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CDFA Tax Credits Finance Update - July 23, 2019

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Tax Credits Finance Update
July 23, 2019
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Tax Credits Finance Update

Features

Finance Fund Invests in UC Gardner Neuroscience Institute
University of Cincinnati Gardner Neuroscience Institute (UCGNI) is comprised of a diverse group of world-class physicians and faculty that provide specialized services for complex neurologic and psychiatric disease, illness, and injuries. Finance Fund provided $8 million of federal NMTC allocation; Cincinnati Development Fund, Inc. provided $8 million of federal NMTC allocation; Uptown Consortium, Inc. provided $20 million of federal NMTC allocation; and Capital One Community Renewal Fund, LLC, the investor, provided an additional $5 million of federal NMTC allocation.

A New Dawn for Wind Energy Infrastructure After the Production Tax Credit Sunset
The wind industry is approaching the end of its federal financial support. The Production Tax Credit (PTC), is set to expire for large wind facilities, meaning that no wind projects entering construction or procuring equipment after the next few months will be eligible for federal support.

PA Awards $41.6M in Housing Tax Credits
Pennsylvania Gov. Tom Wolf announced awards of $41.6 million in low-income housing tax credits (LIHTCs) and $7.7 million in PennHOMES funding for the creation and preservation of 39 affordable housing developments. The funding will help create and preserve over 1,700 rental units for low-income households in 19 counties across the state.

PR Begins Economic Recovery
Buildings and infrastructure are still being repaired and upgraded, and the government has instituted a full slate of tax incentives to lure investors. On top of this, Puerto Rico is the beneficiary of community development block grant funding, and 97% of the entire commonwealth — much of it beachfront — has been designated a qualified opportunity zone.

Oakland, CA Community Foods Market Uses NMTC
The neighborhood of West Oakland, California got a much-needed grocery store with a healthy foods focus, which was financed partly by a new markets tax credit (NMTC) investment. Community Foods Market is an independent grocery store looking to improve public health and economic opportunities in the community.

Beaverton, OR Housing Project Will Use $3M from Bonds, $11.4M in LIHTC
The Beaverton Planning Commission has approved the city's first project that will receive a share of the Metro housing bond approved last year. The $20.9 million project includes $3 million from Beaverton's $31 million approved by Metro voters last year and the largest share of the project will be from a federal tax credit for low-income housing at $11.4 million.

Lawmakers Introduce Legislation to Spur Rural Economies
The Rural Jobs Act would build on the proven success of the New Markets Tax Credit (NTMC) by increasing the flow of private investment to rural areas. It would also help close the job creation gap by designating $500 million in NMTC investments for "Rural Job Zones".

Affordable Community in Boston, MA Receives $17M in LIHTC
MassHousing is providing MPDC with a $9 million construction and permanent loan, a $21.4 million bridge loan and $2.7 million from an opportunity fund. The transaction also includes $17.2 million in federal low-income housing tax credit equity from the Massachusetts Department of Housing and Community Development.

More Headlines

Finance Fund Plays Vital Investment Role in Franklinton, OH
Finance Fund | Jul. 8 | Community Development | Tax Credits | U.S. Dept. of Treasury CDFI Fund | Urban Development

$600K in Grants and Tax Credits to Finance Affordable Housing in Franklin County, PA
Public Opinion | Jul. 18 | Community Development | Housing Finance | Tax Credits

East Harlem, NY Affordable Project Lands $223M in Financing
Multi-Housing News | Jul. 17 | Community Development | Housing Finance | Tax Credits | Urban Development

PA 2019 Tax Bill Add Ons
JD Supra | Jul. 17 | Incentives | Opportunity Zones | State Finance Program | Tax Credits

Historic Bank in Lima, OH Transformed into Mixed-Income Housing
Affordable Housing Finance | Jul. 14 | Historic Preservation | Housing Finance | Incentives | Tax Credits

Los Alamos County, NM Assists Bioscience Business with $12.5M in IRBs
Associated Press | Jul. 12 | Bond Finance | Tax Credits

$3.5M Middletown, OH Project Underway
Journal-News | Jul. 11 | Incentives | Tax Credits

Summary Of The Inaugural Tribal Treasury Advisory Committee Meeting
Mondaq | Jul. 10 | Community Development | Economic Development | Opportunity Zones | Tax Credits | Tribal Finance

Dayton, OH Motor Car Building Renovation Starts
The Dayton Daily News | Jul. 9 | Historic Preservation | Tax Credits | Urban Development

NY Development to Serve Formerly Incarcerated and Other Seniors
Affordable Housing Finance | Jul. 5 | Bond Finance | Community Development | Housing Finance | Public-Private Partnership (P3) Financing | Tax Credits

Lawmakers Propose Extending Offshore Wind Tax Credit
Offshore Engineer | Jul. 3 | Energy Finance | Green Finance | Legislative | Tax Credits

New York, NY Development to House Formerly Incarcerated and Other Seniors
Affordable Housing Finance | Jul. 2 | Bond Finance | Housing Finance | Tax Credits | Urban Development

State Incentives Crucial to Success of Community Development
Novogradac | Jul. 1 | Community Development | Economic Development | Historic Preservation | Housing Finance | Tax Credits

Three Dayton, OH Properties Awarded Over $1M in Historic Tax Credits
Dayton Business Journal | Jun. 27 | Historic Preservation | Tax Credits | Urban Development

Ohio Communities Receive $28M in Historic Tax Credits
AP News | Jun. 27 | Historic Preservation | Tax Credits

Kalamazoo, MI Apartment on Brownfield Utilizes Bonds, Tax Credits
Grand Rapids Business Journal | Jun. 27 | Bond Finance | Brownfield Financing | Housing Finance | Tax Credits

Fort Industry Square Rehabilitation Receives $5M in Historic Tax Credit
The Blade | Jun. 26 | Historic Preservation | Tax Credits

Five Northeast OH Projects Receive Historic Tax Credits
Cleveland.com | Jun. 26 | Historic Preservation | Tax Credits


New Additions to the Online Resource Database

Finance Fund Invests in Charter Manufacturing
Economic Development | Tax Credits | U.S. Dept. of Treasury | U.S. Dept. of Treasury CDFI Fund
New Markets Tax Credit (NMTC) financing enabled Charter to acquire the equipment and machinery needed to operate its new, $148 million, 170,000 sq. ft. rolling mill, which is adjacent to its existing coil mill and steel making facility.

2019 Q2 CDFA Quarterly Legislative Update
Bond Finance | Legislative | Tax Credits | Webcasts
In the second Quarterly Legislative Update of 2019, CDFA's Legislative Team discussed progress on pending CDFA legislation, other pending development finance legislation such as extenders, as well as what to expect from Congress in the coming months.


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
info@cdfa.net


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