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.

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.

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.

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 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.

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.

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).

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.

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.

CDFA // BNY Mellon Development Finance Webcast Series: Educational Facilities Funding Solutions
Tuesday, December 15, 2020 - 1:00 PM Eastern

Fundamentals of Economic Development Finance WebCourse
January 27-28, 2021 - Daily: 12:00 - 5:00 PM Eastern

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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 sets out the 2021 Low-Income Housing Tax Credit and Bond Volume Caps.

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.

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