Novogradac analyzed the rental home financing impact of the following LIHTC and tax-exempt private activity bond (PAB) provisions included in H.R. 2. It includes a 50 percent basis boost for LIHTC developments serving extremely low-income (ELI) households and temporarily reducing the 50 percent test for PAB financed housing.

Alexander Co. is preparing to open the first phase of its Printworks Mill project, which will ultimately have 217 apartments, retail space and self-storage. The $54 million project is being built in the historic complex that had been one of the most innovative fabric-printing mills in the South utilizing low-income housing tax credits, federal and state historic tax credits, a tax-exempt loan and company funding.  

Five projects will receive money from the Dane County Affordable Housing Development Fund in Wisconsin for an amount totaling $4.45M. Taylor Point Apartments would be the first Low-Income Housing Tax Credit (LIHTC) affordable housing development project in McFarland since 1995, the Klassik would be the first LIHTC development project in Verona since 2002, while the Cambridge development would be the first LIHTC project ever in Cambridge.

The federal Low Income Housing Tax Credit was initially established in 1986 with the Tax Reform Act. It has since been modified several times (most recently in 2018). The program offers about $9.9B in funding annually. There are two types of LIHTCs: the 9% credit and the 4% one. Both credits are spread across a 10-year period.

The Aurora City Council in Illinois voted this week to expand a state-sponsored redevelopment program already partly responsible for some big redevelopment projects in the city. Developers inside the River Edge Redevelopment Zone get a 20% break on federal taxes, 25% break on state taxes from historic tax credits.

Rochester-based social services agency that operates assisted living, rehab, addiction treatment and mental health treatment facilities is acquiring a senior facility in Lockport and its adjacent senior apartments. The financing will include a Payment in Lieu of Taxes, Tax-Exempt Financing and Historic Tax Credits.

Woodstock seems close to winning historic tax credits deemed essential to remodeling the Old Courthouse and Sheriff's House for commercial and civic tenants. The financing will also include a $3.8M bond issue, $1.4M in historic tax credits and $125K in TIF.

The project entails the creation of 30 apartment units; loft style. The type of funding sought would include state and federal historic tax credits and a city tax increment financing district. On Aug. 14, the former Sheboygan Press building was placed on the State Register of Historic Places by the Wisconsin Historical Society. According to the Wisconsin Economic Development Corporation, historic preservation tax credits on the state level allow for a credit of 20% of eligible rehabilitation costs for "certified historic structure."

The $23.6M development of Liberty Lofts will utilize financing consisting of: Low Income Housing Tax Credits, State Housing Trust Fund, Private Activity Bonds and Federal Historic Tax Credits. The residential project consists of a 72-unit apartment community for renters 55 and older located on floors seven and eight, and Spectra at Sibley Square, a 104-unit mixed-income community on floors nine through 12.

CDFA Food Systems Finance Webinar Series: Financing Food Systems Entrepreneurs
Tuesday, September 29, 2020 - 2:00 PM Eastern

CDFA // BNY Mellon Development Finance Webcast Series: Manufacturing Bonds for Disaster Response
Tuesday, October 20, 2020 - 1:00 PM Eastern

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The New Markets Tax Credit (NMTC) program, created to spark investment in disadvantaged communities, has become a valuable source of flexible capital for healthcare providers and health systems to tackle the immediate needs of both their organizations and communities to affect positive change. NMTC funding has been used for new construction or renovation of facilities including emergency rooms, mental health departments, primary care and community clinics, and specialty service facilities such as testing sites, wellness centers, and radiology and imaging facilities.

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