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Tax Credits Finance Update - July 24, 2018

Tax Credits Finance Update
July 24, 2018
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Tax Credits Finance Update


New Markets Tax Credit News Briefs – July 2018
The CDFI Fund opened the calendar year 2018 new markets tax credit (NMTC) allocation round on May 9 with $3.5 billion available. Allocation awards will be announced in winter, 2019. Learn about this years allocation and more in the July Novogradac NMTC Brief.

Federal Tax Credits and Local Dollars Keeping Akron, OH Lively
The New Markets Tax Credits program, alongside ambitious local funds like the Akron Community Revitalization Fund, are helping Akron, OH build itself back up after suffering a decades-long decline in jobs and population.

The Good News About Low-Income Housing Tax Credits
What effect does a 21% corporate tax rate have on affordable housing? The marketplace is busy clarifying that answer right now. Few dispute the reduced corporate tax rate has some effect, notably on low-income housing tax credits (LIHTCs). But to what extent?

Why LIHTC Matters for Rural Communities
Although the lack of affordable housing is often seen as a major issue for cities, rural communities also face shortfalls in rental housing that is decent, safe, and affordable. The LIHTC program is often the only source of high-quality affordable housing production and preservation in rural areas throughout the US.

IRS Releases Guidance for Solar Projects Using ITC
The IRS released new guidance that establishes when the construction of a solar facility starts to qualify for the solar Investment Tax Credit. The guidance provides two methods for determining the "commence-construction" date; starting physical work of a significant nature or meeting the "5 percent safe harbor test."

Boston, MA Urban Farm Supported by HTCs
The Urban Farming Institute and Historic Boston Inc. partnered with The Trust for Public Land and the North Bennet Street School to raise $1.5 million for the project. The restoration was also financed by $400,000 and $350,000 in state and federal historic tax credits respectively.

WI Developers Snag $57.6M in Historic Tax Credits Before Cap Sets In
The heyday of Wisconsin tax credit awards for historic building restorations ended with a bang as the state awarded $57.6 million to developers since the start of May.

GA's Tax Credit Program Boosts Rural Hospitals
The program was the brainchild of a suburban Atlanta lawmaker, Geoff Duncan, a Cumming Republican. His initial legislative effort in 2016 got the donation program started at a 70 percent credit. It was then raised to 90 percent — the amount that Duncan had originally sought. This spring, the Legislature approved the 100 percent credit.

CA Extends Film and TV Tax Credit to 2025
In a major win for the local movie and TV production industries, California has extended the state's film tax incentive program to 2025, adding five years to the program that has helped stem the tide of runaway productions to states including Georgia, Louisiana and New York.

Upcoming Events
CDFA Summer School

Intro Tax Credit Finance Course
August 7-8, 2018 - Pittsburgh, PA
The Intro Tax Credit Finance WebCourse examines the application of tax credit programs in greater economic development finance efforts. This course discusses the practical application of tax credit programs including brownfields, new markets, low income housing, historic preservation, and state-specific programs.

More Headlines

Lorain, OH Advances Project through Tax Agreements
The Chronicle-Telegram | Jul. 19 | Community Reinvestment Act (CRA) | Tax Credits | Tax Increment Finance (TIF)

LIHTC Key Financing Tool in $10.9M Anchorage, AK Housing Development
Affordable Housing Finance | Jul. 16 | Community Development | Tax Credits

CDFI Fund Seeks Reviewers for NMTC Applications
CDFI Fund | Jul. 11 | Federal | Tax Credits

NJ Film and TV Tax Credit Returns
Variety | Jul. 11 | Tax Credits

NBC's 'Good Girls' Relocating to CA Under State Tax Credit
Los Angeles Times | Jul. 2 | Tax Credits

Fannie Mae Announces $26M Low-Income Housing Tax Credit Investment
Markets Insider | Jun. 29 | Community Development | Tax Credits

IA EDA Awards SLE Investments $3.6M in HTCs
The Gazette | Jun. 29 | Historic Preservation | Redevelopment | Tax Credits

Baton Rouge, LA Housing Complex to Use CDBG, LIHTC, Bonds
The Advocate | Jun. 28 | Bond Finance | Tax Credits | U.S. Dept. of Housing & Urban Development (HUD)

AK Governor Signs Oil Tax Credit Bond Bill
The Bond Buyer | Jun. 26 | Bond Finance | Energy Finance | Tax Credits

New Additions to the Online Resource Database

The Low Income-Housing Tax Credit: Past Achievements, Future Challenges
Community Development | Rural Development | Tax Credits
This report, produced by the Urban Institute, explores why LIHTC is a critical part of the housing safety net. The report details how and why the program has succeeded, the challenges it faces, and why the program is more important than ever.

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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