Join CDFA for Our Upcoming Intro Tax Increment Finance WebCourse
Register for CDFA's Intro Tax Increment Finance (TIF) WebCourse taking place on June 26-27. Join us to learn the guiding principles and appropriate application of TIF. Our panel of expert instructors will discuss TIF deal-making and best practices highlighted by projects from around the country.
NJEDA Board Approves Brownfields Redevelopment Award to Support Remediation of Bergen County Manufacturing Site
The New Jersey Economic Development Authority (NJEDA) Board approved $350,000 in tax credits under the Brownfields Redevelopment Incentive (BRI) Program to support remediation of a long-dormant manufacturing site in Elmwood Park. The BRI Program supports remediation costs and incentivizes developers to clean up brownfield sites across the state, transforming contaminated properties into community assets.
Time to Register for the 2024 CDFA Summer School!
CDFA Summer School is a 2-week long virtual series of courses designed to help you accelerate your development finance education, with a curation of seven different training courses to choose from. Don't miss the opportunity to learn from our expert practitioners and experience CDFA's most interactive educational event of the year! Register today!
Wisconsin to Provide $32.6M in Tax Credits for Multifamily Housing
Wisconsin's Governor and the Wisconsin Housing and Economic Development Authority (WHEDA) have announced that multifamily housing developers statewide will soon receive nearly $32.6 million in 2024 Housing Tax Credits to improve access to safe, stable, and affordable housing.
Nonprofit, Developer to Rehabilitate an Industrial Property in Pennsylvania With NMTC
A nonprofit is teaming up with an Allentown construction company to rehabilitate a former industrial property on the city's south side. Community First Fund has allocated a $6 million NMTC investment and a $2 million leverage loan for the $49 million project. The nonprofit said it is addressing the community's 25% poverty rate, unemployment twice the national average, and a median family income of 56.2% of the national average.
IRS, DOE Announce $6B Allocation of Clean Energy Manufacturing, Recycling Incentives
On April 29, 2024, the IRS and the Department of Energy (DOE) announced the process by which they will accept and process applications on round two of the Section 48C(e) qualifying advanced project energy tax credit. Section 48C(e) provides tax incentives of up to 30% on qualifying clean energy manufacturing and recycling, greenhouse gas emission reduction, and critical material projects.
Century-Old Cass County, NE Schoolhouse Boosted By LIHTC, Historic Tax Credits
History Nebraska's historic preservation office recently welcomed local, state, and federal officials to a "Rehab Roadshow" that celebrated the nearly $16 million project to rehab a 106-year-old schoolhouse in Cass County. In addition to the 25 units in the rehabbed schoolhouse, which were responsible for the bulk of the cost, the price tag includes a 15-unit, newly constructed apartment structure nearby. Federal and state historic tax credit programs as well as a state tax abatement program and Low-Income Housing Tax Credits (LIHTC) filled financial gaps to make the project feasible.
Treasury Department and IRS Release Final Regulations on the Transfer of IRA Tax Credits
The U.S. Department of the Treasury and IRS on April 25, 2024, released final regulations regarding the transfer of tax credits under Section 6418. The final regulations adopt the proposed regulations issued in June 2023, with changes, and remove the temporary regulations.
Atlanta, GA Senior Housing Project Secures $72M Financing Including LIHTC, TAD
The joint venture of The Benoit Group, Atlanta Housing, Invest Atlanta, and Atlanta Beltline has secured the necessary financing for the development of Englewood Senior in Atlanta. The 160-unit affordable senior housing project is part of a multi-phase $72 million master-planned development rising on the 30-acre site of the former Englewood Manor public housing property. In addition to Low-Income Housing Tax Credits (LIHTC) financing, the partnership obtained $18 million HUD 221(d)(4) senior debt, a $3.3 million secondary priority loan originated by Atlanta Housing, and $3 million Beltline TAD funds originated by Invest Atlanta.
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