CDFA Releases Latest in Impact Investing Series
The Small Business Development & Impact Investing White Paper documents the potential for DFAs and Impact Investors to fill the capital gaps facing small businesses, and enable small businesses to grow, create jobs and spur economic and community development.
CT Allocates $8.1M in Federal LIHTC
The Connecticut Housing Finance Authority announced the approval of $8.08 million in Federal Low Income Housing Tax Credits. The tax credits will generate $79.9 million in equity from private investors for six proposed affordable multifamily housing developments in four Connecticut communities.
WHEDA Awards Additional $1.8M in LIHTCs
The additional tax credits were made available through the recently approved federal Consolidated Appropriations Act, 2018. The bill increases each state's LIHTC allocation by 12.5% for 2018 through 2021. In Wisconsin, that equates to approximately $1.8 million in additional LIHTC for 2018.
Implementation of LIHTC Income Averaging
The LIHTC program needs to adapt and evolve over time. Even though the learning curve will be steep, improvements such as IA are valuable to enable the LIHTC to reach more populations and communities.
JEMCOR Breaks Ground on $60M CA Property
JEMCOR has broken ground on a $60 million mixed-income, transit-oriented development. Financing that includes LIHTC equity, tax-exempt bond proceeds and a $45 million first-of-its-kind construction-to-permanent loan from Citi Community Capital in conjunction with Freddie Mac's LIHTC Enhancement program.
NMTC Used to Finance Grocery Store in Northeast Philadelphia, PA
Reinvestment Fund financed the construction of the Shoppes at Wissinoming, an 110,000 square foot new grocery store-anchored shopping center in northeast Philadelphia. Reinvestment Fund financing is part of a leverage loan for a $14.5 million New Markets Tax Credit transaction.
Clearinghouse CDFI Announces $8M NMTC Deal for First Place AZ
Clearinghouse CDFI just financed a first-of-its-kind, innovative center for First Place®AZ—an Arizona nonprofit—to help autistic adults gain community and independence. First Place-Phoenix will include supportive housing, a transitional learning facility, and a venue for nationwide experts to convene.
IL Considers State Tax Credit for Historic Preservation
State Rep. Mike Halpin, D-Rock Island, has introduced legislation providing an income tax credit on expenditures spent rehabilitating historic structures. The credit will be equal to 25 percent of eligible expenses to taxpayers living in 34 counties bordering the Mississippi River.
WI Boosts Historic Tax Credit Program
Gov. Scott Walker has signed into law a measure boosting tax credits available for historic rehabilitation projects in Wisconsin from $500,000 to $3.5 million.
Quartet of Tax Credits Brings School Back to Life as Affordable Housing
In order to finance this rehabilitation, Sunflower used federal low-income housing tax credits (LIHTCs) and HTCs, as well as state LIHTCs and HTCs. Affordable Housing Partners (AHP) invested in both federal credits, providing $5.3 million in total equity.
Affordable Housing Provisions in Omnibus Bill an Important Down Payment
The 12.5 percent LIHTC allocation increase and the income-averaging provisions are very positive developments about which the affordable housing community should be quite pleased. However, they shouldn't be mistaken for a complete fix for affordable rental housing production lost due to last year's tax legislation.