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CDFA Tax Credits Finance Update - September 26, 2023

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Tax Credits Finance Update
September 26, 2023
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Tax Credits Finance Update

Features

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

Upcoming Events
CDFA National Development Finance Summit

Intro Tax Credit Finance Course
September 27-28, 2023 - Daily: 12:00 PM - 5:00 PM Eastern
The Intro Tax Credit Finance Course examines the application of tax credit programs in greater economic development finance efforts. This course discusses the practical application of tax credit programs including brownfields, new markets, low-income housing, historic preservation, and state-specific programs.

CDFA-Bricker Webinar Series: Traditional Lending Institutions and C-PACE Financing
September 27, 2023 - 2:00 PM - 4:00 PM Eastern
During this installment of the CDFA-Bricker Webinar Series, we will focus on the activities traditional lending institutions are undertaking in the C-PACE market. Previous webinars have touched upon some of the concepts on this topic, but during this session, speakers will provide specific activities for how the concepts have now become C-PACE market activity across the country.

More Headlines

Historic Redevelopment in San Antonio, TX With Government Incentives
Cision | Sep. 20 | Energy Finance | Property Assessed Clean Energy (PACE) | Redevelopment | Tax Credits

The Veterans Collective Creates Housing Aided by LIHTC and Wells Fargo
L.A. Business First | Sep. 20 | Housing Finance | Social Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

U.S. Inflation Reduction Act: A Year One Progress Summary
Energy Post | Sep. 19 | Energy Finance | Green Finance | Legislative | Resiliency | Tax Credits

IRA Tax Credits Remain a Complicated Question for U.S. Territories
Forbes | Sep. 18 | Energy Finance | Legislative | Tax Credits

Dimension Renewable Energy Closes $203M Financing for 95-Megawatt Solar Portfolio
ROI | Sep. 13 | Community Development | Energy Finance | Tax Credits

$51M Affordable Housing Development Completed in Westchester County, NY
New York State | Sep. 11 | Bond Finance | Energy Finance | Housing Finance | Tax Credits

Inside the $82M Deal to Redevelop the Historic St. Louis, MO Chemical Building
STL Today | Sep. 11 | Historic Preservation | Tax Credits | State Historic Tax Credits

Illinois Launches Initiative to Encourage BIPOC Affordable Housing Developers
Novogradac | Sep. 7 | Housing Finance | Social Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

Connecticut Retirement Community Made Possible with C-PACE and Tax Credits
Solar Builder | Sep. 6 | Energy Finance | Property Assessed Clean Energy (PACE) | Tax Credits

Basis Climate Closed Its Largest $100M Clean-Energy Tax Credit Transfer
Businesswire | Sep. 6 | Energy Finance | Tax Credits

Forefront Power Partners with NT Solar for Landmark $65M Solar Portfolio in California
PR Newswire | Sep. 6 | Energy Finance | Tax Credits

Groundbreaking of $250M Manufacturing Facility Expansion in Gilman, IL
State of Illinois | Sep. 6 | Agriculture Finance | Tax Credits

State Historic Tax Credits Show Importance of ‘Local' Funding for Community Development
Novogradac | Sep. 5 | Historic Preservation | Tax Credits | Federal Historic Rehab Tax Credits | State Historic Tax Credits

Austin, TX Nonprofit Tackles Homelessness with NMTC for Affordable Housing
Austin Business Journal | Sep. 5 | Housing Finance | Tax Credits | Federal New Markets Tax Credits (NMTCs)

TWG Building $42.9M Affordable Multifamily Community in St. Peters, MO
RE Journals | Aug. 29 | Housing Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

Fort Collins, CO Housing Development First to Achieve Green Communities Plus and WELL Certifications
ACCESSWIRE | Aug. 28 | Green Finance | Housing Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

Enterprise Community Development Lands $121M to Preserve Affordable Apartments in D.C.
Commercial Observer | Aug. 24 | Community Development | Housing Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

Monarch Private Capital Finances Affordable Family Housing in Oklahoma City, OK
GlobalNewswire | Aug. 23 | Housing Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs)



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

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  • The Bond Buyer
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  • Wells Fargo Securities
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