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.

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.

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.

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 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.

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.

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.

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.

Intro Bond Finance WebCourse
February 24-25, 2021 - Daily: 12:00 - 5:00 PM Eastern

Intro Tax Increment Finance WebCourse
March 24-25, 2021 - Daily: 12:00-5:00 PM Eastern

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