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CDFA Tax Credits Finance Update - November 26, 2019

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Tax Credits Finance Update
November 26, 2019
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Tax Credits Finance Update


CDFA Food Finance White Paper Series: Food Systems & Investment Tools
This paper continues a white paper series demonstrating the ways in which traditional development financing is already supporting food systems, with a focus on finance tools that help to stimulate investment. An overview of investment tools, such as tax credits and opportunity zones, is provided with examples of current programs as well as an extensive collection of case studies to illustrate how these tools can make an impact.

$130M Redevelopment Turns Mall into Senior Housing
The site of a vacant mall in a Minneapolis suburb is one step closer to being redeveloped into mixed-use, with affordable senior housing as an anchor. Funding for the redevelopment's residential component will consist of low income housing tax credits (LIHTC) along with $5 million in tax increment financing, with the balance consisting of first mortgage debt.

Firm Pitches State Tax Credits for P3s in LA and Elsewhere
Louisiana is being pitched on a novel state tax credit program to provide initial funding for large infrastructure projects such as those using public-private partnerships. Scott Haber, founder and president of the firm NDH Capital Corp., presented his idea and is crisscrossing the country asking other states to consider it.

ITC, PTC Extension Included in GREEN Act Discussion Draft
The House Ways and Means Committee today released a discussion draft and section-by-section summary of the Growing Renewable Energy and Efficiency Now (GREEN) Act, which delays the phasedown of the renewable energy production tax credit (PTC) and investment tax credit (ITC) until after 2024.

2019 Affordable Housing Credit Improvement Act Gains Steam With Bipartisan Support
As 2019 winds down, the Affordable Housing Credit Improvement Act of 2019 is gaining momentum in Congress. The Act, which is aimed at expanding and strengthening the low-income housing tax credit, was originally introduced in 2016. The 2019 bill reintroduces many key provisions from the original bill, along with new provisions to further bolster the housing credit. As of the end of October, more than one-third of the House and one-fourth of the Senate have signed on to co-sponsor the bill.

CA Launches State Historic Tax Credit Program
California Governor Gavin Newsom has signed Senate Bill 451 into law, creating a new statewide historic rehabilitation tax credit incentive to help spur the reuse of existing historic buildings. Under the program, projects that reuse historic buildings will receive a "dollar for dollar reduction in tax liability" to help make these types of difficult and costly projects financially viable.

Milwaukee's Historic Soldiers Home to Get New Life
Six buildings at the Milwaukee Soldiers Home, a national historic landmark district, are being rehabilitated into housing for veterans and their families who are homeless or at risk of homelessness. Located on the grounds of the Clement J. Zablocki VA Medical Center, the project is being led by The Alexander Co. and the Housing Authority of the City of Milwaukee (HACM).

New Tax Credit for Ag Land Might Help Rural MN School Funding
Aging buildings are common in rural communities across the state. Bonds — essentially, property tax hikes approved by voters — are the primary way Minnesota districts pay for new schools, operating costs and improvement projects, but it's been difficult for rural districts to pass bond referendums. A bipartisan bill has been proposed in Minnesota that might alleviate some of that pressure on large landowners by offering a tax credit from the state government to agricultural landowners who pay taxes for school bonds.

$36M Expansion of Food Manufacturer Gets OH Tax Credit
The Ohio Tax Credit Authority voted Monday to approve a seven-year, 1.193 percent Job Creation Tax Credit for SugarCreek, a Washington Court House-based food manufacturer. SugarCreek is investing $36 million in its food manufacturing business in that location and adding 120 new jobs.

Upcoming Events
Intro Food Systems Finance WebCourse

CDFA // BNY Mellon Development Finance Webcast Series: Sourcing Local Capital for Community Projects
Tuesday. December 17, 2019 - 1:00 PM Eastern
From crowdfunding to co-ops, during this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will learn about the tools that are being used to bridge the financing gap and make local economies work.

More Headlines

Lakewood Project Repurposes Blighted Property
CREJ | Nov. 24 | Brownfield Financing | Tax Credits | Tax Credits\Low Income Housing Tax Credits (LIHTCs) | Tax Credits\State Energy Tax Credits

Senior Affordable Housing Project Breaks Ground In Southeast D.C.
Bisnow | Nov. 22 | Bond Finance | Housing Finance | Tax Credits | Tax Credits\Low Income Housing Tax Credits (LIHTCs)

State, Federal Bills Aimed at Improving Broadband Access in NH
Monadnock Ledger-Transcript | Nov. 21 | Infrastructure Finance | Tax Credits

P3 Projects on the Way with an Investment of $235M
The Weekly Journal | Nov. 20 | Energy Finance | Green Finance | Housing Finance | Public-Private Partnership (P3) Financing | Tax Credits

Proposed Franklin, NH Whitewater and Outdoor Park Wins Regional Planners' Award
New Hampshire Union Leader | Nov. 20 | Public-Private Partnership (P3) Financing | Rural Development | Tax Credits | Tax Increment Finance (TIF)

Farm Credit Chief Sees Shadow of 1980s Farm Crisis
Politico | Nov. 20 | Access to Capital | Agriculture Finance | Food Systems Finance | Tax Credits

Incentive for Housing and Grocery Project in Evansville, IN
Courier Press | Nov. 18 | Bond Finance | Incentives | Tax Credits | Tax Increment Finance (TIF) | Urban Development

Senior Veteran Housing Complex Likely Coming to Chicago, IL
Block Club Chicago | Nov. 12 | Tax Credits | Tax Increment Finance (TIF)

Twain Financial Partners Finances $18M in Historic Tax Credits in Chicago, IL
Webster County Citizen | Nov. 7 | Historic Preservation | Tax Credits

IRS Sets 2020 LIHTC, Bond Caps
Affordable Housing Finance | Nov. 7 | Bond Finance | Housing Finance | Tax Credits | Tax Credits\Low Income Housing Tax Credits (LIHTCs)

After Years of Waiting, South Shore Grocery Store Opening in Chicago, IL
Block Club Chicago | Nov. 5 | Food Systems Finance | Tax Credits | Tax Increment Finance (TIF)

Chasing Away NJ's Economic Ghosts by Transforming Blight and Brownfield Sites
NJ Spotlight | Nov. 1 | Brownfield Financing | Municipal Securities Rulemaking Board (MSRB) | Opportunity Zones | Tax Credits

Trinity Financial Completes 102-Unit Housing Development in MA
New England Real Estate Journal | Nov. 1 | Brownfield Financing | Tax Credits

AAON Announces New Markets Tax Credit for New Facility in Longview, OK
ACHR News | Oct. 30 | Tax Credits | Tax Credits\Federal New Markets Tax Credits (NMTCs)

City of Helena, MT receives Low-Income Housing Tax Credit
ABC Fox Montana | Oct. 30 | Housing Finance | Tax Credits | Tax Credits\Low Income Housing Tax Credits (LIHTCs)

Development in Downtown Huntington, WV Continues with Building Remodel
The Herald Dispatch | Oct. 29 | Historic Preservation | Tax Credits | Tax Credits\Federal Historic Rehab Tax Credits | Tax Credits\State Historic Tax Credits

New Cape Ann YMCA To Be Built With NMTCs From TD Community Development Corporation
PR Newswire | Oct. 28 | Tax Credits | Tax Credits\Federal New Markets Tax Credits (NMTCs)

Developers Celebrate Opening of Lathrop Residences and Riverfront Park in Chicago, IL
Affordable Housing Finance | Oct. 25 | Historic Preservation | Housing Finance | Tax Credits

Clean, Renewable Energy Fosters Economic Development
Arkansas Business | Oct. 25 | Energy Finance | Green Finance | Opportunity Zones | Property Assessed Clean Energy (PACE) | Tax Credits

OR Brewery Seeks Tax Incentive for Expansion
The Astorian | Oct. 25 | Access to Capital | Brownfield Financing | Food Systems Finance | Incentives | 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


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CDFA National Sponsors

  • BNY Mellon
  • Bricker Graydon LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • Frost Brown Todd LLP
  • Grow America | Formerly NDC
  • Hawes Hill and Associates LLP
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • Raza Development Fund
  • SB Friedman Development Advisors
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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