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Tax Credits Finance Update - April 24, 2018

Tax Credits Finance Update
April 24, 2018
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Tax Credits Finance Update


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.

Upcoming Events
Intro EB-5 Finance WebCourse

CDFA Federal Financing Webinar Series: U.S. Department of Agriculture (USDA)
June 14, 2018 - 2:00 PM Eastern
In this webinar, experts on USDA financing programs will be on hand to discuss the myriad rural development finance programs offered by the USDA, as well as how rural communities can effectively access and deploy USDA grants and loans. The focus of the webinar will be on the Community Facilities (CF) Program, the Rural Energy for America Partnership (REAP), and Rural Business Development Programs.

More Headlines

Indianapolis, IN Theatre Considering, TIF, NMTC, Bonds
Indianapolis Business Journal | Apr. 19 | Bond Finance | Tax Credits | Tax Increment Finance (TIF)

Spectra Developers Will Add Apartments On Prominent Corner in Hartford, CT
Hartford Courant | Apr. 19 | Brownfield Financing | Tax Credits

Flemington Gets LIHTC for Senior Housing Project
The Express | Apr. 19 | Access to Capital | Community Development | Tax Credits

MassHousing Provides $28.8M in Financing for Housing Community
Rebusiness Online | Apr. 18 | Access to Capital | Tax Credits

Creative Ways to Finance Solar and Storage System
Clean Energy Finance Forum | Apr. 13 | Energy Finance | Tax Credits | Energy Finance\Understanding Energy Finance

Greystone Arranges $168.6M Financing for Housing Properties
Rebusiness Online | Apr. 13 | Access to Capital | Bond Finance | Tax Credits | U.S. Dept. of Agriculture (USDA)

Rise Breaks Ground on First of 16 Historic Renovations
NextSTL | Apr. 13 | Tax Credits | U.S. Dept. of Housing & Urban Development (HUD) | U.S. Dept. of Interior - National Park Services (NPS)

Boston Financial Closes $145M LIHTC Fund
Multi-Housing News | Apr. 9 | Community Development | Tax Credits

MA Announces 2018 Community Tax Credit Awards
Sampan | Apr. 5 | Community Development | Tax Credits

Demand for NMTCs Hasn't Wavered One Year After Combined Round
Novogradac & Company | Apr. 5 | Tax Credits | U.S. Dept. of Treasury CDFI Fund

KY Cuts Its Angel Investment Tax Credit
Lexington Herald-Leader | Apr. 4 | Legislative | Tax Credits

MA Hospital Receives $28.2M Financing Package
The Recorder | Apr. 3 | Access to Capital | Bond Finance | Tax Credits

Strategies for Obtaining New Markets Tax Credit Financing
Vorys, Sater, Seymour and Pease | Apr. 3 | Tax Credits

Dougherty Mortgage Provides $22.7M HUD Loan
Rebusiness Online | Mar. 30 | Access to Capital | Tax Credits | U.S. Dept. of Housing & Urban Development (HUD)

MO Historic Tax Credits Could be Pared Back
St. Louis Post Dispatch | Mar. 29 | Historic Preservation | Tax Credits

HTCs Breathe New Life into TX Projects
The Bond Buyer | Mar. 28 | Historic Preservation | Tax Credits

New Additions to the Online Resource Database

Nebraska Job Creation and Economic Revitalization Act: Economic Impact and Creation of Residential and Commercial Space
Historic Preservation | Tax Credits
This report has two purposes. First, the current report estimates the economic impact of projects that have utilized the Nebraska Historic Tax Credit (NHTC). Second, this report analyzes the extent to which the NHTC has been utilized in economically distressed areas of the state.

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

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