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CDFA Tax Credits Finance Update - August 27, 2019

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Tax Credits Finance Update
August 27, 2019
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Tax Credits Finance Update

Features

JCAR Postpones Full Decision on New DED Historic Preservation Tax Credit Rules in MO
The Joint Committee on Administrative Rules (JCAR) scrutinized new regulations from DED regarding its Historic Preservation Tax Credit application and program. The committee held a lengthy and technical hearing earlier this week but postponed some of its decision making until Friday. Ultimately, JCAR failed to block any of the proposed new rules, which were related to qualified census tracts, applications for excess credits, phased projects, and developer fees.

10-Year Project Returns Ancestral Lands to Yurok Tribe
The Yurok Tribe, Green Diamond Resource Company and Western Rivers Conservancy celebrate a decade-long effort to preserve and place into tribal ownership approximately 50,000 acres of forest. Financial support included: Hoopa-Yurok Settlement Act; the New Market Tax Credits program; other private, state and federal grants; loans from the California State Water Quality Control Board and Indian Land Capital Company; and the sale of carbon offsets.

Milwaukee County, WI Task Force Signs Off on $66M Plan to Overhaul Domes
The report recommends raising $13.5 million worth of private money for the overhaul of the Mitchell Park Horticultural Conservatory domes. The most expensive part of the project, expected to cost about $39 million, would be paid for using federal offerings such as Opportunity Zone incentives and historic tax credits. Milwaukee County would then kick in $13.5 million.

Rosina Plans to Add 40 Jobs with $58M Expansion
Rosina Food Products is planning to build a plant in West Seneca as part of a $58 million expansion that is expected to create 40 new jobs. Under the Brownfield Cleanup Program, the company could receive a tax credit equal to half of its cleanup costs and a 20% tax credit for qualified investments in the property.

Chicago Streamlines Process for Building Affordable Housing
Chicago will update and revise the way it directs federal money for affordable housing making it easier for developers to apply for tax credits. The city has released a new Qualification Allocation Plan (QAP), which details the application process that developers must follow to get Low Income Housing Tax Credits (LIHTC).

End-of-Year Tax Planning for LIHTC Properties
With five months remaining in the year, it is time to start thinking about tax-planning strategies, especially for owners of low-income housing tax credit (LIHTC) properties. Outlined in this article are some items to consider as 2020 approaches.

Senate Bill Offers Tax Credit For Conversion Of Waste Heat
A bill that has been introduced in the U.S. Senate would provide tax credits for systems that convert waste heat into electricity. The Waste Heat to Power Investment Tax Credit Act, S. 2283, would amend Section 48 of the Internal Revenue Code to offer investment tax credits to systems that generate electricity through recovered qualified heat waste resources. The bill was proposed July 25 by Sen. Tom Carper, D-Del.

D.C. Provides $32M in Financing for Affordable Housing Project in Deanwood
The D.C. Housing Finance Agency announced Friday it provided $19.5M in bond financing and underwrote $12M in Low-Income Housing Tax Credit equity for the project that will create 86 affordable apartments. The $37.6M project, branded as The Strand Residences, is being led by The Warrenton Group, The NHP Foundation and WA Metropolitan CDC, with PGN Architects designing the building.

Upcoming Events
CDFA National Development Finance Summit

CDFA // BNY Mellon Development Finance Webcast Series: Fill In The Gaps with New Markets Tax Credits
Tuesday, September 17, 2019 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, learn from expert speakers as they discuss their plans for the recent allocation of New Markets Tax Credits, past projects, and best practices.

More Headlines

IL Gov. Pritzker Launches Statewide Broadband Expansion
Broadband Communities Magazine | Aug. 23 | Community Development | Infrastructure Finance | Public-Private Partnership (P3) Financing | Tax Credits

NJ Governor Conditionally Vetoed Bill to Extend the Economic Opportunity Act
Patch | Aug. 23 | Brownfield Financing | Historic Preservation | State Finance Program | Tax Credits | Brownfield Financing\State Brownfield Programs | Tax Credits\State Historic Tax Credits

$60M Historic Rehab Project Receives $400K in Tax Credits from MA
WAMC | Aug. 22 | Historic Preservation | Redevelopment | Tax Credits

Low-Income Housing Complex in Seaside, CA Plans $30M Renovation
Monterey County Weekly | Aug. 22 | Housing Finance | Tax Credits

Winnebago, NE Farmers' Market Building Financed through NMTCs, USDA Grants
KTIV NBC 4 | Aug. 22 | Food Systems Finance | Tax Credits | U.S. Dept. of Agriculture (USDA)

Steele Properties WY Development Features 75 Apartments for Seniors and People with Disabilities
Affordable Housing Finance | Aug. 22 | Bond Finance | Housing Finance | Tax Credits | Tax Credits\Low Income Housing Tax Credits (LIHTCs)

Sen. Grassley Releases First Reports Examining Tax Extenders
Bloomberg Tax | Aug. 14 | Legislative | Tax Credits

HTCs Help Poorer Buffalo, NY Neighborhoods
WKBW ABC 7 | Aug. 13 | Historic Preservation | Tax Credits

Little Hope Remains for WI Officials Looking to Recover Funds from Failed Aircraft Deal
Wisconsin Public Radio | Aug. 9 | Community Development | Revolving Loan Funds (RLFs) | Tax Credits

White House Opportunity and Revitalization Council Visits Acadiana, LA
Daily Advertiser | Aug. 8 | Federal | Historic Preservation | Opportunity Zones | Redevelopment | Tax Credits

Waterville MI Planning Board, City Council Move Lockwood Mills Project Forward
Central Maine | Aug. 7 | Brownfield Financing | Housing Finance | Tax Credits | Tax Increment Finance (TIF)

Groundbreaking $31M Revitalization of Bennington's Putnam Block
Vermont Business Magazine | Aug. 5 | Brownfield Financing | Historic Preservation | Opportunity Zones | Tax Credits

The Rapid Maturation of the U.S. Energy Storage Market
PV Magazine | Aug. 1 | Economic Development | Energy Finance | Infrastructure Finance | Tax Credits

Offshore Wind Tax Credits Could Be Included in a Fall Tax Extenders Package
Green Tech Media | Jul. 28 | Energy Finance | Legislative | Tax Credits

Consultant's "Think Big" Solution Requires Fast-Paced Applications for Tax Credits
Urban Milwaukee | Jul. 25 | Access to Capital | Community Development | Energy Finance | Historic Preservation | Opportunity Zones | Property Assessed Clean Energy (PACE) | Tax Credits


New Additions to the Online Resource Database

Shared Kitchen Toolkit
Access to Capital | Community Development | Crowdfunding | Economic Development | Food Systems Finance | Tax Credits
This Toolkit is intended for everyone from kitchen entrepreneurs to startup nonprofits, from economic development agencies to producer networks, from food system groups to real estate developers. We hope this Toolkit also provides helpful guidance to existing food businesses and community kitchens (churches, community centers, schools and food access program kitchens) who seek to share their commercial kitchen space with entrepreneurs and food programs as an ancillary use.


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
info@cdfa.net


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CDFA National Sponsors

  • Alaska Industrial Development and Export Authority
  • Baker Tilly Virchow Krause
  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Fifth Third Bank
  • Frost Brown Todd, LLC
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McCarter & English, LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • Petros PACE Finance
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Wilmington Trust
  • Z. The Bond Buyer
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