Technical Assistance


Tax Credits Finance Update - October 24, 2017

Tax Credits Finance Update
October 24, 2017
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Tax Credits Finance Update


Tax Credits Proposed for Disaster Recovery
Community development tax credits are a proven tool and they hold significant potential in the wake of the more than 50 inches of rain Hurricane Harvey dumped on the coast of Texas and powerful winds and rain inflicted tremendous damage to Puerto Rico, U.S. Virgin Islands and Florida.

"Act 255" Investor Tax Credits are Good for WI
The program provides tax credits to qualified Wisconsin investors who put money into young companies with some sort of technology base, even if the company is aligned with a more traditional sector such as manufacturing or agriculture. Since it took effect in 2005, the Act 255 program has prompted at least $466 million in private investments.

Administration, Congress Release Unified Tax Reform Framework, Explicitly Retains LIHTC
The Trump administration released a "Unified Tax Reform Framework," outlining the consensus principles to guide consideration of tax reform this fall. While the framework "envisions the repeal of other business credits," such as the NMTC, the historic tax credit, and the renewable energy tax credits; framework explicitly retains LIHTC,

NMTCs Show Their Strength
In July, the New Markets Tax Credit Coalition reported that between 2003 and 2011, the NMTC delivered $3.5 billion in capital to nonmetro census tracts, leveraging another $3.5 billion from other sources to provide $7 billion in capital investments to over 600 rural businesses.

US Community Development Lenders Look to Expand Impact and Footprint of NMTCs
As mission-driven lenders, community development financial institutions (CDFIs) are serving neighborhoods the financial sector has historically neglected, but there are also many places they aren't yet reaching, according to a massive new data set compiled by the Urban Institute.

Renewable Energy Tax Credits - Forever?
Maybe not, but certainly for a long time - according to the new published U.S. Renewable Energy Brief. The Brief, published by CohnReznick Renewable Energy Industry and CohnReznick Capital, concludes that the renewable energy tax equity market is in an extremely healthy state, and is growing yearly. $11 billion was raised or committed in 2016, up significantly from the $6.5 billion in 2013, according to J.P. Morgan.

Wind and Solar's Future Hangs on Taxes, Not Clean Power Plan
Clean-energy's fiscal advantage stems in part from two tax credits that Congress extended in 2015. Both measures are scheduled to be phased out in the 2020s, but EPA administrator Scott Pruitt has called for them to be eliminated. That could upend wind and solar's edge.

$14M in Historic Tax Credits Will Support Redevelopment of NJ Bell Building
Citi Community Capital is providing a $71 million construction loan and will provide $14 million in funding through historic tax credits. Goldman Sachs Urban Investment Group is providing $13.5 million in funding through various tax-credit programs. When complete, the mixed-use tower will contain 263 market-rate and affordable apartments as well as office and retail space.

HTC Benefits Buffalo, NY, Remains in Jeopardy
Dozens of historic sites in Buffalo have been restored in recent years because of the historic tax credit. Unfortunately, historic tax credits were not included in the Republican leadership's recent unified tax reform proposal.

Tax Credits a Key Part of Historic Prison Transformation
"It was important to find somebody ... who had that skill to pursue and obtain historic tax credits, which were used to finance a lot of this project," project coodinator, Diez says. The master planner/developer also needed to establish relationships with the Virginia Housing Development Authority (VHDA) and the Virginia Department of Historic Resources to effectively navigate the approval process.

Upcoming Events
CDFA National Development Finance Summit

Brownfields In-Person Project Marketplace
November, 16, 2017 - Atlanta, GA
CDFA is bringing a unique technical assistance opportunity to Georgia in conjunction with this year's National Development Fianace Summit. During the Project Marketplace, communities will be presenting their current redevelopment projects to our audience and advisors in exchange for financing recommendations specific to their projects. Summit attendees are encouraged to listen to the community presentations and engage in constructive discussions and networking. Participating communities are eligible to receive free registration for the Summit.

More Headlines

Historic Newark, NJ Building Receives $14M in HTC
Fox Business | Oct. 18 | Historic Preservation | Incentives | Tax Credits

Nearly $13M in Tax Credits Supports Niagara City Lofts
Lockport Journal | Oct. 15 | Historic Preservation | Tax Credits

From Brownfield to Greenfield: Ex-Mine Hosts Vermont's Biggest Solar Array
Valley News | Oct. 9 | Brownfield Financing | Tax Credits

Tax Abatement Granted for Affordable Housing Project in Indianapolis, IN
The Republic | Oct. 9 | Brownfield Financing | Tax Credits

Dougherty Mortgage Closes $32M HUD Loan for MN Community
Multi-Housing News | Oct. 3 | Community Development | Tax Credits

Environmental Costs Rise for Bethlehem Steel Industrial Park Project in Lackawanna, NY
The Buffalo News | Oct. 2 | Brownfield Financing | Tax Credits

St. Louis Advances Tax Credits for International Shoe Hotel Project
St.Louis Post-Dispatch | Sep. 28 | Brownfield Financing | Tax Credits

Policy Changes Made to OH Historic Tax Credit Program
ODSA | Sep. 28 | Historic Preservation | Tax Credits

New Additions to the Online Resource Database

NMTC Public Data Release
Community Development | Tax Credits
This release from the CDFI Fund includes data on NMTC awards and allocations for 2003-2015. Since its inception, the CDFI Fund has made 1,032 New Markets Tax Credit awards total, and allocated $50.5 billion in tax credit authority to 345 awardees, including many CDFIs. This report is the first time that the types of businesses that have received NMTC financing has been released.

US Renewable Energy Brief
Energy Finance | Tax Credits
This Brief, produced by CohnReznick Renewable Energy Industry and CohnReznick Capital, takes a look at the current state of the North American renewable energy market. Included in this report is a review of tax equity finance in 2016, an identification of the supply shortage, the impact of recent regulatory changes and developments in yields and structures.

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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