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CDFA Tax Credits Finance Update - April 28, 2020

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Tax Credits Finance Update
April 28, 2020
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Tax Credits Finance Update


Ashtabula Main Avenue Historic District Under Consideration by National Register of Historic Places
The Ashtabula Main Avenue Historic District is being considered by the Ohio Site Preservation Advisory Board for nomination to the National Register of Historic Places. This district will assist in preserving the great historic buildings up and down Main Avenue and will unlock tax incentives, such as federal and state credits for future development downtown, of which they have already been awarded,

Sen. Grassley: Senators Urge Regulatory Relief for Energy Tax Credits in Light of Pandemic Setbacks
The Senators are seeking an extension of the "continuity safe harbor" from 4 years to 5 years for projects that began construction in 2016 or 2017 under the energy production and investment tax credit. This will provide relief to projects that are near completion, but due to setbacks related to Covid-19 are at risk of losing their tax credit eligibility.

Final Funds Granted to Hotel Maytag Developers
About $150,000 of previously bonded city funds have been reallocated to developers of the Hotel Maytag rehabilitation project due to "unforeseen structural challenges." This will now complete the project which also includes Bond Funds from their TIF District and Historic Tax Credits.

Jonathan Rose Cos., Columbia Residential to Preserve Atlanta Affordable Housing
A joint venture between Jonathan Rose Cos. and Columbia Residential, in partnership with community-based nonprofit SUMMECH Community Development Corp., is preserving 181 units of affordable housing near downtown Atlanta. Funding for the project is structured with $23 MM in federal and state LIHTC equity from U.S. Bancorp Community Development Corp. and a $26.4 MM Freddie Mac TEL first mortgage from Capital One. SUMMECH also provided $1.5 MM in soft financing.

Developers Hope Affordable Housing Financing Gets Rethought
LIHTC's, the principle way affordable housing developers fund projects, have dropped in value since the economic slowdown has given banks and other investors pause about the sector. There has been about a 10% drop in the market for LIHTCs. One fix could be the federal government effectively intervening in the LIHTC market itself as it did in the recession to help fill in funding gaps.

The Habitat Company and P3 Markets Clears First Round of Financing For TOD Mixed-Use Development In Chicago
Chicago-based The Habitat Company, today announced the firm cleared a key hurdle in financing the first phase of 43 Green, a $35M mixed-income, mixed-use transit-oriented development (TOD) in Chicago's Grand Boulevard neighborhood also including LIHTC's.

Greenwich Housing Authority Receives $10.5 MM Tax Credit for Gut Rehabs at Armstrong Court
Greenwich's Housing Authority was recently notified that it was awarded almost $10.5 MM in tax credits from the Connecticut Housing Finance Authority (CHFA). The proceeds from the sale of credits to investors will contribute $10.5 MM in equity towards a 144-unit Armstrong Court redevelopment project will consist of at least 4 phases.

Innovation Center Backers Say Pandemic Could Cause Some Funding Holdups
A mix of private-sector money, federal new market tax credits, historic preservation tax credits and a hefty contribution from the State of Mississippi make up the bulk of funding for the $22 million technology and innovation center scheduled to open next year in Vicksburg's former Mississippi Hardware building. However, Covid-19 has diverted the legislature's resources elsewhere and US Treasury has not set allocations for NMTC's as of yet.

Chicago Awards $13.2 Million In Housing Tax Credits
Chicago is advancing nearly $400 million in affordable housing developments through its (LIHTC) allocation process. Total development costs for the selected projects are estimated at $398 million and include all public and private resources: $13.2 MM in 9% LIHTC's to generate an estimated $126.2 MM in private resources and equity; an estimated $60.4 MM in federal subsidy; and $23.5 MM in TIF.

New Orleans Redevelopment Fund Receives $45M Loan to Convert Hotel Into Student Housing For Tulane Medical Students
The New Orleans Redevelopment Fund (NORF) has received a $45 million loan to convert the Warwick Hotel in downtown New Orleans into student housing for Tulane University medical students. As part of the $45 million construction loan, Hancock Whitney Bank provided bridge financing and Midland State Bank provided Historic Tax Credits to the developer.

Upcoming Events
Intro Tax Increment Finance WebCourse

CDFA-ARI Rural Finance Webinar Series: Tools, Programs, and Opportunities Within Rural America
Wednesday, May 6, 2020 - 1:00 PM - 2:30 PM Central
During the second installment of the CDFA-ARI Rural Finance Webinar Series, we will continue to explore what responses and resources are available to reduce the impact of the COVID-19 crisis on rural America.

CDFA-Bricker PACE Webinar Series: PACE 101 - The Basics of PACE Financing
Tuesday, May 12, 2020 - 11:00 AM - 1:00 PM Eastern
During this installment of the CDFA-Bricker PACE Webinar Series, learn about the basic principles of PACE financing from experts from across the field including the origins and laws of PACE financing, current market trends, and eligible technologies including energy efficiency and alternative energy technologies.

CDFA // BNY Mellon Development Finance Webcast Series: Historic Preservation Financing
Tuesday, May 19, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will explore the challenges of historic preservation projects and how financing tools can be combined to make preservation projects possible.

More Headlines

A Civic Minded Solution: Coolidge School To Get New Lease On Life
Maynard Wicked Local | Apr. 27 | Housing Finance | Tax Credits | Federal Historic Rehab Tax Credits | State Historic Tax Credits

Texas a Good Model for Tax Incentives
Tullahoma News | Apr. 26 | Historic Preservation | Housing Finance | Tax Credits | Federal Historic Rehab Tax Credits | State Historic Tax Credits

An 1895 Electric Shop Gets the Ultimate Jump Start
The Pittsburgh Post-Gazette | Apr. 24 | Tax Credits | Federal Historic Rehab Tax Credits

Schneider Development Gets Go-Ahead to Sell Six More Condos at 210 Ellicott
The Buffalo News | Apr. 24 | Historic Preservation | Tax Credits | Federal Historic Rehab Tax Credits

Lexington Market Pushes Back Timetable For East Market Redevelopment
Baltimore Business Journal | Apr. 23 | Redevelopment | Tax Credits | Federal Historic Rehab Tax Credits

Union of Concerned Scientists calls for ITC, PTC Extension in Stimulus
Union of Concerned Scientists | Apr. 22 | Disaster Recovery & Relief | Energy Finance | Legislative | Tax Credits | COVID-19

City Relaxes Roadblocks For Affordable Housing Lottery
King County Politics | Apr. 22 | Housing Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

Developer Expects Wilson Building Renovation to Begin This Fall
Clinton Herald | Apr. 21 | Historic Preservation | Tax Credits | Federal Historic Rehab Tax Credits

How Energy Markets Stack Up in a Global Pandemic and What's Ahead
Medium | Apr. 17 | Disaster Recovery & Relief | Energy Finance | Tax Credits | COVID-19

LIHTC Equity Market Moving Forward Cautiously in Light of COVID-19 Pandemic
Novogradac | Apr. 16 | Housing Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

Update: 10 Financial Support Opportunities for Healthcare Companies During the COVID-19 Crisis
JD Supra | Apr. 15 | Access to Capital | Crowdfunding | Disaster Recovery & Relief | Social Finance | Tax Credits | General Loan Programs | COVID-19 | Health

Coronavirus-Related Tax Relief For The Real Estate And Agricultural Industries
JD Supra | Apr. 15 | Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Federal | Food Systems Finance | Housing Finance | Internal Revenue Service (IRS) | Tax Credits | General Loan Programs | COVID-19

KeyBank Secures Financing For 2 Affordable Communities
Multi-Housing News | Apr. 15 | Economic Development | Housing Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

States and Cities Are Helping Businesses Survive. Here Are the Best Programs.
Business Insider | Apr. 14 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | Revolving Loan Funds (RLFs) | Tax Credits | COVID-19

No New Taxes: New York's FY 2020-21 Budget Bill Signed by Governor Cuomo
JDSupra | Apr. 14 | Green Finance | Tax Credits | State Green Finance Programs | State Tax Credit Programs

Affordable Housing Complex Proposal Awarded $1.5M In Federal Tax Credits
Block Club Chicago | Apr. 8 | Tax Credits | Tax Increment Finance (TIF)

Environmental Groups Applauding Budget Victories
The Legislative Gazette | Apr. 7 | Tax Credits | State Green Finance Programs | State Tax Credit Programs

COVID-19 Legislative Relief Provisions for Small Businesses
JD Supra | Apr. 6 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | Legislative | Revolving Loan Funds (RLFs) | Tax Credits | COVID-19

Alaska to Use Tax Credits to Increase Air Quality
AP News | Mar. 28 | Energy Finance | Green Finance | Legislative | State Finance Program | Tax Credits

New Additions to the Online Resource Database

COVID-19 Rebirth Using Proven Tools
Access to Capital | Community Development | Disaster Recovery & Relief | Energy Finance | Opportunity Zones | Property Assessed Clean Energy (PACE) | Tax Credits
This white paper looks at how 5 successful programs can be used to finance the recovery from COVID-19. The 5 programs are C-PACE and R-PACE, State Historic Tax Credits, State Opportunity Zones Programs, State New Markets Tax Credits, and Solar and Energy Tax Credits (ITCs).

Understanding Whom the LIHTC Serves - Data on Tenants in LIHTC Units
Housing Finance | Social Finance | Tax Credits
As mandated through the Housing and Economic Recovery Act of 2008, state agencies administering the Program are required to submit demographic and economic data on LIHTC tenants to HUD. While not inclusive of all tenants served by the LIHTC, the summary tables of state tenant data received as of December 31, 2017, provides a useful picture of the program's beneficiaries.

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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