Join CDFA at the 2023 National Development Finance Summit
CDFA is traveling to Philadelphia, PA for the 2023 National Development Finance Summit! The NDFS brings together leaders and dealmakers in the development finance industry to discuss best practices, trends, and project financing solutions. Early Bird registration rates end October 13 so register today!
Treasury Department Announces $5B in New Markets Tax Credit Allocation
The U.S. Department of the Treasury's CDFI Fund announced $5 billion in New Markets Tax Credits that will spur investment and economic growth in low-income urban and rural communities nationwide. A total of 102 Community Development Entities (CDEs) were awarded tax credit allocations, made through the calendar year 2022 round of the New Markets Tax Credit Program.
Washington, D.C. Issues $25.9M in Tax-Exempt Bonds for Affordable Senior Housing
The District of Columbia Housing Finance Agency (DCHFA) issued $25.9 million in tax-exempt bonds, underwrote $21.4 million in federal Low Income Housing Tax Credit (LIHTC) equity and $4 million in District LIHTC equity for the construction of a new 76-unit development will be home for seniors, grandfamilies - grandparents raising minor children - and tenants who previously experienced homelessness.
Proposed Regulations on Prevailing Wage and Apprenticeship for Clean Energy Projects
The Treasury Department and the Internal Revenue Service issued proposed regulations on August 29, 2023 for prevailing wage and apprenticeship (PWA) requirements applicable to clean energy projects seeking to qualify for the 5x increased tax credit amounts under the Inflation Reduction Act of 2022.
EPA Awards New England States $24M to Plan for Pollution Reduction
As wildfires increase in intensity and frequency, improving air quality is an aspect of public health that cities and counties are prioritizing. Following the launch of an "unprecedented" federally led pollution data-collection initiative last month, the U.S. Environmental Protection Agency (EPA) announced $24 million in Inflation Reduction Act funding for New England states and metropolitan areas to aid in pollution reduction efforts.
Join CDFA for Our Upcoming Intro Tax Credit Finance Course
Register for CDFA's Intro Tax Credit Finance Course taking place on September 27-28 to learn the application of tax credit programs and their use in greater economic development finance efforts. Our panel of expert speakers will discuss tax credit programs including new markets, low-income housing, historic preservation, and state-specific programs.
Investment in Non-Real Estate Increases Among CDEs in New Markets Tax Credit Program
Investment in non-real estate businesses by community development entities that receive new markets tax credit allocation continues to grow. Through fiscal year 2021, non-real estate qualified active low-income community businesses received $34.3 billion of NMTC investment, constituting 54.9% of all investment in the history of the NMTC program. This marks an increase from 10 years ago when non-real estate QALICBs received only 40.3% of investment.
American Banker Association Urges Support for Affordable Housing Tax Credit Bills
Bipartisan legislation to create a neighborhood homes tax credit would address the needs of families throughout the country who are struggling to purchase homes as costs continue to rise and the supply of homes remains limited. The Neighborhood Homes Investment Act would establish a tax credit for neighborhood revitalization, building on existing policies such as the LIHTC and New Markets Tax Credit by attracting investments in communities with elevated poverty rates, lower incomes, and modest home values
|