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CDFA Tax Credits Finance Update - June 27, 2023

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Tax Credits Finance Update
June 27, 2023
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Tax Credits Finance Update


Mark Your Calendar for the 2023 CDFA Virtual Summer School!
Join us August 7-15 for a series of courses presented by the CDFA Training Institute. CDFA Virtual Summer School will offer five different training courses, all held online. Learn from our expert practitioners and experience CDFA's most interactive educational event of the year – all from the comfort of your home or office! All CDFA Virtual Summer School courses qualify for the CDFA Training Institute's Development Finance Certified Professional (DFCP) Program.

How a Tax Credit is Helping Turn New York Brownfield Sites into New Projects
Under New York's Brownfield Cleanup Program, developers and property owners who remediate the properties can receive tax credits that can cover up to 20% of each of the qualified cleanup and new construction costs, or as much as 40%.

Camp Verde, AZ Housing Projects Receive Federal Tax Credits
The Arizona Department of Housing announced that it has allocated all of its annual $22 million share of 2024 federal low-income housing tax credits to fund 15 affordable housing developments throughout the state, which will build 1,049 new housing units at a total project cost of $34.6 million.

Nonprofit Brings Affordable Housing to Caldwell, ID Using LIHTC
The Housing Company and its community partners unveiled new affordable housing developments for Caldwell workers and families at Sunset Landing Apartments. The Housing Company, an Idaho nonprofit whose goal is to preserve affordable housing developments, partnered with the Idaho Housing and Finance to address the housing needs of Canyon County. The Low Income Housing Tax Credit is the primary source of financing for the apartment complex.

Nevada Lawmakers Approve Bond Financing Plan for A's Las Vegas Stadium
The Nevada Legislature approved a financing plan for Oakland A's proposed $1.5 billion stadium on the Las Vegas Strip, sending the measure to the governor's office for his signature. The plan calls for $380 million in public funding, including $180 million in transferable tax credits and $120 million in county bonds to be paid off through a special tax district that includes the planned stadium site.

Renewal of Minnesota State Historic Tax Credit Program Draws Praise
Developers and community advocates working to revitalize historic buildings across Minnesota are once again eligible for a 20 percent tax credit after state lawmakers included an eight-year extension of the program in the tax bill that was signed by Gov. Tim Walz.

$10M of NMTC for Grassland Dairy Products to Grow Operations
CEI Capital Management has closed on $10 million in New Markets Tax Credit (NMTC) capacity to enable Grassland Dairy Products, Inc. to acquire equipment and expand its raw milk production capacity by nearly 30 percent. The NMTC financing provides Grassland Dairy with the low-cost and long-term funds it needs to make capital expenditures that support the company's long-term operations and improve production flexibility.

USDA Rural Development Invests in Wisconsin Multifamily Housing Projects
The U.S. Department of Agriculture (USDA) Wisconsin Rural Development State Director joined representatives of Wisconsin Management Company, Inc., and others at a grand re-opening to celebrate improvements made to Cuba City Apartments, Cuba City, and Summit Apartments, Barneveld. Funds for improvements came from Wisconsin's Low Income Housing Tax Credit and its Multifamily Preservation Loan and Preservation Revolving Loan Fund.

Upcoming Events
CDFA Virtual Summer School

CDFA Tribal Finance Webinar Series: Food System Financing on Tribal Lands
July 11, 2023 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Tribal Financing Webinar Series, panelists will explore how tribal governments are cultivating local food systems with financing solutions that support economic growth and advance community health.

CDFA // BNY Mellon Development Finance Webcast Series: Driving Investment in Main Street Redevelopment
July 18, 2023 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, development finance professionals will share creative financing approaches that are being used to reinvest in main street communities around the country.

More Headlines

Beginning Farmer Tax Credit Expands to Further Incentivize Land Transfer in Minnesota
MorningAgClips | Jun. 27 | Agriculture Finance | Rural Development | Tax Credits

Treasury Releases Guidance on Counties' Access to Clean Energy Tax Credit Under The IRA
NACO | Jun. 26 | Energy Finance | Incentives | Tax Credits

Community HousingWorks Unveils New 120-Unit Affordable Housing Complex in North Sacramento, CA
Fox40 | Jun. 26 | Housing Finance | Tax Credits

Strata Clean Energy Begins Operations on Two Tax Equity Financed Battery Energy Storage Systems under the IRA
Business Wire | Jun. 21 | Energy Finance | Tax Credits

Funding Available to Power Clean Energy in Rural Communities
Yankton Daily Press & Dakotan | Jun. 21 | Energy Finance | Property Assessed Clean Energy (PACE) | Rural Development | Tax Credits | U.S. Dept. of Agriculture (USDA)

Pearl Market Developer Requests Historic Tax Credits in San Antonio, TX
San Antonio Report | Jun. 21 | Economic Development | Food Systems Finance | Historic Preservation | Tax Credits

Governor Pritzker Awards $26M in LIHTC for Affordable Housing in Chicago, IL
Illinois.gov | Jun. 21 | Federal | Housing Finance | Tax Credits

Warsaw, IN Council OKs Development Agreement for Downtown Housing Project
Times Union Online | Jun. 20 | Bond Finance | Housing Finance | Tax Credits | Tax Increment Finance (TIF)

Iowa Economic Development Authority Awards Tax Credits to Increase Manufacturing
Business Record | Jun. 19 | Economic Development | Tax Credits

Developer Receives Tax Credit for Affordable Apartments Project in Chicago, IL
Post Independent | Jun. 14 | Economic Development | Housing Finance | Tax Credits

Boston, MA-Based Community Solar Developer Nexamp Secures Over $400M in Financing
pv magazine | Jun. 5 | Energy Finance | Tax Credits

New Mexico Solar Tax Credits, Incentives, and Rebates
Market Watch Guides | Jun. 5 | Energy Finance | Tax Credits

California Solar Panel Incentives: Tax Credits, Rebates, Financing, and More
CNET | May. 30 | Energy Finance | Incentives | Tax Credits

Affordable Apartments Using LIHTC's Opening Near Crown Hill Park, CO
Neighborhood Gazette | May. 30 | Federal | Housing Finance | Tax Credits

City Council Approves Bond Sale for Southside Apartment Complex Rehab in Virginia
VPM | May. 30 | Bond Finance | Housing Finance | 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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