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).