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CDFA Tax Credits Finance Update - November 24, 2020

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Tax Credits Finance Update
November 24, 2020
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Tax Credits Finance Update


Savarino Prepares For $12.5M Restoration of Former Manny Hanny Building in Olean
The Developer plans to convert the grandiose and high-ceilinged former ground-floor bank branch and offices into an art gallery, event space, and a café while the upper six floors will contain 21 market-rate luxury apartments. The project will be funded by a combination of federal New Markets tax credits, federal and state historic tax credits, a $2 million Downtown Revitalization Initiative grant from Empire State Development Corp., private equity, and loans from both Five Star Bank and Evans Bank.

Connect Real Estate, GBX Group Announce Opening of Microliving at Long and Front
Microliving @ Long and Front in Columbus, Ohio is a re-envisioned 37-unit residential property includes 6,400 square feet of street-level retail located in a prominent downtown location. Urban areas across the country have reaped great rewards by leveraging historic preservation programs to rehabilitate iconic buildings and revitalize local neighborhoods by using federal, state, and local historic tax credits.

WinnCompanies Opens $21.5 million 70-unit The Tyler in East Haven
Connecticut officials and WinnCompanies celebrated the opening of The Tyler, an award-winning mixed-income apartment community for seniors that will be the first historic adaptive reuse project in the United States to meet the industry's strictest standards for energy performance. Financing for the $21.5M project included Low Income Housing Tax Credits, historic tax credits, and other sources.

Groundbreaking Set to Create 195 Beds of Affordable Student Housing for MATC Students to Combat Housing Insecurity
A development project broke ground on a 195-bed, $29.1 million affordable student housing project for MATC students at the former home of the Milwaukee Journal Sentinel in downtown Milwaukee. In addition to federal and state historic tax credits, financing also included support by U.S. Bank, WHEDA, and Cedar Rapids Bank and Trust, as well as the Milwaukee Bucks and the City of Milwaukee.

Twain Financial Partners Provides $17M in Historic Tax Credit Equity and Ground Lease Capital to Restore Historic Milwaukee Athletic Club
Twain Financial Partners announced the successful financing of $8.8 million in Federal Historic Tax Credits (HTCs) and $9.5 million in ground lease capital to rehabilitate the Milwaukee Athletic Club (MAC) in Milwaukee, Wisconsin. Upon completion, the MAC will include 54 apartments, remodeled office and retail space, three Airbnb rooms, renovated food and beverage outlets, updated meeting and event space, and a renovated rooftop outdoor space.

New 65-acre Waterfront Neighborhood Offers Financial Incentives for Investors and Developers
River Point District offers investors and developers several financial incentives and growth opportunities such as Opportunity Zones, Tax Increment Financing, and New Markets Tax Credits. The project will be located in an Opportunity Zone as well as a Tax Increment Financing District.

NEF Launches $100M Investment Fund to Fuel Minority-Led Development Firms, Expand Affordable Housing
National Equity Fund, Inc. is launching a $100 million Emerging Minority Developers Fund (EMDF) to connect promising but often overlooked development firms with capital and technical support to build affordable housing, especially utilizing the Low Income Housing Tax Credit (LIHTC).

Pawtucket Wins Big at Rhody Awards for Historic Preservation
Using federal and state preservation tax credits, Urban Smart Growth carried out a multi-phase, $40 million rehabilitation that began on the Main Street side with the creation of art studios, professional offices, commercial spaces, night clubs, restaurants, and light industrial units. The project also included restoration of the historic Breaktime bowling alley at the location now called Hope Artiste Village.

Is Affordable Housing Development In Your DNA?
To preserve older affordable properties and construct new affordable housing, complex, multilayer financing is necessary. Resources for these projects should include Low Income Housing Tax Credit (LIHTC) tax-exempt bond deals, Section 8 subsidies, and FHA loans.

Upcoming Events
Intro Food Systems Finance WebCourse

CDFA // BNY Mellon Development Finance Webcast Series: Educational Facilities Funding Solutions
Tuesday, December 15, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will explore how a myriad of development finance tools are being implemented strategically to support modernization projects and the new construction of educational facilities.

Fundamentals of Economic Development Finance WebCourse
January 27-28, 2021 - Daily: 12:00 - 5:00 PM Eastern
The Fundamentals WebCourse is the foundation for all of CDFA's educational offerings. This course helps attendees understand the variety of development finance tools available, from bonds, tax credits and TIF, to federal financing programs, RLFs, and access to capital lending resources.

More Headlines

Eight mayors: We need a Marshall Plan for Middle America
The Washington Post | Nov. 22 | Access to Capital | Economic Development | Federal | Infrastructure Finance | Revolving Loan Funds (RLFs) | Tax Credits

Amid New Restrictions, Hospitality Industry Calls for Financial Relief
Twin Cities Business | Nov. 20 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | Revolving Loan Funds (RLFs) | Tax Credits | COVID-19

Wrigley Field Given National Historic Landmark Status, Finally
Urban Matter | Nov. 20 | Historic Preservation | Tax Credits | Federal Historic Rehab Tax Credits

Kent Lofts in Bellevue, Kenton Government Building Honored with Cincinnati Preservation Awards
River City News | Nov. 20 | Historic Preservation | Tax Credits | Federal Historic Rehab Tax Credits

Alliance Including Farm Groups Seeks Tax Credits to Fight Climate Change
Successful Farming | Nov. 18 | Agriculture Finance | Federal | Food Systems Finance | Green Finance | Tax Credits | U.S. Dept. of Agriculture (USDA)

NeoVolta NV24's Unique Design Provides Consumers with Low Cost Per Kilowatt-Hour
Street Insider | Nov. 18 | Tax Credits | Renewable Energy Investment Tax Credit (ITC)

Next Act for Hartford's Parkville Market: Gaming Space, Sports Bar, Rooftop Terrace and Revival of the Hanging Hills Brewery
Hartford Courant | Nov. 18 | Historic Preservation | Tax Credits | State Historic Tax Credits

North Sky Capital Awarded $30M in New Markets Tax Credits by the U.S. Department of the Treasury
Business Wire | Nov. 18 | Tax Credits | Federal New Markets Tax Credits (NMTCs)

City Council to Vote on $1.4M Tax Break for Old Federal Courthouse Project
Daily Advertiser | Nov. 17 | Historic Preservation | Tax Credits | Federal Historic Rehab Tax Credits

Bipartisan Majorities Favor Tax Incentives For Clean Energy and Efficiency, Show Concern About Health and Climate
PR Newswire | Nov. 16 | Energy Finance | Legislative | Property Assessed Clean Energy (PACE) | Tax Credits

Biden and Tax Regulations
Politico | Nov. 16 | Legislative | Tax Credits

Historic Denton Changes Course on Preservation Projects With City, THC
Denton Record-Chronicle | Nov. 15 | Historic Preservation | Tax Credits | Federal Historic Rehab Tax Credits | State Historic Tax Credits

An Updated Analysis of Former Vice President Biden's Tax Proposals
Tax Policy Center | Nov. 10 | Economic Development | Legislative | Tax Credits

Iowa Economic Development Authority Approves up to $2.6M in Tax Credits for Brownfield Developments
The Gazette | Nov. 3 | Brownfield Financing | Tax Credits

Food Manufacturer to Invest $103M in Georgia
SC Now | Oct. 29 | Economic Development | Food Systems Finance | State Finance Program | Tax Credits

New Additions to the Online Resource Database

The State of the Nation's Housing 2020
Community Development | Economic Development | Housing Finance | Tax Credits
For most of 2020, the country has been beset by the COVID-19 pandemic, social unrest sparked by longstanding racial injustice, and the devastating impacts of climate change. Although low interest rates and continued growth in some sectors have bolstered homebuying and the broader economy, conditions have worsened for many households. Today's crisis conditions call for a comprehensive re-envisioning of national housing policy.

IRS Revenue Procedure 2020-45: 2021 Housing Credit and Housing Bond Volume Caps
Bond Finance | Housing Finance | Tax Credits
IRS Revenue Procedure 2020-45 sets out the 2021 Low-Income Housing Tax Credit and Bond Volume Caps.

CDFA Reframe, Build, Plan: Restoring America's Local Food Systems
Agriculture Finance | Bond Finance | CDFA Original Research | Economic Development | Food Systems Finance | Revolving Loan Funds (RLFs) | Tax Credits | Tax Increment Finance (TIF) | Webcasts
CDFA released the final publication of the CDFA Food Finance White Paper Series, Advancing Local Food Systems Through Development Finance. This webinar provides an overview of this publication as we review CDFA's framework for expanding traditional financing and attracting capital to local food systems through the Reframe, Build, Plan approach.

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

  • BNY Mellon
  • Bricker Graydon LLP
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  • Frost Brown Todd LLP
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  • KeyBanc Capital Markets
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  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • Raza Development Fund
  • SB Friedman Development Advisors
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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