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CDFA Tax Credits Finance Update - March 26, 2019

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Tax Credits Finance Update
March 26, 2019
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Tax Credits Finance Update

Features

IFF's Home First Program Uses LIHTC to Finance 54 Units of Accessible Housing
Through its Home First program, IFF constructs affordable and accessible housing for people with disabilities. Their innovative Access Housing project in Chicago's Logan Square and Humboldt Park communities used LIHTC and other funding sources to construct 54 units of community-integrated housing. These units feature designs specifically tailored for people with disabilities.

MO Moves Closer to Restoring LIHTC
The Missouri Low-Income Housing Tax Credit program was halted by former Gov. Eric Greitens in 2017, and in 2018, no state tax credits were allocated to low-income housing development projects. Now, the state appears to be reversing course; the Missouri Senate passed bipartisan legislation that would restore the credit and cap the number of credits issued at 72.5% of the federal rate.

House and Senate Members Move to Make New Markets Tax Credit Permanent
Legislation has been introduced in the House and Senate to make permanent the New Markets Tax Credit (NMTC). The New Markets Tax Credit Extension Act of 2019 was introduced in the House by Reps. Terri Sewell (D-AL) and Tom Reed (R-NY), and in the Senate by Sens. Roy Blunt (R-MO) and Ben Cardin (D-MD).

Bill Proposed to Expand NC Historic Tax Credit
The bill would extend the end date for the state's historic tax credits from next year to 2030. It would also increase the amount that developers can apply toward the credit and add a new tax credit for people rehabilitating a historic building after a natural disaster.

Administration Proposes Cutting Investment Tax Credit, Clean Energy Funding
This year, the administration is calling for the immediate elimination of the Investment Tax Credit (ITC) for solar, which is already scheduled to begin phasing down at the beginning of 2020 to only 10% as of 2022, with the individual credit disappearing altogether.

From Sunrise to Sunset: Phasing-Out the Renewable Energy Tax Credits
There generally are two credits for renewables, the production tax credit (PTC) and the investment tax credit (ITC). Taxpayers utilizing the PTC only can hope to salvage a portion of the credit before it disappears entirely at year's end, taxpayers utilizing the ITC have until the end of the year to qualify for the full credit before the phasedown begins.

NJ EDA Approves Three Grow NJ Tax Breaks
The NJ Economic Development Authority approved three multi-million dollar Grow New Jersey tax break awards as questions linger over what that program will look like when it expires in July. The tax credits awarded will be given out to in yearly increments only if companies meet job creation and economic activity requirements.

Upcoming Events
CDFA Federal Policy Conference

CDFA // BNY Mellon Development Finance Webcast Series: Emerging Structures for Investing in Low-Income Communities
Tuesday, April 23, 2019 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Webcast Series, our expert speakers will discuss the financing structure that supported Plaza 122, a place based specific solution for a community in need.

More Headlines

Former St. Anthony's Hospital Transformed into Apartments
Milwaukee Independent | Mar. 22 | Community Development | Tax Credits

$15.5M Food Hub Planned for RI
Providence Journal | Mar. 21 | Agriculture Finance | Food Systems Finance | Tax Credits

Tax Abatement to Fund School District Parking Projects
Brainerd Dispatch | Mar. 21 | Incentives | Tax Credits

IRS Data Shows 2019 LIHTC Ceiling and Tax-Exempt PAB Cap Will Increase.
Novogradac & Company | Mar. 20 | Bond Finance | Internal Revenue Service (IRS) | Tax Credits

Study: Delaying MD Clean Energy Jobs Act (CEJA) Would Cost State $247M
Solar Power World | Mar. 20 | Energy Finance | Legislative | Tax Credits

Elyria, OH Council Objects to Tax Credit for Homeless Housing Project Due to Location
The Chronicle-Telegram | Mar. 19 | Economic Development | Tax Credits | Urban Development

LIHTC Financing Closes for New Affordable Housing Development in GA
Business Wire | Mar. 19 | Access to Capital | Tax Credits | Urban Development

Lights, Camera, Diversity! NJ Offers New Tax Credit
New Jersey 101.5 | Mar. 19 | State Finance Program | Tax Credits

MD's Pioneering Energy Storage Income Tax Credit Turns Two
Green Tech Media | Mar. 18 | Energy Finance | Tax Credits

WHEDA Allocates $554K in Tax Credits to St. Anthony Apartments in Milwaukee, WI
Urban Milwaukee | Mar. 18 | Community Development | Tax Credits

DeWine Proposes Tax Credit to Aid Distressed Communities
Akron Beacon Journal | Mar. 14 | Opportunity Zones | State Finance Program | Tax Credits

Mitchell Park Domes Could Be Saved and Repaired With Historic Preservation Tax Credits
Journal Sentinel | Mar. 14 | Historic Preservation | Tax Credits

U.S. Still Subsidizing Renewable Energy to the Tune of Nearly $7B
Inside Sources | Mar. 12 | Access to Capital | Energy Finance | Green Finance | Tax Credits | U.S. Dept. of Energy (DOE)

NJ Governor Proposes Renewed Brownfields Tax Credit
Insider NJ | Mar. 11 | Brownfield Financing | State Finance Program | Tax Credits

MO Lawmakers Push Reviving State's Film Tax Credit
The Missouri Times | Mar. 6 | State Finance Program | Tax Credits

Senate Leadership Unveils Tax Extender and Disaster Relief Act
U.S. Senate Committee on Finance | Mar. 5 | Bond Finance | Tax Credits

New PA Farm Bill Proposes Tax Breaks and Loans
WHYY | Feb. 26 | Access to Capital | Agriculture Finance | Food Systems Finance | Tax Credits


New Additions to the Online Resource Database

NMTC Investors Show Appetite For Healthy Food Financing Activities
Agriculture Finance | Community Development | Food Systems Finance | Tax Credits
Public and private partners are finding ways to serve more healthy food options to economically distressed communities with a few helpings of new markets tax credits (NMTCs).

Effective Use of Property Tax Incentives - Lincoln Institute
Incentives | Legislative | Recommended Practices | Tax Credits
This study was published by the Lincoln Institute. The authors examine how to make property-tax incentives for business more effective. They find that governments should not approve every incentive request, target use of incentives, avoid incentive wars, cooperate with surrounding localities, and conduct regular evaluations.


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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