Small Business Development & Impact Investing White Paper
CDFA's new Small Business Development & Impact Investing White Paper documents the potential of a collaboration between Impact Investors and high performing Development Finance Agencies (DFAs) to fill the capital gaps facing small businesses and to accelerate DFAs as a major source of capital to enable small businesses to grow, create jobs and spur economic and community development.
CDFI Fund Opens $3.5B CY 2018 NMTC Allocation Round
The Community Development Financial Institutions (CDFI) Fund today opened the calendar year 2018 New Markets Tax Credit (NMTC) allocation round. A notice of allocation availability will be published Friday, making $3.5 billion available for the current round. Applications for allocation authority are due June 28.
NMTCs Help Families Get Energy-Efficient Homes in Santa Fe, NM
Homewise received a $5 million NMTC allocation from the Housing Partnership Network (HPN) to rehabilitate an area in a severely distressed census tract in Santa Fe by building and selling about 20 single-family homes as part of the El Camino Crossing development.
New York City Regional Center Closes First New Markets Tax Credit Transaction
To receive $65 million in New Market Tax Credit allocations from the U.S. Department of Treasury, the NYCRC was required to demonstrate a mission and track record of providing investment capital for low income communities. Since its designation in 2008 by the United States Citizenship and Immigration Services, the NYCRC has secured over $1.5 billion of EB-5 capital for twenty-one economic development projects.
$7.4M Conversion of Former School into Apartment Funded by TCs
Low-income housing tax credits allocated by Michigan State Housing Development Authority and historic credits from the National Park Service helped fund the $7.4 million project. PNC purchased the tax credits and provided the construction, bridge and permanent loans.
LIHTC Property Performance Improves
In 2016, LIHTC portfolios, on a median basis, had a 97.9% occupancy rate, a 1.40 debt-coverage ratio (DCR), and a $688 per-unit per annum net cash flow, reported the firm, which recently examined data collected from about 23,000 properties with nearly 1.7 million LIHTC apartments.
Delaware Passes of Angel Investor Tax Credit Legislation
The Job Creation and Innovation Act for Small Technology Companies (HB 170) provides 25% in tax credit, up to $125,000, to each angel investor who invests over $10,000 in a qualified Delaware company. Investors need not be Delaware residents.
VHFA Awards Tax Credits for Affordable Housing Developments
The $3.5 million in ten-year federal capped credits, $319,000 in ten-year federal uncapped "bond" credits and $173,000 in five-year state credits will support the development of 251 apartments in eight communities across the state.
WI Housing Tax Credit Program Signed Into Law
Wisconsin Governor Scott Walker signed Act 176 into law establishing a Wisconsin housing tax credit program. The new state program provides a tax incentive for private investment in the development or rehabilitation of affordable rental housing.
U.S. Wind Farm Construction Poised to Boom as Tax Credit Wanes
Wind farm developers may add as many as 25 gigawatts of capacity in 2019 and 2020 as the scheduled 20 percent reduction in the production tax credit spurs an unprecedented building boom.
Farmers and Food Banks Reaping Rewards from Tax Credit
Approved growers are entitled to a state tax credit of up to 30 percent of the fair market value of a donation, not to exceed $5,000. The maximum amount the credit allows for all qualifying taxpayers is limited to $250,000 per fiscal year.