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Tax Credits Finance Update - October 23, 2018

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Tax Credits Finance Update
October 23, 2018
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Tax Credits Finance Update

Features

Freddie Mac Re-Enters LIHTC Market
The Low-Income Housing Tax Credit Fund is the first for the government-sponsored enterprise in nearly a decade. The fund will provide up to $100 million in targeted investments, focusing on the creation and preservation of affordable homes nationwide.

How Kansas City, MO is Using LIHTC to Advance Health
Healthy people live in healthy environments. People who have access to safe, stable, and dependable housing have lower mortality rates, and their children are less likely to develop chronic and acute health problems. Healthy housing that is also affordable, however, can be hard to find for people who fall below the poverty line.

Tax Reform May Chill Affordable Apartment Projects
The TCJA significantly lowered the corporate tax rate, which may have the unintended consequence of reducing the number of affordable apartments being built each year. Theoretically, investors will have less incentive to make equity investments in below-market-rate apartment complexes in return for credits that lower their federal tax bills.

$10M in NMTCs Supports Salvation Army Center in Harrisburg, PA
The Salvation Army received $10 million in New Markets Tax Credits from The Community First Fund for the project. The organization also received funding from Pennsylvania's Redevelopment Assistance Capital Program, Impact Harrisburg and the Dauphin County Local Share Municipal grant program.

Federal Historic Preservation Tax Credit Celebrates 40 Years
According to the Rutgers University's Center for Urban Policy Research, the Federal Historic Preservation Tax Incentives Program contributed more than $12.2 billion in output in terms of goods and services to the U.S. economy and added $6.2 billion in gross domestic product in Fiscal Year 2017.

Incentives Watch: September's New State Tax Credits
Aside from big company incentives (e.g., Amazon and Foxconn), state legislatures simply do not have the resources to introduce new tax credit programs. Despite the lull, September did see the enactment of four new tax credits: one each in Maine and Massachusetts, and two in the District of Columbia.

Which States Provide LIHTC's to Encourage New Affordable Housing?
Every state offers public housing units and most tenants pay approximately 30 percent of their income for rent and utilities. There are over 1 million public housing units managed by over 3,000 housing authorities. A few states offer low-income housing credits to ensure that housing options are available.

MA Extends Brownfields Tax Credit Program Until 2023
The Brownfields Tax Credit program is important to incentivize innocent developers (i.e. those that did not contaminate the property or own the property when it was contaminated) to clean up and develop contaminated sites. Currently, there are an estimated 40,000 hazardous waste sites in Massachusetts ranging from small oil spills to Superfund sites.

Tax Credits Fund Massive $200M SC Project
More than $45 million in tax credits, allocated by the National New Markets Fund, The Innovative Fund, Dakotas America, and SunTrust Community Capital, will go toward funding a 250,000-square-foot, $200 million expansion of Swiss Krono's plant in Barnwell, South Carolina. 

Upcoming Events
CDFA National Development Finance Summit

Intro Incentives Course
November 7, 2018 - Dallas, TX
This course will consider how incentives are being used in today's economic environment and outline steps that are being taken to reduce risk and achieve better outcomes. In particular, this course will address the characteristics of well-designed incentive programs and processes to ensure meaningful impact, value, and accountability.

More Headlines

NJ Governor Pledges New Tax Credits, Other Programs for Housing, Communities
NJ Spotlight | Oct. 17 | Brownfield Financing | Economic Development | Tax Credits

New Tax Credit Could Help MD Businesses Get Cybersecure
TechRepublic | Oct. 14 | Tax Credits

$53M Bennington, VT Putnam Block Project to Start in December
Bennington Banner | Oct. 11 | Tax Credits

Goodbye Old Lakewood, CO Office Tower, Hello Housing
Denverite | Oct. 11 | Infrastructure Finance | Public-Private Partnership (P3) Financing | Tax Credits | Urban Development

Developers Plan $94M Riverfront Project in Augusta, GA
Birmingham Business Journal | Oct. 10 | Tax Credits

SC Expands Tax Credits for Economic Development
Parker Poe | Oct. 8 | Legislative | Tax Credits

NJ Rolls Out $425M Film Tax Credit Sequel
The Charlotte Observer | Oct. 8 | Tax Credits

Komatsu Building $285M Headquarters in Milwaukee, WI
Daily Reporter | Sep. 28 | Tax Credits | Tax Increment Finance (TIF)

Tax Credit Could Mean $4.8M Towards Coralville, IA Arena Project
Iowa City Press-Citizen | Sep. 28 | Tax Credits

$16.5M Tax Credit Guarantee Announced for Warrior Project in Sioux City, IA
Sioux City Journal | Sep. 25 | Historic Preservation | Tax Credits



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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