CDFA Virtual Summer School: Advanced Tax Credits on August 11-12
Please join CDFA on August 11-12, 2021 to increase your knowledge of tax credits by taking a deeper dive into the use and applicability of this tool during the inaugural Advanced Tax Credit Finance Course during CDFA Virtual Summer School. Attendees will examine this type of financing through the lens of all parties and see how projects come together on a given transaction. We hope to see you there!
City Breaks Ground on First Phase of New Construction in Southeast Community
The City of Newport News and the Newport News Redevelopment and Housing Authority (NNRHA) broke ground on the first phase of construction for a mixed-use development featuring apartments, townhomes, and retail space. The $19.7M project is being funded by a Choice Neighborhoods grant from HUD, Affordable Housing Tax Credits, and Home funds.
The Historic Belleville Building is Attracting New Tenants
The $14.2M project to renovate the 90-year-old building is nearing completion and the developers anticipate the first residents will move into the Lofts on the Square apartments in late July. The project received $2.1M in historic tax credits after the building was placed on the National Register of Historic Places in 2018 along with $7.5M in federal low-income housing tax credits from the Illinois Housing Development Authority.
Green Rehab BT Solar Part of Cleveland Forest City Apartment
This project consists of includes 38 studios, 1-bedroom, and 2-bedroom apartments on the upper floors and a restaurant incubator with four unique food concepts in one space, a large shared bar and outdoor patio, and 9,000 square feet of coworking and event space on the ground floor. The project received 9% LIHTC from the Ohio Housing and Financial Services Agency, along with state and federal historical tax credits.
With Rockford Incentives, $19.5M Redevelopment Project Will Start This Fall
Urban Equity Properties plans to break ground this fall on the $19.5M transformation of a vacant industrial building into a 64-unit luxury apartment complex called Water Power Lofts. The project will be financed with a $490,873 forgivable loan, property tax incentives, traditional financing, private equity, and historic tax credits in addition to city incentives.
Incentive Evaluations Lead to Statutory Changes
Oklahoma has been assessing the state's business incentive programs on a regular schedule since 2016. State legislators and officials from state agencies have taken the lead to use findings and recommendations from the Incentive Evaluation Commission to make changes that contain costs and improve outcomes for Oklahoma. As a result of their efforts, more than a dozen statutory changes have passed to improve incentive program performance.
SB Friedman Leads NMTC Closing of Mercy Care Decatur Street Clinic in Atlanta, GA
SB Friedman's New Markets Tax Credit (NMTC) practice structured and led the closing of a $23 million NMTC financing for a renovation and expansion of Mercy Care's Decatur Street Clinic with best practices in clinic design. Mercy Care is one of the largest Federally Qualified Health Centers in Atlanta and the only health center in the city designated by the U.S. Health and Human Services as a Health Care for the Homeless provider.
Developers Open $19M Senior Affordable Housing Project Outside Atlanta, GA
The $19 million senior housing project was financed largely through 9% federal and state Low-Income Housing Tax Credits issued by the Georgia Department of Community Affairs and Home Investment Partnership funds from DeKalb County Community Development. It will set aside 80% of its units for households at or below 60% of area median income for the Decatur, Georgia community.
White House Releases Fact Sheet Detailing Housing Provisions in the American Jobs Plan
The Biden-Harris Administration is proposing a bold investment in America's housing infrastructure to make housing more affordable for working and middle-class families. The American Jobs Plan pairs $213 billion in direct funding with more than $100 billion in new and expanded tax credits with bipartisan support to build and modernize housing across the country.