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Tax Credits Finance Update - November 28, 2017

Tax Credits Finance Update
November 28, 2017
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Tax Credits Finance Update


New Tool Launched to Track CDFI, NMTC, and LIHTC Investment Data
The Community Investment Explorer aggregates customizable data from the Community Development Financial Institution (CDFI), New Markets Tax Credit (NMTC) and Low Income Housing Tax Credit (LIHTC) programs to show geographic comparisons and trends over time.

VT Rural Ventures Attracts $47.6M in NMTC
Vermont Rural Ventures through June 2017 has raised more than $47 million in new capital through the New Markets Tax Credit program to support 15 projects in Vermont and neighboring areas, creating 559 new jobs and retaining 1,332 existing jobs.

New Treasury Data Confirms NMTC Generated over One Million Jobs
The NMTC Coalition provided an updated analysis of U.S. Treasury data on the investment and creation of jobs in low-income communities nationwide. This data indicates that between 2003 and 2015, NMTC financing resulted in over one million jobs in low-income rural towns and urban neighborhoods—areas struggling with lagging economies and high rates of unemployment. 

CDFA Sends Letter to SFC Defending HTC
CDFA sent a letter to members of the Senate Finance Committee urging them to reject any provisions that curtail or eliminate the Historic Tax Credit.

Federal Historic Tax Credit May Become History
A proposal to cut the historic tax credit, a tool used to restore dozens of older Capital Region buildings, would be a calamity, developers say. Developers depend on the federal and state historic tax credits, which together can total 40 percent of a project's value.

RBC Capital Markets' LIHTC Fund to Finance Nearly 1,350 Units
RBC Capital Markets Tax Credit Equity Group has closed a $146.4 million low-income housing tax credit (LIHTC) equity fund. The fund will help finance 16 LIHTC-eligible multifamily and senior apartment communities, representing 1,349 units of affordable housing in 10 states.

Tax Bill Would Eliminate Future Supply of Affordable Rental Housing Units
According to Novogradac & Company analysis and CDFA data, the Tax Cuts and Jobs Act  would reduce the future supply of affordable rental housing by nearly one million units.

Loss of PABs Would Greatly Reduce Effectiveness of LIHTC
The House tax reform bill proposes eliminating private-activity bonds, so while LIHTCs are explicitly retained in the bill, the elimination of the bonds would eliminate the 4-percent credit and likely lead to a precipitous drop in construction of low-income housing units produced by the program.

Fannie, Freddie Returning to Low-Income Housing Tax Credits
The government-sponsored enterprises are finally getting the green light to return to the low-income housing tax credit market, but they must stay within certain investment limits as they do. Both Fannie Mae and Freddie Mac will be able to invest up to $500 million in the tax credits per year, which would equate to less than a 5% market share for each. 

GOP's "Tax Cuts and Jobs Act" Trims Renewable Energy and Other Tax Credits
Significantly, for solar, wind, and other renewable energy companies that have been scrambling to predict how proposed tax reform might affect their industries. The House Plan includes substantial modifications to existing renewable energy tax credits including the production tax credit (PTC) and the investment tax credit (ITC).

Federal R&D Tax Credit Being Overlooked
The R&D credit has recently been made a permanent federal tax incentive, and a qualifying company can claim it yearly, providing it a significant recurring reduction in its income tax liability. This tax incentive is more powerful than ever and there are many construction firms that are still not aware they qualify.

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More Headlines

NMTCs Spark Economic Development in Underserved Alabama Community
Novogradac & Company LLP | Nov. 13 | Tax Credits

GU to Build 3,000 Affordable Housing Units Using LIHTC
Pacific News Center | Nov. 27 | Tax Credits

Tax Credits will Complete Financing for $30M Downtown YMCA in Kansas City, MO
Bizjournals | Nov. 27 | Brownfield Financing | Tax Credits | Tax Increment Finance (TIF)

Review of Renewable Energy Tax Credits under House and Senate Proposals
Novogradac | Nov. 27 | Tax Credits | Energy Finance | Green Finance

Major Wind and Solar Power Deals on Hold
Electrek | Nov. 27 | Legislative | Tax Credits | Energy Finance | Green Finance

Loss of HTC Could Put Historic Buildings at Risk
12 WRDW | Nov. 22 | Historic Preservation | Legislative | Tax Credits

MO Votes to End State Funded LIHTCs
Springfield News-Leader | Nov. 20 | Tax Credits

WV Agency Offering Tax Credit Training Program
AP | Nov. 20 | Tax Credits

Former Church Transformed into Affordable Housing Community Using LIHTC
PR Newswire | Nov. 20 | Tax Credits

Ending Historic Tax Credits Would Harm Cities, Says NY Official
WAMC Northeast Public Radio | Nov. 14 | Historic Preservation | Tax Credits

Senate Tax Reform Retains LIHTC, PABs, HTC, and NMTC
Novogradac | Nov. 10 | Bond Finance | Brownfield Financing | Tax Credits

LIHTC and State Tax Credits Support Minneapolis Affordable Housing Development
Novogradac | Nov. 9 | Community Development | Tax Credits

Tax Reform Proposal Threatens Affordable Housing Production
Affordable Housing Finance | Nov. 8 | Bond Finance | Tax Credits

Chicago Food Business Incubator Uses NMTC
RE journals | Nov. 8 | Tax Credits | Food Systems Finance

Eliminating Bonds Would Slash Affordable Housing
Affordable Housing Finance | Nov. 7 | Bond Finance | Legislative | Tax Credits

CT Creates Brownfields Program, Adopts Tax Credit
Holland & Knight | Nov. 1 | Brownfield Financing | Legislative | Redevelopment | Tax Credits

Stefanik Introduces Renewable Electricity Tax Credit Equalization Act
Office of Elise Stefanik | Oct. 30 | Green Finance | Legislative | Tax Credits | Energy Finance

New Life for the NY Brownfield Redevelopment Credit
The CPA Journal | Oct. 25 | Brownfield Financing | Incentives | Redevelopment | Tax Credits

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

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100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300

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