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CDFA Tax Credits Finance Update - May 28, 2019

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Tax Credits Finance Update
May 28, 2019
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Tax Credits Finance Update


CDFI Fund Awards $3.5B in New Markets Tax Credits
The CDFI Fund announced NMTC Award recipients for the calendar year 2018. Approximately $2.6 billion of NMTC investment proceeds will likely be used to finance and support businesses in low-income communities, and $809.1 million to finance and support real estate projects in low-income communities.

Arkansas Capital Corporation Awarded $35M in New Markets Tax Credits
Arkansas Capital Corporation has once again received $35 million in New Markets Tax Credits. With this latest allocation, Arkansas Capital Corporation has received a total of approximately $300 million in NMTCs. The previous awards have resulted in 1,777 direct jobs and have helped fund over 30 projects.

LISC Receives $60M in New Markets Tax Credits
The Community Development Financial Institutions (CDFI) Fund, part of the U.S. Treasury Department, announced the recipients of $3.5 billion in New Markets Tax Credit (NMTC) allocations. $60 million was allocated to LISC's subsidiary, the New Markets Support Company.

Bipartisan Bill Introduced to Increase Historic Tax Credit for Projects
U.S. Reps. Darin LaHood (R-IL) and Mike Kelly (R-PA) introduced the Historic Tax Credit Growth and Opportunity Act to update the federal Historic Tax Credit (HTC), which encourages private investment in historic building preservation around the United States.

CO Passes Increase of Affordable Housing Tax Credits
Colorado Housing and Finance Authority (CHFA) announced the passing of HB19-1228, which increases the amount of state Affordable Housing Tax Credits available for annual allocation by CHFA from $5 million to $10 million for 2020 through 2024. CHFA is the allocating agency for Colorado's Affordable Housing Tax Credit program.

$80M Improvement Plan Announced for South Bend, IN Convention Center
An $80 million expansion plan was unveiled for South Bend's Century Center. The proposed work on the Century Center itself would cost about $45 million. Revenue sources may include TIF, new markets tax credits, the innkeepers' tax, Indiana opportunity zone funding, Section 108 loan guarantees, and a food and beverage tax.

LIHTC Investors Assess the Market
Several issues are on the radar screen for low-income housing tax credit (LIHTC) investors as they head into the second half of the year. A softening of market-rate rents, potential project delays, and higher interest rates are all being carefully monitored. Although investors feel pretty good about the LIHTC market this year, they're still cautious.

Tax Incentive Attracts Netflix to Invest Over $100M in New York, NY Production Hub
Empire State Development has offered up to $4 million in performance-based Excelsior Tax Credits over ten years, which are directly tied to real job creation. To receive the full incentive, Netflix must create the 127 jobs by 2024 at its new executive production office and then retain those new jobs and their existing 32 office jobs for another five years.

Upcoming Events
CDFA Summer School

Intro Tax Credit Finance Course
August 13-14, 2019 - Detroit, MI
The Intro Tax Credit Finance Course examines the application of tax credit programs in greater economic development finance efforts. This course discusses the practical application of tax credit programs including brownfields, new markets, low income housing, historic preservation, and state-specific programs.

More Headlines

Craft3 Receives $50M in NMTCs from CDFI Fund to Invest Locally
The Astorian | May. 27 | Rural Development | Tax Credits | U.S. Dept. of Treasury

Certified Vacant Storefront Districts Entice Redevelopment by Offering Tax Credits
Telegram | May. 27 | Community Development | Redevelopment | Tax Credits

Woodstock, IL Considers Tax Credits and TIF for $5M Courthouse Overhaul
Northwest Herald | May. 19 | Access to Capital | Historic Preservation | Redevelopment | Tax Credits | Tax Increment Finance (TIF)

Do Tax Breaks Help or Hurt a State's Finances?
Governing | May. 16 | Incentives | Tax Credits

Chicago, IL Food Hall Financed through TIF, NMTCs
Chicago Sun-Times | May. 15 | Food Systems Finance | Tax Credits | Tax Increment Finance (TIF)

City Tax Abatement Approved for New Apartment Building in Willmar, MN
West Central Tribune | May. 14 | Housing Finance | Incentives | Tax Credits

LA House Approves $112M Small Business Tax Credit Program
The Center Square | May. 13 | Access to Capital | Rural Development | State Finance Program | Tax Credits

Clean Energy Bonds Proposed by Senate Democrats
The Bond Buyer | May. 9 | Bond Finance | Energy Finance | Green Finance | Legislative | Tax Credits

PA Senate Introduces Elements of PA Farm Bill
BCTV | May. 9 | Access to Capital | Agriculture Finance | Food Systems Finance | Rural Development | Tax Credits

CT Awards $10.3M in LIHTCs
Affordable Housing Finance | May. 8 | Community Development | Tax Credits

OH Film Tax Credit Could Get Axed In State Budget
WOSU | May. 6 | Tax Credits

AZ Updates LIHTC Caps
Mohave Daily News | May. 6 | Community Development | Tax Credits

OH Port Authority Working on New Approach
Herald-Star | May. 6 | Community Development | Economic Development | Energy Finance | Opportunity Zones | Tax Credits

MO House Moves Closer to Reviving State's Low-Income Housing Tax Credit
St. Louis Post-Dispatch | May. 6 | Community Development | Housing Finance | Legislative | State Finance Program | Tax Credits

OK Lawmakers Approve Bill to Expand Tax Credit for Affordable Housing
The Journal Record | Apr. 29 | Community Development | Housing Finance | Tax Credits

CDFA Releases 2019 Policy Agenda
CDFA | Apr. 25 | Access to Capital | Agriculture Finance | Bond Finance | EB-5 Visa | Energy Finance | Legislative | Tax Credits

Refunds from NY State's Brownfields Tax Credit Must be Declared Income
Reuters | Apr. 25 | Brownfield Financing | Tax Credits

Dayton Arcade Gets Major Boost with Financial Close
Dayton Business Journal | Apr. 25 | Energy Finance | Green Finance | Property Assessed Clean Energy (PACE) | Tax Credits

$43M Plan to Transform AR Downtown Building into Hotel
KSDK | Apr. 24 | Economic Development | Property Assessed Clean Energy (PACE) | Tax Credits

MI Lawmakers Revive Push of Historic Tax Credit
The Detroit News | Apr. 23 | Historic Preservation | Tax Credits

New Additions to the Online Resource Database

NMTC Program Award Book CY 2018
Community Development | Federal | Tax Credits | U.S. Dept. of Treasury CDFI Fund
The CDFI Fund awarded 73 community development entities $3.5 billion under the 2018 allocation round of the New Markets Tax Credits program. The recipients are located in 35 states also including Puerto Rico and the District of Columbia.

Farmers' Guide to Solar and Wind Energy in MN
Agriculture Finance | Energy Finance | Tax Credits
In 2017, Minnesota ranked seventh in the nation for wind power generation and sixth in the nation for solar power generation With the potential for further growth in this sector, many farmers across rural Minnesota are considering whether alternative energy production could be a viable addition to their farming operations.

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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