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CDFA Tax Credits Finance Update - September 22, 2020

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Tax Credits Finance Update
September 22, 2020
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Tax Credits Finance Update

Features

H.R. 2 Housing Provisions Could Finance More Than One Million Additional Affordable Rental Homes from 2020 to 2030
Novogradac analyzed the rental home financing impact of the following LIHTC and tax-exempt private activity bond (PAB) provisions included in H.R. 2. It includes a 50 percent basis boost for LIHTC developments serving extremely low-income (ELI) households and temporarily reducing the 50 percent test for PAB financed housing.

Developer Shows Off Historic Rehabilitation of Greensboro's Printworks Mill
Alexander Co. is preparing to open the first phase of its Printworks Mill project, which will ultimately have 217 apartments, retail space and self-storage. The $54 million project is being built in the historic complex that had been one of the most innovative fabric-printing mills in the South utilizing low-income housing tax credits, federal and state historic tax credits, a tax-exempt loan and company funding.  

Five Affordable Housing Projects to Get Funding from Dane County, WI
Five projects will receive money from the Dane County Affordable Housing Development Fund in Wisconsin for an amount totaling $4.45M. Taylor Point Apartments would be the first Low-Income Housing Tax Credit (LIHTC) affordable housing development project in McFarland since 1995, the Klassik would be the first LIHTC development project in Verona since 2002, while the Cambridge development would be the first LIHTC project ever in Cambridge.

Low Income Housing Tax Credit
The federal Low Income Housing Tax Credit was initially established in 1986 with the Tax Reform Act. It has since been modified several times (most recently in 2018). The program offers about $9.9B in funding annually. There are two types of LIHTCs: the 9% credit and the 4% one. Both credits are spread across a 10-year period.

Aurora, IL Votes to Expand Redevelopment Zone
The Aurora City Council in Illinois voted this week to expand a state-sponsored redevelopment program already partly responsible for some big redevelopment projects in the city. Developers inside the River Edge Redevelopment Zone get a 20% break on federal taxes, 25% break on state taxes from historic tax credits.

DePaul Plans Purchase, Renovation of Lockport Senior Facility
Rochester-based social services agency that operates assisted living, rehab, addiction treatment and mental health treatment facilities is acquiring a senior facility in Lockport and its adjacent senior apartments. The financing will include a Payment in Lieu of Taxes, Tax-Exempt Financing and Historic Tax Credits.

Courthouse Plan Progressing
Woodstock seems close to winning historic tax credits deemed essential to remodeling the Old Courthouse and Sheriff's House for commercial and civic tenants. The financing will also include a $3.8M bond issue, $1.4M in historic tax credits and $125K in TIF.

Owners of the Former Sheboygan Press Building Looking to Convert it to Industrial, Loft-Style Apartments
The project entails the creation of 30 apartment units; loft style. The type of funding sought would include state and federal historic tax credits and a city tax increment financing district. On Aug. 14, the former Sheboygan Press building was placed on the State Register of Historic Places by the Wisconsin Historical Society. According to the Wisconsin Economic Development Corporation, historic preservation tax credits on the state level allow for a credit of 20% of eligible rehabilitation costs for "certified historic structure."

WinnCompanies Celebrates Ribbon Cutting at Liberty Lofts at Sibley Sq. in Rochester, NY
The $23.6M development of Liberty Lofts will utilize financing consisting of: Low Income Housing Tax Credits, State Housing Trust Fund, Private Activity Bonds and Federal Historic Tax Credits. The residential project consists of a 72-unit apartment community for renters 55 and older located on floors seven and eight, and Spectra at Sibley Square, a 104-unit mixed-income community on floors nine through 12.

Upcoming Events
Intro Infrastructure Finance WebCourse

CDFA Food Systems Finance Webinar Series: Financing Food Systems Entrepreneurs
Tuesday, September 29, 2020 - 2:00 PM Eastern
During this installment of the CDFA Food Systems Finance Webinar Series, development finance professionals from around the country will describe their strategies for supporting local entrepreneurs in moving their business from idea to execution.

CDFA // BNY Mellon Development Finance Webcast Series: Manufacturing Bonds for Disaster Response
Tuesday, October 20, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will look at how IDBs act as a resilient economic driver by financing the manufacturing facilities that stabilize local economies during crises.

More Headlines

Natick Could Become Home to the First Affordable-Housing Development for Military Veterans in MetroWest
The Metro West Daily News | Sep. 21 | Housing Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs) | State Tax Credit Programs

How Companies Can Subsidize Project Costs With The New Markets Tax Credit Program
Nashville Business Journal | Sep. 19 | Tax Credits | Federal New Markets Tax Credits (NMTCs)

Sens. Wyden, Merkley, Feinstein, Murray, Harris Introduce Disaster Tax Relief Bill
Gorge Country Media | Sep. 17 | Disaster Recovery & Relief | Legislative | Tax Credits

Report Touts Economic Benefits of Maine Tax Credit for Historic Properties
The Press Herald | Sep. 17 | Historic Preservation | Tax Credits | Federal Historic Rehab Tax Credits | State Historic Tax Credits

Raising Capital for Housing for American Indian Tribes
Multi-Housing News | Sep. 16 | Access to Capital | Housing Finance | Tax Credits | Tribal Finance

Developer Plans $12M Townhouse Project Near Garfield Park for Affordable Housing
IBJ | Sep. 15 | Housing Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

Williams International Expands Manufacturing Plant in Ogden, UT
Area Development | Sep. 11 | Tax Credits | Tax Increment Finance (TIF)

With Funding as Hurdle, New Danville Police Station Hinges on Casino Vote
Danville Register and Bee | Sep. 10 | Historic Preservation | Tax Credits | Federal Historic Rehab Tax Credits

Cañon City Council Opens Door For Tax Credit Opportunities For Historic Property Owners
Canon City Daily Record | Sep. 9 | Historic Preservation | Tax Credits | State Historic Tax Credits

Rusty Tweed Shares Ways to Increase Property Value
Newstrail | Sep. 9 | Energy Finance | Tax Credits | Renewable Energy Investment Tax Credit (ITC) | Renewable Energy Investment Tax Credit (ITC)

Guaranty Bank Block Development Talks Resume With Cedar Rapids Officials
The Gazette | Sep. 7 | Historic Preservation | Tax Credits | Federal Historic Rehab Tax Credits

Over 180 Affordable Housing Units in Pittsburgh, PA Receive Tax Credits, Still Await Gap Funding
Pittsburgh City Paper | Sep. 4 | Housing Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

Wisconsin and Minnesota Fuel Movement to Get More Black Farmers on Land
Duluth News Tribune | Aug. 31 | Access to Capital | Agriculture Finance | Food Systems Finance | Revolving Loan Funds (RLFs) | Tax Credits

New Co-op Grocery Opens in Downtown Kansas City, KS
Wyandotte Daily | Aug. 31 | Bond Finance | Food Systems Finance | Public-Private Partnership (P3) Financing | Revolving Loan Funds (RLFs) | Tax Credits | Tax Increment Finance (TIF) | Case Studies


New Additions to the Online Resource Database

New Markets Tax Credits: A Flexible Capital Source and a Change Agent
Access to Capital | Community Development | Healthcare | Social Finance | Tax Credits
The New Markets Tax Credit (NMTC) program, created to spark investment in disadvantaged communities, has become a valuable source of flexible capital for healthcare providers and health systems to tackle the immediate needs of both their organizations and communities to affect positive change. NMTC funding has been used for new construction or renovation of facilities including emergency rooms, mental health departments, primary care and community clinics, and specialty service facilities such as testing sites, wellness centers, and radiology and imaging facilities.


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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