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CDFA Tax Credits Finance Update - May 28, 2024

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Tax Credits Finance Update
May 28, 2024
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Tax Credits Finance Update

Features

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.

Upcoming Events
Intro Tax Increment Finance WebCourse

CDFA-Bricker Graydon Webinar Series: Catalyzing Transformative Redevelopment with TIF
June 11, 2024 - 2:00 PM - 4:00 PM Eastern
Speakers on this event will present the basics of how these tools work and provide case studies highlighting how PACE and special assessment financing can be paired to create more environmentally sustainable projects.

CDFA // BNY Mellon Development Finance Webcast Series: Impacts of Inflation on Bond Yields, Arbitrage, and Rates
June 18, 2024 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, panelists will walk through the impact of rate hikes on yield and arbitrage and share best practices for managing these impacts.

More Headlines

$17.4M Affordable Senior Housing Development Breaks Ground in Rockland, ME
Maine Biz | May. 21 | Housing Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

Alabama to Offer State Tax Credit for Federal 4% LIHTC Projects
JD Supra | May. 20 | Housing Finance | State Finance Program | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

Cleveland, OH Affordable Housing Wins LIHTC Financing
NEO Trans | May. 20 | Housing Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

Tax Credit Choice for Solar and Wind Power in the Inflation Reduction Act
Resources | May. 16 | Energy Finance | Tax Credits

$32M Affordable Senior Apartments Coming to Vacant Chicago, IL South Side Land
Block Club Chicago | May. 14 | Housing Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

New York Announces Start of Construction on Brooklyn Affordable Housing Development
State of New York | May. 14 | Bond Finance | Housing Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

IRS Announces Opening Date for Low-Income Communities ITC Bonus Program
Novogradac | May. 13 | Energy Finance | Internal Revenue Service (IRS) | Tax Credits

U.S. Treasury's Low-Income Communities Bonus Credit Program Application Window Opens May 28
U.S. Department of the Treasury | May. 13 | Access to Capital | Energy Finance | Green Finance | Housing Finance | Legislative | Tax Credits | U.S. Dept. of Treasury | Guidance and Regulatory

Alabama Governor Signs Bill Creating State LIHTC With $5M Annual Cap
Novogradac | May. 10 | Housing Finance | State Finance Program | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

Long-Term Deposit in Native-Owned Bank Spurs Investment in Habitat Denver
Federal Reserve Bank of Kansas City | May. 10 | Housing Finance | Tax Credits | Tribal Finance | Federal New Markets Tax Credits (NMTCs)

Biden Administration Releases Final Rules on EV Tax Credit
Recycling Today | May. 6 | Energy Finance | Green Finance | Tax Credits

Florida Solar Tax Credits, Incentives, and Rebates
MarketWatch Guides | May. 6 | Energy Finance | Incentives | Tax Credits

Child Care, Housing Development Tax Credits Advance in Alabama Senate
Alabama Daily News | May. 2 | Housing Finance | State Finance Program | Tax Credits

Biden-⁠Harris Administration Announces $3B to Replace Toxic Lead Pipes
The White House | May. 2 | Tax Credits

Rosen, Cortez Masto Secure Nearly $1.8M for Clean Energy Projects in Nevada
U.S. Senator Rosen | May. 2 | Tax Credits

ADUs Could Expand the Affordable Housing Toolkit—If Local Governments Can Work Through Some Growing Pains
Brookings | Apr. 30 | Housing Finance | Tax Credits | U.S. Dept. of Housing & Urban Development (HUD) | Low Income Housing Tax Credits (LIHTCs)

MassHousing Closes on $9.6M for Renovation, Affordability Extension Project in Worcester , MA
Yield PRO | Apr. 30 | Historic Preservation | Housing Finance | Tax Credits | U.S. Dept. of Housing & Urban Development (HUD) | Low Income Housing Tax Credits (LIHTCs) | Federal Historic Rehab Tax Credits | State Historic Tax Credits

Grant Money and Tax Credit Incentives for New Colorado Rural Small Business Owners
KOAA | Apr. 30 | Economic Development | Rural Development | Tax Credits

IRS Declines to Relax Energy Credit Transfer Rules
Grant Thorton | Apr. 29 | Energy Finance | Tax Credits


New Additions to the Online Resource Database

IRS Notice 2024-41 - Domestic Content Bonus Credit Amounts Under the Inflation Reduction Act
Energy Finance | Green Finance | Legislative | Tax Credits
This notice modifies the existing domestic content safe harbor in Notice 2023-38, provides a new elective safe harbor for determining the domestic content bonus credit amounts under §§ 45, 45Y, 48, and 48E of the Internal Revenue Code, and requests comments regarding the new elective safe harbor to inform the development of any future updates.

IRS Notice 2024-36 - Allocation of Section 48C(e) Qualifying Advanced Energy Project Credit Program
Energy Finance | Green Finance | Incentives | Legislative | Tax Credits
This notice provides additional guidance to clarify and amplify the procedures for the allocation of credits under Section 48C of the Internal Revenue Code regarding the qualifying advanced energy project credit program.

Treasury, IRS Release Final Rule on Transferrable Tax Credits Under Inflation Reduction Act
Energy Finance | Green Finance | Legislative | Tax Credits
The U.S. Department of the Treasury and the Internal Revenue Service released final guidance describing rules and definitions for transferrable tax credits/incentives in the Inflation Reduction Act. They will be published in the April 30, 2023, edition of the Federal Register.


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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