rural Development | State Finance Program | Tax Credits

Long-Awaited Gem City Market to Open in Dayton, OH
Dayton Daily News | May. 7 | Access to Capital | Community Development | Food Systems Finance | Tax Credits | U.S. Dept. of Housing & Urban Development (HUD)

Historic Duluth, MN School Sells for $3M
Star Tribune | May. 7 | Redevelopment | Tax Credits | Tax Increment Finance (TIF)

Convent Project Awarded $1.4M in Wisconsin
Stevens Point News | May. 7 | Housing Finance | Tax Credits | Tax Increment Finance (TIF)

Wisconsin Awards $35M in Federal and State Housing Tax Credits
Wisconsin Business | May. 7 | Housing Finance | Rural Development | Tax Credits

Alabama Legislature Endorses Extension of Incentive to Restore Older Buildings
AL.com | May. 6 | Historic Preservation | Incentives | Rural Development | State Finance Program | Tax Credits

Sens. Hoeven, Wyden Introduce Infrastructure Legislation That Includes Bonds, Tax Credits
Novogradac | May. 3 | Bond Finance | Infrastructure Finance | Legislative | Tax Credits

Hotels, Hospitality Union Urge Passage of COVID-19 Relief Bill
Law 360 | May. 3 | Access to Capital | Disaster Recovery & Relief | Legislative | Tax Credits | COVID-19

First Tenants Move Into Pierce-Arrow Lofts at Previous Brownfield Site in Buffalo, NY
The Buffalo News | Apr. 30 | Brownfield Financing | Economic Development | Historic Preservation | Housing Finance | Redevelopment | State Finance Program | Tax Credits | Case Studies | Case Studies | Brownfield Tax Credits | Federal Historic Rehab Tax Credits | State Historic Tax Credits

Retail Rekindled on a Former Brownfield Site in Baltimore, MD
Chain Store Age | Apr. 28 | Brownfield Financing | Community Development | Food Systems Finance | Opportunity Zones | Tax Credits | Case Studies | Case Studies | Case Studies | Federal New Markets Tax Credits (NMTCs)

New Additions to the Online Resource Database

Resilience in New Mexico Agriculture Strategic Plan
Access to Capital | Agriculture Finance | Bond Finance | Food Systems Finance | Resiliency | Rural Development | Tax Credits | Water Finance
The Resilience in New Mexico Agriculture Strategic Plan provides broad recommendations are coupled with specific, actionable strategies. The implementation of this plan is critical to achieving greater agricultural and natural resource resiliency, as well as a secure future for the generations of farmers and ranchers to come.

How Broad are State Sales Tax Bases?
Economic Development | Infrastructure Finance | State Finance Program | Tax Credits
This chartbook compares the breadth of general sales and excise tax bases across the states. It categorizes detailed personal consumption expenditures (as measured in the Bureau of Economic Analysis National Income and Products Accounts) by their tax treatment in each state and the District of Columbia. It was authored by the Tax Policy Center at the Brookings Institute and Urban Institute.

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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