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Tax Credits Finance Update - February 27, 2018

Tax Credits Finance Update
February 27, 2018
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Tax Credits Finance Update

Features

$3.5B in NMTC Awarded Nationwide
The CDFI Fund has awarded 73 Community Development Entities $3.5 billion in New Markets Tax Credits. The tax credit allocation awards, made through the calendar year 2017 round of the NMTC Program, will help stimulate investment and economic growth in low-income urban and rural neighborhoods.

13 MI Projects Receive Housing Tax Credits
Affordable housing stock across Michigan will soon grow with a new round of tax credits to fund major renovation and construction projects. The Michigan State Housing Development Authority is awarding 13 developments with just over $13 million in Low-Income Housing Tax Credits.

Fannie Mae Announces $100M LIHTC Fund
Fannie Mae has closed on a $100 million low-income housing tax credit (LIHTC) fund, marking its first housing credit investment in about a decade. The fund, known as Raymond James Affordable Housing Fund 11 LLC, will be managed by Raymond James Tax Credit Funds.

Gaber Begins Term as President of Affordable Housing Tax Credit Coalition
WNC, a national investor in real estate and community development initiatives, announced recently that executive vice president and chief operating officer Michael Gaber will serve a two-year term as the 2018 – 2019 president of the Affordable Housing Tax Credit Coalition (AHTCC).

Tax Credits Help Fund New Orleans Addiction Treatment Housing
Odyssey House Louisiana recently announced that it will add 100-beds for short-term (28 days) addiction treatment and 50 beds for patients who are detoxing. The $14.4 million project is using both New Market Tax Credits and State and Federal Historic Tax Credits to restore the historic building.

NY Governor's Proposed Suspension of Tax Credits Could Stall Development
Governor Cuomo's recently released Executive Budget may not be well received amongst those planning on redeveloping urban areas, restoring historic structures, remediating contaminated real property or proposing affordable housing developments. The proposal will affect more than 34 different tax credits.

State Legislature Approves Increase to Historic Tax Credit Cap
Wisconsin lawmakers increased the limit on tax credits for historic rehabilitation projects from $500,000 to $3.5 million on Tuesday. The bill passed in the state Senate 29-3 and unanimously in the Assembly. It now goes to Governor Scott Walker, who issued a line item budget veto in September, reducing the per-project cap from $5 million to $500,000.

Congress May Miss a Huge Clean Energy Boost in Tax Extenders
Congress is poised to extend and expand energy tax credits that benefit both industry and consumers, but the Republican-sponsored bill unfortunately wastes taxpayer money to back faltering technologies and outdated federal benchmarks—at a time when lawmakers should be prioritizing innovative clean energy technologies that create jobs, lower electricity bills, and cut emissions.

NM Tax Credit Could ‘Zero Out' Solar Industry Tariff
This week, the Trump administration announced it was imposing new tariffs on imported solar panels and modules—a move that will hit installation companies and consumers alike. But in the New Mexico State Legislature a trio of Democratic state representatives wants to give solar development in New Mexico a boost.

WV Bill Would Create Tax Credits to Develop Post Mining Sites
Legislation in the West Virginia Senate would, if passed, make it easier for businesses to set up shop on the post-coal mining sites throughout the state. Senate Bill 12 would create five-year tax credits for businesses locating on post coal mine sites.

MD Legislature Considering an Angel Investor Tax Credit
A bill to consider creating a tax credit for angel investors who back Maryland startups is under consideration in Annapolis during the state's ongoing 90-day legislative session.

Upcoming Events
Intro Tax Credit Finance WebCourse

CDFA Federal Financing Webinar Series
February 28, April 12, June 14, August 16, and October 18, 2018 - 2:00PM Eastern
The CDFA Federal Financing Webinar Series is an exclusive, five-part online offering that will convene finance experts, federal agencies, and local practitioners to discuss the development finance programs offered by the federal government.

Reimagining Brownfields as Transit Oriented Developments
March 8, 2018 - 2:00 - 3:30 PM Eastern
This installment of the CDFA Brownfields Redevelopment Financing Webinar Series will focus on transit oriented development (TOD) and how it can be used to revitalize blighted properties and activate economies.

More Headlines

Historic School Buildings Transformed into Affordable Housing
Affordable Housing Finance | Feb. 23 | Historic Preservation | Tax Credits

Maryland Leading the Charge with Energy Storage Tax Credits
Womble Bond Dickinson | Feb. 23 | Energy Finance | Tax Credits

Wisconsin Assembly Advances Bill to Create State LIHTC
Novogradac & Company | Feb. 23 | Legislative | Tax Credits

HUD Updates FMRs for Eight Areas
Novogradac & Company | Feb. 23 | Tax Credits | U.S. Dept. of Housing & Urban Affairs (HUD)

Fort Wayne Fund Receives $55M in NMTCs
The Journal Gazette | Feb. 22 | Access to Capital | Tax Credits

Cedar St. Lands $45M To Repurpose Historic Loop Office Building
Bisnow | Feb. 21 | Access to Capital | Historic Preservation | Tax Credits | U.S. Dept. of Housing & Urban Affairs (HUD)

VA's HTCs Have Spurred Additional Development, 2 New Studies Show
The Roanoke Times | Feb. 20 | Historic Preservation | Tax Credits

Developer Gets $12M TC for Cleanup in Schenectady, NY
Times Union | Feb. 13 | Brownfield Financing | Tax Credits

Tax Credits Available to NY Farmers
Morning AgClips | Feb. 9 | Agriculture Finance | Tax Credits

Improved LIHTC Equity Information Can Lead to Better Decisions
Novogradac & Company | Feb. 5 | Tax Credits

Solar Steps Forward to Help Puerto Rico Recover, Rebuild
Novogradac & Company | Feb. 5 | Disaster Recovery & Relief | Energy Finance | Tax Credits

Housing Trust Group Develops $36M FL Senior Housing
Mulit-Housing News | Jan. 26 | Tax Credits

ME Legislative Panel to Consider New Tax Credits
U.S. News | Jan. 23 | Legislative | Tax Credits


New Additions to the Online Resource Database

CY 2017 NMTC Awardees
Access to Capital | Legislative | Tax Credits
This report contains information on the calendar year 2017 New Markets Tax Credit allocatees. $3.5 billion in New Markets Tax Credits have been awarded nationally this year.


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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