Join CDFA for the Return of the Fundamentals of Economic Development Finance Course
Join CDFA as we kick off the new year with the return of the Fundamentals of Economic Development Finance Course on January 24-25, 2024! This course is the foundation for all of CDFA's educational offerings and will help attendees understand the variety of development finance tools available including bonds, tax credits, tax increment financing (TIF), federal financing programs, RLFs, Opportunity Zones, and access to capital lending resources.
CDFA is Hiring a New Vice President of Development Finance
The Council of Development Finance Agencies is now accepting applications for Vice President, Development Finance. This position leads CDFA's development finance practice and is responsible for ensuring CDFA delivers on its research projects, resource collection, educational offerings, partnerships, and content creation. Want to join the CDFA family in Columbus, Ohio? Email your cover letter, resume, salary request, and three professional references to jobs@cdfa.net.
Mixed-Use Development in Riverton, NJ to Receive Upwards of $400M in State Tax Credits
State and local officials are lauding a decision by the New Jersey Economic Development Authority (NJEDA) Board to provide up to $400 million in Aspire tax credits for Riverton, a mixed-used, riverfront development being constructed off Chevalier Avenue. The project, when completed, represents more than two million square feet of newly-constructed residential and commercial space, including 1,300 new residential units, 20 percent of which will be designated as affordable. The project is associated with more than $1 billion in private investment.
Missouri Approves Millions in Tax Credits, Bonds for Housing
The Missouri Housing Development Commission approved 24 low-income housing projects financed by roughly $380 million in state and federal tax credits and tax-exempt bonds. Overall, the commission authorized $173.5 million in federal 9% credits, $121.4 million in state tax credits, $81.4 million in bond financing, and $7 million in other funding.
Remarkable Demand for Solar and Wind Energy in Low-Income Communities
The U.S. Department of the Treasury and Internal Revenue Service (IRS), in partnership with the Department of Energy (DOE), announced remarkable demand in the initial application period for solar and wind facilities through the Inflation Reduction Act's Low-Income Communities Bonus Credit Program. During the initial 30-day application window, the program received more than 46,000 applications for new energy facilities located in low-income communities, on Indian land, as part of affordable housing, or directly benefitting low-income households from across the country, including 48 states and the District of Columbia.
LIHTC Properties' NOI, Rental Income, Operating Expenses Set Record
Net operating income (NOI) at properties financed by Low-Income Housing Tax Credit (LIHTC) equity and tracked by Novogradac increased by 7.4% in 2022, surpassing the inflation rate as the nation emerged from the worst of the COVID-19 pandemic and faced the highest inflation in 40 years. Data in a 2023 LIHTC report from Novogradac showed both operating expenses and rental income surpassed the inflation rate – a 9.2% year-over-year increase in rental income and a 10.4% jump in operating expenses.
Innovation Economy Firms Receive $150M in Grants, Tax Credits in California
California Governor Gavin Newsom announced that more than $149 million in grants and tax credits is awarded to 12 companies in the state, creating nearly 6,000 full-time jobs and bringing in an estimated $1.3 billion in private investment over the next five years. Recipient companies include manufacturers and developers of electric aircraft, semiconductors, and artificial intelligence.
Workforce Housing, Brownfield State Tax Credits Help Convert Medical Center in Nevada, IA
The Nevada Economic Development Council is working to remodel a medical center building into residential apartments. The project is bolstered by a Brownfield 24% tax credit from the Iowa Economic Development Authority, which gives the project a maximum tax credit of $1.5 million. The Brownfield credit is coupled with a $1 million Workforce Housing tax credit.
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