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CDFA Tax Credits Finance Update - June 23, 2020

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Tax Credits Finance Update
June 23, 2020
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Tax Credits Finance Update

Features

Two Downtown Dayton Projects Face Tough Competition, Coronavirus Challenges
Two downtown Dayton projects, seeking millions of dollars in state historic tax credits could be in trouble as they face heavy competition for the incentives from projects across the state as their request comes during one of the worst financial periods in the history of the hotel industry due to the coronavirus pandemic. Applicants have requested nearly $79M in tax credits, which far exceeds the less than $27M the state currently has to award.

Regions Closes $107M LIHTC Fund
RAH Corporate Partners Fund 56 will invest in 15 affordable housing properties financed through the LIHTC program. The developments are in 10 states—AK, CO, GA, LA, MS, NM, NY, NC, OK, and TX. Eleven properties are being built for families, and four are being built for seniors. Nine developments will set aside units to provide for veterans, survivors of domestic violence, and those requiring health and social services.

Clemson Development: University Uses Coronavirus Time to Build; Newry Gets Revitalization
An old textile mill near Lake Keowee is getting a $60M upgrade. The property will be renovated and new buildings will be constructed to create nearly 200 apartments, a grocery store, restaurant, event space and an expanded post office. The property will receive federal and state tax breaks and sits in the middle of an Opportunity Zone.

IRS Extends Due Dates For Making Investments For New Markets Tax Credit
Due to COVID-19, the IRS released Notice 2020-49, which extends certain time criteria related to the New Markets Tax Credit (NMTC) program. Under the notice, any due dates for making investments, making reinvestments and expending amounts for the construction of real property that would have fallen between April 1, 2020, and December 31, 2020, are extended until December 31, 2020.

LIHTC Deals Face Increased Scrutiny Amid COVID-19
Low-income housing tax credit (LIHTC) deals continue to move forward, but investors are being very cautious as they weigh potential new risks brought on by the COVID-19 crisis and the economic downturn. Developers and others should not be overly aggressive in their assumptions. They should go back to industry standards in terms of vacancy assumptions, reserves, and guarantee requirements, with a focus on operating reserves.

Ohio Awards $31M in Housing Tax Credits
The Ohio Housing Finance Agency (OHFA) has awarded more than $31M in federal low-income housing tax credits to 37 developments as part of its 2020 allocation round. The affordable housing developments will help create or preserve 2,002 apartments for families, seniors, and people with disabilities.

Sign on to Help Communities Recover by Extending, Expanding the New Markets Tax Credit
The New Markets Tax Credit (NMTC) Coalition is once again organizing a sign-on letter in support of an NMTC extension. This letter also calls for additional funds to communities to recover from the COVID crisis. Please sign your organization onto this letter in support of additional NMTCs to address the COVID-19 crisis.

Upcoming Events
CDFA Virtual Summer School

CDFA-ARI Rural Finance Webinar Series: Access to Capital and Community Facilities
Wednesday, July 8, 2020 - 1:00 PM - 2:30 PM Central
During the fourth installment of the CDFA-ARI Rural Finance Webinar Series, join us for a discussion of community facilities resources and other accessible capital for rural community development.

CDFA-Bricker PACE Webinar Series: Focusing on Sustainability Using PACE
Tuesday, July 14, 2020 - 11:00 AM - 1:00 PM Eastern
This webinar will take a look at the use of PACE in the context of green and sustainability goals and metrics. How will PACE fit into a community's effort to drive a more sustainable economy while pushing economic development goals and objectives? How can PACE be a driver of green principles and strategies to make a community more environmentally friendly? Join industry leaders for a discussion that answers these questions and more.

CDFA // BNY Mellon Development Finance Webcast Series: Financing Small Business Recovery After COVID-19
Tuesday, July 21, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, join us for a discussion about the impacts of COVID-19 on access to capital and how finance tools have evolved to meet the growing needs of small businesses as the nation works towards economic recovery.

More Headlines

Wisconsin Historical Society: Baum Revision Receives Award From Society
WisBusiness | Jun. 21 | Historic Preservation | Tax Credits | Federal Historic Rehab Tax Credits | State Historic Tax Credits

Congress Should Act Quickly to Save Solar Industry
Pensacola News Journal | Jun. 20 | Energy Finance | Tax Credits | Renewable Energy Investment Tax Credit (ITC)

Lawmakers Move to Shrink Tax Credit Program for Historic Buildings
The Business Report | Jun. 18 | Historic Preservation | Tax Credits | Federal Historic Rehab Tax Credits | State Historic Tax Credits

Invest Atlanta, Clark Atlanta End Dispute; $4.14M for Damaged Historic Building
Saporta Report | Jun. 18 | Historic Preservation | Tax Credits | Tax Increment Finance (TIF) | Federal Historic Rehab Tax Credits | State Historic Tax Credits

Travel Industry Calls For $4K Tax Credit as Part of Next Stimulus Plan
M Live | Jun. 18 | Disaster Recovery & Relief | Food Systems Finance | Legislative | Tax Credits | COVID-19

New Hampshire Community Development Finance Authority Awards $4.5M in Tax Credits
NH Business Review | Jun. 17 | Economic Development | Food Systems Finance | Housing Finance | Infrastructure Finance | Rural Development | Tax Credits

Louisiana House Approves Expanding Biz Tax Breaks for Covid-19 Recovery
Law 360 | Jun. 16 | Disaster Recovery & Relief | Food Systems Finance | Incentives | Legislative | State Finance Program | Tax Credits | COVID-19

Macon's Oldest Church, Historic School Part of Planned Housing for Seniors
WMAZ | Jun. 15 | Community Development | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

Massachusetts Mixed-Income Housing Development Focused on Energy Efficiency
Housing Finance | Jun. 12 | Energy Finance | Opportunity Zones | Tax Credits | Tax Increment Finance (TIF)

Future of Renewables Remains Strong Despite Slower Deployment During Pandemic
Triple Pundit | Jun. 9 | Energy Finance | Federal | Green Finance | Infrastructure Finance | Resiliency | Tax Credits | Renewable Energy Production Tax Credit (PTC) | Renewable Energy Investment Tax Credit (ITC)

Naftali Doles out $102M for Waterfront Williamsburg Site
Crain's NY Business | Jun. 1 | Brownfield Financing | Tax Credits

Low-Income Housing Tax Credits News Briefs – June 2020
Novogradac | Jun. 1 | Federal | Housing Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

Treasury, IRS Use Tax Credits to Aid Renewable Energy Projects
Kallanish Energy | Jun. 1 | Energy Finance | Federal | Green Finance | Infrastructure Finance | Resiliency | Tax Credits | U.S. Dept. of Treasury | Renewable Energy Production Tax Credit (PTC) | Renewable Energy Investment Tax Credit (ITC)



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

  • 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
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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