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CDFA Tax Credits Finance Update - December 22, 2020

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Tax Credits Finance Update
December 22, 2020
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Tax Credits Finance Update


Year-End Bill Includes Disaster LIHTC allocation, Five-Year NMTC Extension, RETC Extensions
The House of Representatives released a year-end legislation package today that includes a $1.4T omnibus fiscal year (FY) 2021 spending bill, a $900B COVID-19 relief bill and a set of tax proposals, including tax extenders and community development tax incentives.

Bipartisan Legislation Introduced to Extend, Increase the New Markets Tax Credit
U.S. Reps. Tom Reed (R-NY-23) and Terri Sewell (D-AL-07) introduced the New Markets Stabilization Act, bipartisan legislation that will preserve access to the New Markets Tax Credit (NMTC) for underserved communities and ensure the credit continues to spur economic revitalization as the COVID-19 pandemic and economic crisis continues.

Apartments Planned for Former Church Building in Oklahoma
Developers are moving forward with a plan to restore the historic former First United Methodist Church building downtown, converting it to apartments, a public activity center, and a gym. The developers will get a tax credit of 20% of the cost of rehabilitating the building's historic elements. The building is also in a Federal Opportunity Zone, which brings another set of tax deferrals and reductions.

Aurora, IL Official Says Copley Redevelopment Amendment Matter of Timing, Not More Money
The project consists of redeveloping the property on Lincoln Avenue on the near East Side into a campus serving seniors, adults with disabilities, offices, a headquarters for East Aurora School District 131, and a 1.3-acre park. The project is being financed with a variety of tools comprised of: loans from the city and school district, proceeds from a TIF District, and state and federal historic tax credits.

Work to Convert Former Sears Store Into Central City Hotel Continues in Milwaukee, WI
Work to convert a historic former Sears store into a boutique hotel in Milwaukee's central city is continuing. The project is being financed with multiple loans by the City as well as the project being located in an Opportunity Zone. In addition, dollars are also being made available through PACE Financing and State and Federal Historic Tax Credits.

Manufacturer Eyes Dubuque, IA for $80M Project, 271 new jobs
Simmons Pet Food, one of the nation's leading pet food manufacturers, proposes to invest around $80 million in a Dubuque facility and create more than 270 full-time jobs. The project is requesting an $800,000 forgivable loan, a $3 million investment tax credit, and $2.15 million in state job training funds. They will also receive TIF rebates worth approximately $3 million.

Community Development and Racial Equity: Does the NMTC Program Need to Reckon with Race?
With the COVID-19 pandemic and economic recession disproportionately affecting people of color–along with instances of violence against Black people gaining national attention–there is a renewed focus on racism in America and how systemic racial inequalities need to be addressed.

NMTCs, HTCs Help Ongoing Transformation of Historic South Carolina Textile Mill
A former textile mill in Greenville, S.C., is being transformed into an 800,000-square-foot multiuse campus in a multiphase development financed with new markets tax credit (NMTC) and historic tax credit (HTC) equity as well as state tax credit programs and other incentives.

Upcoming Events
Fundamentals of Economic Development Finance WebCourse

Intro Bond Finance WebCourse
February 24-25, 2021 - Daily: 12:00 - 5:00 PM Eastern
The Intro Bond Finance WebCourse provides an in-depth look at governmental and qualified private activity bonds, with a focus on industrial development bonds (IDBs), 501(c)(3) non-profit bonds, exempt facility bonds, and other special bond programs authorized by the federal government.

Intro Tax Increment Finance WebCourse
March 24-25, 2021 - Daily: 12:00-5:00 PM Eastern
This course brings TIF deal-making and best practices into focus through a two-day program targeting the entire TIF community including economic developers, public agency representatives, bond issuers, legal professionals, developers, financial advisors, and other stakeholders. 

More Headlines

New Mexico Looks to Tax Pot and Adjust Revenues to Buffer Oil Dependence
The Bond Buyer | Dec. 21 | Bond Finance | Economic Development | Tax Credits

Solar Investment Tax Credit Likely to be Extended at 26% for Two Additional Years
The Solar Energy Society of Canada | Dec. 21 | Energy Finance | Tax Credits | Renewable Energy Production Tax Credit (PTC) | Renewable Energy Investment Tax Credit (ITC)

Merchants Capital Along With Nonprofit Developer Bring Affordable and Supportive Housing Community to Marinette, Wisconsin
MultiFamily Biz | Dec. 21 | Housing Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

Multi-Million-Dollar Renovations Planned for Brunswick, ME Historic Lemont Building
Press Herald | Dec. 21 | Historic Preservation | Tax Credits | Federal Historic Rehab Tax Credits | State Historic Tax Credits

Rhode Island Commerce Board Approves Incentives for Pawtucket, Westerly Projects
Providence Journal | Dec. 21 | Tax Credits | State Tax Credit Programs

City Partners to Open Southern Knoll Affordable Apartment Community in Downtown Bloomington, IN
WBIW.COM | Dec. 20 | Housing Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

State Provides Incentives for Electric Van Company at Former Hummer Plant in Mishawaka, IN
South Bend Tribune | Dec. 19 | Incentives | Tax Credits | State Tax Credit Programs

Mosaic Development Partners Kicks Off Project To Revive Long-Suffering Philadelphia, PA Neighborhood
BisNow | Dec. 14 | Community Development | Housing Finance | Opportunity Zones | Social Finance | Tax Credits | Urban Development

FAME Approves Additional Financing as Saddleback Ski Resort Prepares to Reopen
MaineBiz | Dec. 14 | Bond Finance | Member News | Tax Credits

Major Renovation Planned for Historic Building in Downtown McGregor, IA
Telegraph Herald | Dec. 12 | Historic Preservation | Tax Credits | Federal Historic Rehab Tax Credits

Montbello FreshLo Initiative Awarded $2M Tax Credit
The Street Insider | Dec. 10 | Housing Finance | Member News | Tax Credits | Low Income Housing Tax Credits (LIHTCs) | State Tax Credit Programs

208 Applicants Request $15.1B in NMTC Allocation for 2020 Round of NMTC Program
CDFI Fund | Dec. 9 | Federal | Tax Credits | U.S. Dept. of Treasury CDFI Fund | Federal New Markets Tax Credits (NMTCs)

The 10 COVID-19 Relief Bills Colorado Lawmakers Recently Passed
The Denver Post | Dec. 2 | Disaster Recovery & Relief | Food Systems Finance | Legislative | State Finance Program | Tax Credits | COVID-19

Building Resilient Rural Places: Strategies from Local Leaders to Strengthen Rural Assets, Diversity, and Dynamism
Brookings Institution | Dec. 1 | Disaster Recovery & Relief | Economic Development | Food Systems Finance | Public-Private Partnership (P3) Financing | Revolving Loan Funds (RLFs) | Rural Development | Tax Credits | COVID-19

Tax Credit, Environmental Concerns May Spur Next Generation of Carbon Capture Projects
Houston Chronicle | Nov. 26 | Energy Finance | 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

Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300


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