IRS Releases Critical Guidance on Carbon Capture Tax Credits
The guidance issued on February 19 by the Internal Revenue Service is the type that the carbon capture and storage industry had sought, and will hopefully open up the market for investment by eliminating tax-related uncertainties for financial investors. Similar guidance was provided for renewable energy projects which proved valuable.
Worcester YWCA's Unique TIF Request Heads to City Council
In late 2019, the YWCA transferred ownership of its building to a for-profit LLC so it could get the federal tax credits. The YWCA can't afford to pay property taxes, so it needs a TIF from the city. Officials are proposing an eight-year TIF, saving the YWCA about $5.9 M in property taxes over that period.
Hill District YMCA to Undergo $7M Renovation, Add 74 Units of Affordable Housing
A major Hill District landmark, the Centre Avenue YMCA, is about to embark upon a new chapter in its storied history, with a $7 million renovation that will result in 74 units of affordable housing. Funding came from a variety of sources, including federal historic tax credits, $600,000 from the Housing Opportunity Fund and a $1.5 million RCAP (Redevelopment Assistance Capital Program) grant from the state, that the URA will administer.
Missourians Push to Reinstate Low-Income Housing Tax Credits
SB 549, would cap the state match at 72.5 percent of the amount of federal low-income housing tax credits allocated to the state, adjusted for inflation, according to the bill summary. It would reduce the limit of credits authorized for projects financed through tax-exempt bonds from $6 million to $4 million.
ME Enacts Affordable Housing Tax Credit
The Maine State Housing Authority (MaineHousing) will be tasked with administering and allocating $80 million of credits to affordable rental housing developers between 2021 and 2028, with up to $10 million allocated each year. Any unused allocation can be carried forward to later years. The Governor touted the credit as aiming to create nearly 1,000 additional affordable housing units over eight years and increasing Maine's current rate of production by 50%.
House Ways and Means Committee Unveils Infrastructure Proposal
The House Ways and Means Committee has released its much-anticipated infrastructure proposal. It includes $760 billion over five years for transportation, broadband, water, wastewater, and brownfields redevelopment. It also would expand many existing clean energy financing programs as well as tax credits like the NMTC, LIHTC, and HTC.
Freddie Mac Surpasses $1B in LIHTC Investments
Freddie Mac has topped the $1 billion mark in low-income housing tax credit (LIHTC) equity investments after re-entering the market in 2018. The latest investments were made in underserved communities in 22 states, Puerto Rico, and Guam and provide more than 8,500 homes for households that struggle to find safe and affordable rental housing, announced the company.
House Leadership Releases PR Aid Bill - Includes New Markets Tax Credits
The House Democratic Leadership released a supplemental appropriations bill increasing aid to Puerto Rico. The bill, referred to as the Puerto Rico Earthquake Supplemental, contains over $4.6 billion in education, transportation, and infrastructure (CDBG) aid. It also includes an allocation of New Markets Tax Credits for Puerto Rico.