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CDFA Tax Credits Finance Update - October 22, 2019

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Tax Credits Finance Update
October 22, 2019
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Tax Credits Finance Update

Features

231 Mayors Call on Congress to Extend the Solar Investment Tax Credit
A bipartisan group of 231 mayors from Tacoma, Wash to Ft. Lauderdale, Fla. sent a letter to Congress today urging them to pass the Renewable Energy Extension Act (HR 3961/S. 2289), a five-year extension of the solar Investment Tax Credit (ITC).

Bills Introduced to Extend Section 25C, Section 45L Credits
Two bipartisan, bicameral bills were introduced to extend two energy tax incentives that expired at the end of 2017. The Home Energy Savings Act would extend the Internal Revenue Code Section 25C tax credit for qualified energy efficiency improvements to Dec. 31, 2026. The New Home Energy Efficiency Act was introduced to extend and update the Section 45L tax credit for new energy-efficient homes through 2022.

Historic Tax Credit Enhancement Act Introduced in U.S. Senate
The Historic Tax Credit Enhancement Act was introduced in the U.S. Senate on a bipartisan basis. The bill increases the Federal Historic Tax Credit to 30% for properties with rehabilitation expenses of under $3.75 million and eliminates the HTC basis adjustment requirement.

Divide Emerges Over Whether MO Governor Should Restart Low-Income Housing Tax Credit
Efforts to create more housing using the state low-income housing tax credit have been stymied for roughly two years. Even though he's been publicly supportive of the program that's been a political flashpoint for a decade, Gov. Mike Parson pledged not to restart it without legislative changes.

Jessie Trice CHS is Expanding its Miami Gardens Location with NMTCs
With financing from the New Markets Tax Credit Program, Jessie Trice CHS is expanding its Miami Gardens location. The new 15,191 sq ft facility will serve an estimated 13,400 clients – 92% low-income – with medical, dental, mental health, and pharmacy services. For uninsured or under-insured patients, discounted fees are available on a sliding fee scale.

Plans Underway for New $6.1M Facility in Billings, MO Thanks to NMTC
For more than 100 years, Billings Family Service has been the only organization standing between many low-income families and hunger, cold, and homelessness. The nonprofit provides critical resources like food boxes, low/no-cost clothing, utility assistance, and job training to at-risk families and homebound seniors across Yellowstone County.

NMTC Expands American Steel Manufacturer to Increase Local Steel Production and Create Jobs
This family-owned steel company resolved to expand its Cuyahoga Heights, Ohio facility, which is located in a highly distressed, low-income community, and create a new, high-quality "Cut-to-Length Bar" product line. New Markets Tax Credit financing enabled Charter to acquire the equipment and machinery needed to operate its new, $148 million, 170,000 sq. ft. rolling mill.

MoFi Invests in Grocery Supplier/Distributor in Caldwell, ID
A member of the Jackson Food Stores family, Capitol Distributing is a grocery supplier/distributor to convenience stores across the Rocky Mountain West. The company sources, inventories, and delivers over 8,000 products to convenience store retailers. The company also provides services to its customers, including merchandising, laundry and technology solutions.

Upcoming Events
CDFA National Development Finance Summit

CDFA Federal Financing Webinar Series: Opportunity Zones and Small Business featuring SBA and EDA
October 24, 2019 - 2:00 PM Eastern
In this webinar, CDFA will convene financing experts from the Small Business Administration and Economic Development Administration to discuss how their respective financing and grant programs can leverage Opportunity Fund investments in Opportunity Zones. CDFA will center the discussion around SBA 504 and 7(a) Loan programs, as well as the funding programs offered by the EDA.

CDFA // BNY Mellon Development Finance Webcast Series: Unlocking Capital for Native American Communities
Tuesday, November 19, 2019 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Webcast Series, we will discuss financing tools for Native American-owned businesses to assist in strengthening tribal nation's local economies.

More Headlines

Looking for an Oasis in the Food Deserts of Baton Rouge, LA
Business Report | Oct. 21 | Access to Capital | Community Development | Food Systems Finance | Tax Credits

Buffalo, NY Redevelopment Boom is Extending to Broadway District
The Buffalo News | Oct. 19 | Brownfield Financing | Economic Development | Historic Preservation | Tax Credits

No Funding for Affordable Housing Project in MN
Winona Post | Oct. 17 | Housing Finance | Tax Credits | Tax Increment Finance (TIF)

New London, WI Is Looking to Build Riverfront Development
Waupaca County News | Oct. 17 | Revolving Loan Funds (RLFs) | Tax Credits | Tax Increment Finance (TIF)

CRS Report: Policy Issues Regarding the Low-Income Housing Tax Credit
Congressional Research Service | Oct. 17 | Housing Finance | Tax Credits

$9 Million Residential Community Coming to KY Using LIHTC
Cincinnati Business Courier | Oct. 17 | Housing Finance | Tax Credits | Tax Credits\Low Income Housing Tax Credits (LIHTCs)

Wind, Solar Finance Alternatives Rise as Sector Anticipates Looming Tax Credit Expiration
Utility Dive | Oct. 16 | Access to Capital | Energy Finance | Green Finance | Tax Credits

Historic Hobbs Building May Use Tax Credits, TIF
Chicago Tribune | Oct. 14 | Historic Preservation | Infrastructure Finance | Special Assessment Districts | Tax Credits | Tax Increment Finance (TIF)

YMCA of South FL will Build a New YMCA Community Center With NMTCs
Florida Community Loan Fund | Oct. 11 | Social Finance | Tax Credits | Tax Credits\Federal New Markets Tax Credits (NMTCs)

How Creative Partnerships Can Ease the Affordable Housing Crisis
Washington Business Journal | Oct. 8 | Community Development | Housing Finance | Public-Private Partnership (P3) Financing | Tax Credits

Legislation Introduced to Reinstate, Expand Section 45L Credit for Energy Efficient Homes
Novogradac | Oct. 7 | Energy Finance | Green Finance | Housing Finance | Tax Credits

Developer Assembling Land for Hotel
Urban Milwaukee | Oct. 4 | Energy Finance | Green Finance | Historic Preservation | Opportunity Zones | Property Assessed Clean Energy (PACE) | Tax Credits | Tax Increment Finance (TIF)

Scout Clean Energy Closes Wind Farm Financing
PR Newswire | Sep. 30 | Energy Finance | Green Finance | Tax Credits

Time to Get Serious About Rural Broadband in AL
Bama Politics | Sep. 26 | Infrastructure Finance | Rural Development | Tax Credits

Great Falls Food Hub Uses $225K from RLF to Open
Brattleboro Reformer | Sep. 26 | Access to Capital | Agriculture Finance | Food Systems Finance | Revolving Loan Funds (RLFs) | Tax Credits

New $500M Development Planned for Downtown Memphis, TN
WMC5 | Sep. 26 | Access to Capital | Economic Development | Food Systems Finance | Tax Credits | Tax Increment Finance (TIF)

$11M in NMTC Secured for Youth Center RYSE Commons
Richmond Confidential | Sep. 24 | Community Development | Tax Credits


New Additions to the Online Resource Database

Designing and Operating Homeownership Programs on Tribal Lands
Access to Capital | Community Development | Energy Finance | Housing Finance | Tax Credits | Tribal Finance
The purpose of this guide is to offer tribal leadership in New Mexico with a comprehensive overview of the steps required to create homeownership programs on reservation land, with a particular focus on the mortgage lending process.


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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CDFA National Sponsors

  • Alaska Industrial Development and Export Authority
  • Baker Tilly Virchow Krause
  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Fifth Third Bank
  • Frost Brown Todd, LLC
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McCarter & English, LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • Petros PACE Finance
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Wilmington Trust
  • Z. The Bond Buyer
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