CDFA Food Finance White Paper Series: Food Systems & Investment Tools
This paper continues a white paper series demonstrating the ways in which traditional development financing is already supporting food systems, with a focus on finance tools that help to stimulate investment. An overview of investment tools, such as tax credits and opportunity zones, is provided with examples of current programs as well as an extensive collection of case studies to illustrate how these tools can make an impact.
$130M Redevelopment Turns Mall into Senior Housing
The site of a vacant mall in a Minneapolis suburb is one step closer to being redeveloped into mixed-use, with affordable senior housing as an anchor. Funding for the redevelopment's residential component will consist of low income housing tax credits (LIHTC) along with $5 million in tax increment financing, with the balance consisting of first mortgage debt.
Firm Pitches State Tax Credits for P3s in LA and Elsewhere
Louisiana is being pitched on a novel state tax credit program to provide initial funding for large infrastructure projects such as those using public-private partnerships. Scott Haber, founder and president of the firm NDH Capital Corp., presented his idea and is crisscrossing the country asking other states to consider it.
ITC, PTC Extension Included in GREEN Act Discussion Draft
The House Ways and Means Committee today released a discussion draft and section-by-section summary of the Growing Renewable Energy and Efficiency Now (GREEN) Act, which delays the phasedown of the renewable energy production tax credit (PTC) and investment tax credit (ITC) until after 2024.
2019 Affordable Housing Credit Improvement Act Gains Steam With Bipartisan Support
As 2019 winds down, the Affordable Housing Credit Improvement Act of 2019 is gaining momentum in Congress. The Act, which is aimed at expanding and strengthening the low-income housing tax credit, was originally introduced in 2016. The 2019 bill reintroduces many key provisions from the original bill, along with new provisions to further bolster the housing credit. As of the end of October, more than one-third of the House and one-fourth of the Senate have signed on to co-sponsor the bill.
CA Launches State Historic Tax Credit Program
California Governor Gavin Newsom has signed Senate Bill 451 into law, creating a new statewide historic rehabilitation tax credit incentive to help spur the reuse of existing historic buildings. Under the program, projects that reuse historic buildings will receive a "dollar for dollar reduction in tax liability" to help make these types of difficult and costly projects financially viable.
Milwaukee's Historic Soldiers Home to Get New Life
Six buildings at the Milwaukee Soldiers Home, a national historic landmark district, are being rehabilitated into housing for veterans and their families who are homeless or at risk of homelessness. Located on the grounds of the Clement J. Zablocki VA Medical Center, the project is being led by The Alexander Co. and the Housing Authority of the City of Milwaukee (HACM).
New Tax Credit for Ag Land Might Help Rural MN School Funding
Aging buildings are common in rural communities across the state. Bonds — essentially, property tax hikes approved by voters — are the primary way Minnesota districts pay for new schools, operating costs and improvement projects, but it's been difficult for rural districts to pass bond referendums. A bipartisan bill has been proposed in Minnesota that might alleviate some of that pressure on large landowners by offering a tax credit from the state government to agricultural landowners who pay taxes for school bonds.
$36M Expansion of Food Manufacturer Gets OH Tax Credit
The Ohio Tax Credit Authority voted Monday to approve a seven-year, 1.193 percent Job Creation Tax Credit for SugarCreek, a Washington Court House-based food manufacturer. SugarCreek is investing $36 million in its food manufacturing business in that location and adding 120 new jobs.