$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.