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Tax Credits Finance Update
July 25, 2017
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Tax Credits Finance Update

Features

Proposed Convention Hotel Deal Biggest in Oklahoma City History
Gary Brooks thinks he is facing a complicated financing structure for redeveloping First National Center into a hotel, housing, retail and parking. It's a big deal with a price-tag of $230 million and involves a mix of tax credits and tax increment financing.

DFWR Dedicated $6.75M NMTC Allocation to Akron Community Loan Fund
DFWR is dedicating $6.75 million in Federal New Markets Tax Credit allocation to capitalize the Fund. After the tax credits are purchased by an investor, $2.25 million in new cash equity will be available in the Fund. To leverage that equity, DFWR must raise a total of $4.5 million from the community.

MI Awards $11.6M in Tax Credits to Housing Projects
The state has awarded $11.6 million in low-income housing tax credits to 13 housing development projects to create and rehabilitate affordable housing units. There are four projects in Detroit and one in Dearborn among the awardees.

MA Budget Preserves State Film Tax Credit
A proposal to pare back the state's film tax credit wound up on the cutting room floor when lawmakers approved a final version of the state budget. The tax break, which has long generated controversy, is equal to 25 percent of a production's in-state payroll and production costs.

OR Lawmakers Nix Rooftop Solar Tax Credits
Oregon lawmakers failed to include an extension of the state's Residential Energy Tax Credit in a budget sent to the full legislature, the Portland Business Journal reports. The tax credits are slated to phase out at the end of the year. 

WNC Closes $85 Million CA Institutional LIHTC Fund
The fund will acquire eight properties in both suburban, urban and rural parts of California. Combined, the properties will offer nearly 500 affordable housing units to seniors and families throughout the Golden State.

Panel Recommends Overhaul of MO Tax Credits
A panel appointed by Gov. Eric Greitens is recommending an overhaul of some of Missouri's main tax credits, including ones for low-income housing and historic buildings, but has shied away from more sweeping changes to state income and sales taxes.

Cincinnati's Union Terminal Receives $5M Preservation Tax Credit
The tax credit was the final piece of financing that Cincinnati Museum Center was pursuing for the massive restoration project. The total project cost now stands at $233.5 million. The bulk of Union Terminal's renovation is being funded by a quarter-cent increase in Hamilton County's sales tax.

Upcoming Events
CDFA Summer School

CDFA Brownfields Financing Webinar: Hazardous to Healthy: Financing Solutions for Recovering Brownfields
August 31, 2017 - 2:00 - 3:30 PM Eastern
Join CDFA, our technical assistance partners, and experienced brownfield communities as we discuss how the finance toolbox can be used to compliment the redevelopment and cleanup of your brownfield project.

More Headlines

CA Developers Test New State Certified Credits
Affordable Housing Finance | Jul. 17 | Tax Credits

CO Offers $22M Tax Credits to Attract Two Companies to Denver
Denver Business Journal | Jul. 21 | Incentives | Tax Credits

CA LIHTC Program Supports Affordable Housing on Tribal Lands
KPCC | Jul. 17 | Tax Credits

Tax Credit Price Drop Impacts WI Affordable Housing
Milwaukee Journal Sentinel | Jul. 15 | Tax Credits

MN Ag Land Tax Credit Coming in 2018
Fairmont Sentinel | Jul. 15 | Agriculture Finance | Tax Credits

LIHTC Supports Menlo Park Housing Development
Arizona Public Media | Jul. 14 | Tax Credits

MO Task Force Recommends Cuts to Historic Tax Credit Program
KCUR | Jul. 14 | Historic Preservation | Tax Credits

OH Film Tax Credit is Good for Cleveland
News 5 | Jul. 13 | Tax Credits

Tax Credits and TIF Will Support Grand Appliance Headquarters in Racine County, WI
Milwaukee Business News | Jul. 12 | Tax Credits | Tax Increment Finance (TIF)

Transformers Spinoff Wins $22M CA Film Tax Credit
Los Angeles Times | Jul. 11 | Tax Credits

IL's Budget Impasse is Over
Chicago Tribune | Jul. 8 | Economic Development | Tax Credits

MD Paper Co. to Expand With Tax Credit
Herald Mail Media | Jun. 27 | Tax Credits | Economic Development

Historic Tax Credits are Vital to Canton, OH
CantonRep | Jul. 12 | Historic Preservation | 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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