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CDFA Tax Credits Finance Update - July 26, 2022

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Tax Credits Finance Update
July 26, 2022
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Tax Credits Finance Update


Invest in Your Professional Development at CDFA's Virtual Summer School
CDFA Virtual Summer School is offering three different training courses, all held online during August 1-4. Learn from expert practitioners and experience CDFA's most interactive educational event of the year! These courses also qualify for the CDFA Training Institute's Development Finance Certified Professional (DFCP) Program and scholarships are available.

BRIDGE Housing, U.S. West Coast, Secures $250M Affordable Housing Commitment
BRIDGE, a leading nonprofit developer, owner and manager of affordable housing on the U.S. West Coast, estimates this commitment will leverage up to $1B in additional capital for affordable housing. BRIDGE will use the funding to acquire multifamily properties, portfolios and/or land, as well as for refinancing, capital improvements and acquisition of general partner interests.

KeyBank Provides $14.3M Loan for Conversion of Former School Into Affordable Housing in Nebraska
KeyBank Community Development Lending and Investment has provided a $14.3 million construction loan for the conversion of a former high school building into affordable housing in Plattsmouth, a southern suburb of Omaha. The project consists of the adaptive reuse of the school as well as a ground-up building.

DOE Announces $2.6B Funding for Carbon Capture, Storage, and Transport Projects
The U.S. Department of Energy issued Notices of Intent indicating that the agency will begin soliciting applications in the coming months for funding support for two programs involving carbon capture, conversion, transportation, and storage technologies. These two programs will provide funding support of more than $2.6 billion, as authorized by the Bipartisan Infrastructure Bill. These programs are designed to further the development, deployment, and commercialization of technologies to capture and geologically store CO2 emissions.

New Pennsylvania Budget Injects $125M Into Private School Tax Credit Program
When Gov. Tom Wolf and the Republican-led legislature hammered out the $45.2 billion budget deal in early July, they delivered a historic windfall to a popular tax credit program that underwrites scholarships for Pennsylvania students to attend private schools. The additional $125 million in the state budget for Pennsylvania's educational tax credits represented the largest onetime funding boost for the program since its inception nearly two decades ago.

Massachusetts House Approves Bill with Tax Relief, Health Care Investments
The Massachusetts House passed a massive, wide-ranging economic development bill that infuses $4.2 billion into the state economy in the form of tax relief, investments in health care and environmental programs, and support to businesses, as well as a slew of policy changes and earmarks for local projects and programming.

$20M Plan Aims to Preserve Walnut Towers in Mankato, MN for Low-Income Residents
A proposed $20 million acquisition and renovation of Walnut Towers, the deteriorating downtown Mankato apartment building for low-income residents, would dramatically modernize the 86-unit structure as soon as 2023 if it receives city, county and federal financial assistance.

$104M Awarded to 16 Developments Across New York to Provide 864 Affordable Homes
Governor Kathy Hochul announced that $104 million has been awarded to create or preserve 864 affordable homes in 16 separate developments across New York. The funding announced today will further local economic development initiatives, expand the housing supply in every region, fight homelessness with supportive services for vulnerable populations, and help close the digital divide for lower-income households.

Upcoming Events
CDFA Virtual Summer School

CDFA // BNY Mellon Development Finance Webcast Series: Development Finance and the Cannabis Industry
Tuesday, July 19, 2022 - 2:00 PM - 3:00 PM Eastern
In this webcast, we will explore the creative financing approaches that are providing capital to the emerging cannabis industry, and the economic benefits to states that have legalized the sale of recreational and medical marijuana.

CDFA Infrastructure Finance Learning Series: Preparing for Federal Grant Applications
Tuesday, August 9, 2022 - 1:00 PM - 4:00 PM Eastern
Applying for federal grants is a competitive process that requires a significant amount of time and planning prior to submission. It is essential for applicants to know how to navigate the available funding sources and prepare the necessary information to apply well in advance. This session will provide guidance and best practices on the various components of a federal grant application.

More Headlines

Over 100 Jobs Coming to Chillicothe, OH Area After Kenworth Receives Tax Credit
Chillicothe Gazette | Jul. 26 | Economic Development | State Finance Program | Tax Credits

Senate Republican to Propose ‘Inflation Relief' in New Bill Targeting Tax Credits
FOX Business | Jul. 21 | Federal | Legislative | Tax Credits

Mass Housing Closes on $16.8M in Financing for the Adaptive Reuse of the Zelma Lacey House in Charlestown
Boston Real Estate Times | Jul. 21 | Housing Finance | Redevelopment | Tax Credits

Housing Trust Group Expands Into Illinois
Affordable Housing Finance | Jul. 15 | Access to Capital | Community Development | Disaster Recovery & Relief | Energy Finance | Housing Finance | Tax Credits

New Law Requires Prevailing Wages for Construction Workers on Rebuild Rhode Island Tax Credit Projects
Novogradac | Jul. 13 | Opportunity Zones | Tax Credits

Kansas Awards Over $4M in Tax Credits to 29 Kansas Nonprofits
Sunflower Radio | Jul. 12 | Education | Healthcare | Housing Finance | Redevelopment | Rural Development | State Finance Program | Tax Credits

Real Estate Group Closes $42.6M Rural Development Loan in Flagler Beach, Florida
CISION PRWeb | Jul. 12 | Access to Capital | Federal | Housing Finance | Rural Development | Tax Credits | U.S. Dept. of Agriculture (USDA)

Building Better Lives in Greenwich, CT with $31M Investment in the Community
Hamlethub.com | Jul. 11 | Community Development | Housing Finance | Redevelopment | Tax Credits

Millions Available in Small Business Grants, Revolving Loans, and Tax Credits
Small Business Trends | Jul. 9 | Access to Capital | Economic Development | Revolving Loan Funds (RLFs) | Tax Credits

Evergreen Breaks Ground on $30M Bellwood Senior Apartments Near Chicago, IL
Rebusiness Online | Jul. 7 | Community Development | Housing Finance | Incentives | Tax Credits

CDBA Announces New $1B CDFI Tax Credit Bill to Boost Main Street Investment in Underserved Communities
Businesswire | Jul. 7 | Community Development | Legislative | Tax Credits

Bloomington, IN Gives Final Go Ahead for Broadband Project
Indiana Public Media | Jul. 6 | Infrastructure Finance | Tax Credits | Tax Increment Finance (TIF)

GM Received $3.8B in Tax Credits From Michigan to Keep Jobs, Automaker Reveals
Detroit Free Press | Jul. 6 | Economic Development | Incentives | State Finance Program | Tax Credits

Governor's Office Rejects Fast Tax Relief for Washingtonians, Brings up State Income Tax
The Center Square | Jul. 6 | Legislative | State Finance Program | Tax Credits

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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CDFA National Sponsors

  • Alliant Insurance Services, Inc.
  • BNY Mellon
  • Bricker Graydon LLP
  • Business Oregon
  • CohnReznick
  • Frost Brown Todd LLP
  • Grow America | Formerly NDC
  • Hawes Hill and Associates LLP
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • Raza Development Fund
  • SB Friedman Development Advisors
  • Stifel Nicolaus
  • The Bond Buyer
  • U.S. Bank
  • Wells Fargo Securities
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