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CDFA Tax Credits Finance Update - February 25, 2020

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Tax Credits Finance Update
February 25, 2020
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Tax Credits Finance Update

Features

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.

Upcoming Events
CDFA Federal Policy Conference

CDFA // BNY Mellon Development Finance Webcast Series: To TIF or Not to TIF?
Tuesday, March 17, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series experts will examine the best strategies local governments and analysts are using to determine appropriate TIF assistance levels.

CDFA // BNY Mellon Development Finance Webcast Series: Social Impact Bonds and Their Promise, Performance, and Potential
Tuesday, April 21, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will explore if the performance of Social Impact Bonds (SIBs) is living up to the hype and how SIBs can be used as a powerful tool for community development.

More Headlines

IRS Reveals How Carbon Capture Credits Will Be Implemented
The Washington Examiner | Feb. 19 | Energy Finance | Federal | Green Finance | Tax Credits

Affordable Housing May Be Coming to the Most Expensive Districts in Houston, TX
Houston Chronicle | Feb. 19 | Tax Credits

VA Bill for Alternative Energy Sources Passes Senate
The Virginia Gazette | Feb. 18 | Energy Finance | Legislative | State Finance Program | Tax Credits

NM Solar Energy Tax Credit Bill Clears Senate
Carlsbad Current Argus | Feb. 18 | Energy Finance | Legislative | State Finance Program | Tax Credits

How Community Development Tax Incentives Have Benefited NV
Novogradac | Feb. 18 | Community Development | Opportunity Zones | Tax Credits

New Orleans Redevelopment Fund Closes 'on Record Raise'
New Orleans City Business | Feb. 18 | Opportunity Zones | Tax Credits

CO Housing Crunch Reaches Beyond Front Range
Denver Post | Feb. 16 | Housing Finance | Tax Credits | Tax Credits\Low Income Housing Tax Credits (LIHTCs)

HUD Awards Nearly $15 M in OH to Build Low-Income Senior Housing
Crain's Cleveland Business | Feb. 14 | Bond Finance | Housing Finance | Tax Credits | U.S. Dept. of Housing & Urban Development (HUD) | Tax Credits\Low Income Housing Tax Credits (LIHTCs)

How Rent Control Policies Could Impact the Single-Family Market
Builder | Feb. 14 | Housing Finance | Opportunity Zones | Tax Credits | Housing Finance\Understanding Housing Finance | Tax Credits\Low Income Housing Tax Credits (LIHTCs)

Response Technologies, Resh and Smartshift Technologies Relocate to RI
NEREJ | Feb. 14 | Tax Credits | Tax Credits\State Job Creation Tax Credits

CDFA Releases Roadmap to Redevelopment for the Former Native Service Hospital in Anchorage, AK
CDFA | Feb. 13 | Brownfield Financing | CDFA Original Research | CDFA Press Releases | Community Development | Economic Development | Housing Finance | Opportunity Zones | Public-Private Partnership (P3) Financing | Revolving Loan Funds (RLFs) | Tax Credits | Tax Increment Finance (TIF) | Tribal Finance | U.S. Dept. of Housing & Urban Development (HUD) | U.S. Dept. of Treasury CDFI Fund | U.S. Environmental Protection Agency (EPA) | Urban Development

Lexington Market Renovation Will Break Ground Next Week
Baltimore Magazine | Feb. 12 | Tax Credits

Check Out the Agenda for the CDFA Federal Policy Conference!
CDFA | Feb. 7 | Access to Capital | Bond Finance | Federal | Infrastructure Finance | Legislative | Opportunity Zones | Tax Credits | Tax Increment Finance (TIF)

True Green Capital Management Closes $84M in Debt and Tax Equity Financing
PR Newswire | Feb. 7 | Bond Finance | Energy Finance | Green Finance | Tax Credits

Capital View Apartments Now Leasing Thanks to Brownfield Tax Credits
Lansing City Pulse | Jan. 31 | Brownfield Financing | Tax Credits

Where Chicago, IL Development Sees Investment
Crain's Chicago Business | Jan. 31 | Economic Development | Opportunity Zones | Redevelopment | Tax Credits

Buffalo, NY Has Already Identified Incentives for Brownfield Waiting for Redevelopment
Buffalo Rising | Jan. 30 | Brownfield Financing | Tax Credits

More Investors Could Mean Increased Affordable Housing in HI
Civil Beat | Jan. 28 | Housing Finance | Revolving Loan Funds (RLFs) | State Finance Program | Tax Credits | Tax Credits\Low Income Housing Tax Credits (LIHTCs)

Co-op Grocery in Dayton, OH Closes on Financing
Dayton Daily News | Feb. 2 | Access to Capital | Food Systems Finance | Tax Credits


New Additions to the Online Resource Database

Roadmap to Redevelopment Report: Anchorage, AK
Bond Finance | Brownfield Financing | CDFA Original Research | Community Development | Economic Development | Housing Finance | Incentives | Infrastructure Finance | Opportunity Zones | Public-Private Partnership (P3) Financing | Redevelopment | Revolving Loan Funds (RLFs) | Special Assessment Districts | State Finance Program | Tax Credits | Tax Increment Finance (TIF) | Tribal Finance | Urban Development
This report provides financing strategies for the redevelopment of the Former Alaska Native Service Hospital in Anchorage, AK

Joint Committee on Taxation Report: Overview of Selected Provisions for Financing Infrastructure Investments
Bond Finance | Community Development | Historic Preservation | Housing Finance | Infrastructure Finance | Legislative | Opportunity Zones | Public-Private Partnership (P3) Financing | Tax Credits
This report by the Staff of the Joint Committee on Taxation was prepared on January 29, 2020 for a hearing before the House Committee on Ways and Means. It discusses an overview of infrastructure financing options, including the highway trust fund, infrastructure banks, tax-exempt bonds, P3s, NMTCs, Opportunity Zones, LIHTCs, and Historic Rehab Tax Credits.

Moving America and the Environment Forward Framework
Bond Finance | Brownfield Financing | Community Development | Energy Finance | Federal | Green Finance | Housing Finance | Infrastructure Finance | Innovation Finance | Legislative | Revolving Loan Funds (RLFs) | Rural Development | Tax Credits | Water Finance
"Moving America and the Environment Forward" is a House Ways and Means Committee statement of principles on how the committee wants to approach an infrastructure bill. It includes $760 billion of proposals.


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
info@cdfa.net

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