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CDFA Tax Credits Finance Update - July 28, 2020

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Tax Credits Finance Update
July 28, 2020
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Tax Credits Finance Update

Features

Companies Urge Renewables Support in COVID-19 Recovery Package, But Near-Term Effects in Doubt
More than thirty companies have signed a letter to Congress, urging the inclusion of clean energy policies in a federal COVID-19 recovery package. It also requests a delay in the phaseout of the production tax credit and investment tax credit for renewable energy investments, and create direct pay options under both those programs to address industry concerns about liquidity.

Retailers Ask Senators to Support Healthy Workplace Tax Credit
The National Retail Federation urged the Senate to approve legislation introduced in the chamber this week that would create a new tax credit intended to ease the cost of steps taken to make stores and other workplaces safe during the coronavirus pandemic.

CDFI Fund Awards $3.5B in NMTC Allocation to 76 Community Development Entities
The CDFI Fund has released its calendar year 2019 awards for the New Markets Tax Credit (NMTC) program. The round of funding awarded over $3.5 billion in NMTC allocation to 76 community development entities.

Pennsylvania Announces $59M to Support Beginning Farmers
The Wolf Administration announced the availability of $59 million in Beginning Farmer Tax Credits over the next decade for those who sell or rent agricultural land, livestock, equipment, buildings or other assets to qualified beginning farmers. The Department of Community and Economic Development, in consultation with the Departments of Agriculture and Revenue, will allocate up to $5 million in tax year 2020, and up to $6 million annually through the 2030 tax year.

Olean Planning Board OKs Savarino Plan For Manny Hanny
The city of Olean Planning Board approved the $12 million site plan by Savarino Companies to redevelop 101 and 107 N. Union St. — the long vacant Manny Hanny and former Siegel's shoe store buildings. The project will be funded through private investment, $2 million from the city's Downtown Revitalization Initiative award, around $7 million in federal New Market Tax Credits, and historic preservation tax credits.

CDFA Announces the CDFA-Frost Brown Todd Infrastructure Finance Collaboration
The Council of Development Finance Agencies has partnered with Frost Brown Todd and its affiliate FBT Project Finance Advisors on the new CDFA Intro Infrastructure Finance WebCourse and the CDFA Finance Toolbox video series. This collaboration will focus on financial challenges and opportunities facing communities working to develop or upgrade energy, water, broadband, disaster recovery, transportation, and other services, and provide expert analyses to inform the development finance industry.

NMTC Coalition Releases 2020 Progress Report
The NMTC Coalition just released its 2020 NMTC Progress Report. In 2019, NMTC financing helped make 288 projects possible, and CDEs used $2.7 billion in NMTC allocation to deliver $4.5 billion in total project investment to low-income communities.

IRS Notice Provides COVID-19 LIHTC Relief
The Internal Revenue Service today released an advance copy of proposed regulations concerning low-income housing tax credit (LIHTC) compliance issues, returning to a previous standard of required inspection of the lesser of the applicable Real Estate Assessment Center (REAC) number of 20 percent of the low-income units in the development.

Upcoming Events
CDFA Virtual Summer School

CDFA-Bricker PACE Webinar Series: Policy and the Future of PACE
Tuesday, August 25, 2020 - 11:00 AM - 1:00 PM Eastern
This webinar will examine the next decade of PACE with a forward-looking view of how PACE will continue to evolve nationwide. PACE experts will explore ways in which the industry can expand PACE use to places that have yet to take advantage of this modern development finance tool. Learn how to tackle public policy hurdles and how to educate community leaders on the pros of PACE while ensuring accountability, transparency, and program effectiveness.

CDFA // BNY Mellon Development Finance Webcast Series: Investing in Childcare Facilities
Thursday, August 27, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will showcase various childcare facilities financing programs from across the country and highlight projects that have successfully utilized these tools.

More Headlines

NCALL Announces $20M in New Markets Tax Credits
Delaware State News | Jul. 26 | Tax Credits | Federal New Markets Tax Credits (NMTCs)

Business Buzz: Missoula Nonprofit MoFi Awarded $65M in New Markets Tax Credit (NMTC)
Missoulian | Jul. 25 | Tax Credits | Federal New Markets Tax Credits (NMTCs)

1275 Delaware and Beyond: Building a New Neighborhood Destination
Buffalo Rising | Jul. 25 | Historic Preservation | Tax Credits | Federal Historic Rehab Tax Credits

Wisconsin Housing and Economic Development Authority (WHEDA) Awards National Housing Trust Funds
Wis Business | Jul. 24 | Housing Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

Historic St. Anthony's Hospital to be Renovated, Creating Affordable Housing for Seniors
News Channel 10 | Jul. 24 | Housing Finance | Tax Credits | State Tax Credit Programs

Scarborough Considers $14M Affordable Senior Housing Complex
Press Herald | Jul. 24 | Tax Credits | Tax Increment Finance (TIF)

U.S Department of Treasury Allocates $65 Million in New Market Tax Credits to Clearinghouse CDFI for Community Facilities and Native American Projects
Yahoo Finance | Jul. 23 | Tax Credits | Tribal Finance | Federal New Markets Tax Credits (NMTCs)

$3.5B in New Markets Tax Credit Allocations Announced
Opportunity Finance Network | Jul. 22 | Tax Credits | U.S. Dept. of Treasury CDFI Fund | Federal New Markets Tax Credits (NMTCs)

Developer Planning $14.5M Jetton Schoolhouse Rehabilitation Project
WPSD Local 6 | Jul. 22 | Historic Preservation | Housing Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs) | Federal Historic Rehab Tax Credits | State Historic Tax Credits

Carver Wins $50M New MarketsTax Credit (NMTC) Award
Savannah Tribune | Jul. 22 | Tax Credits | Federal New Markets Tax Credits (NMTCs)

Bipartisan Bill Introduced for Tax Credits to Food Distributors
The Hill | Jul. 21 | Disaster Recovery & Relief | Food Systems Finance | Legislative | Tax Credits | COVID-19

Dominium Begins Work on $74M Apartment Project in Roseville
Star Tribune | Jul. 14 | Tax Credits | Tax Increment Finance (TIF)

The Need to Expand Hometown Meatpacking Facilities
Leavenworth Times | Jul. 11 | Access to Capital | Food Systems Finance | Revolving Loan Funds (RLFs) | State Finance Program | Tax Credits

IEDA Awards $21.9M for Historic Preservation
Business Record | Jul. 8 | Historic Preservation | Tax Credits

WinnDevelopment Proceeds With $38.3M Mixed-Income Housing Project
New England Real Estate Journal | Jul. 3 | Housing Finance | Opportunity Zones | State Finance Program | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

The New Hampshire Community Development Finance Authority Awards Over $4.5M in Tax Credits for Economic Development
NH Business Review | Jun. 30 | Economic Development | State Finance Program | Tax Credits | State Tax Credit Programs

Tax Credit, Loans Available to Small Agriculture Businesses in Missouri
News Tribune | Jun. 29 | Access to Capital | Agriculture Finance | Food Systems Finance | Revolving Loan Funds (RLFs) | Tax Credits


New Additions to the Online Resource Database

NMTC Program Award Book CY2019
Community Development | Social Finance | Tax Credits | Urban Development
The CDFI Fund has released its calendar year 2019 awards for the New Markets Tax Credit (NMTC) program. The round of funding awarded over $3.5 billion in NMTC allocation to 76 community development entities.

Cultivating Development: Trends and Opportunities at the Intersection of Food and Real Estate
Bond Finance | Economic Development | Food Systems Finance | Revolving Loan Funds (RLFs) | Tax Credits | Tax Increment Finance (TIF)
Cultivating Development explores the mutually beneficial relationship between food-based amenities—such as working farms, community gardens, food halls, restaurants, and grocery stores—and real estate. Developers, owners, property managers, designers, investors, and others involved in real estate decision making can learn from the research, case studies, and food and development practitioner insights described in this report, thereby allowing them to create places that both support and leverage investments in food.

NMTC Progress Report 2020
Community Development | Economic Development | Tax Credits
This is the 2020 edition of NMTC Coalition's annual report on the loans, investments, and community impact of the New Markets Tax Credit.


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
Become a Sponsor