Housing and Development Incentives News
The latest trends, news and insights on TIFs, tax credits and other housing and development incentives.
Chicago OKs $67.5M TIF for Bankers Building Redevelopment
The Chicago City Council approved $67.5 million in TIF funding for the Bankers Building, paving the way for its $183.5 million conversion located in the Loop’s financial district. The project will retain the existing hotel, feature commercial spaces, and convert the...
University of Pittsburgh Taps NMTCs to Advance $250M BioForge Facility
The University of Pittsburgh is leveraging the federal New Markets Tax Credit program to help finance BioForge, a $250 million cell and gene therapy manufacturing hub at Hazelwood Green. The arrangement places a $9.1 million obligation on Pitt’s books that will be...
Civic Federation Warns Chicago’s Record TIF Surplus Is Unsustainable
A new Civic Federation report criticizes Mayor Brandon Johnson’s plan to declare a record $1 billion TIF surplus, arguing the revised process has turned TIFs into a “stealth property tax” used to plug operating budgets rather than revitalize struggling neighborhoods....
LIHTC Projects Face Mounting Strains As Margins Tighten: Report
CREDaily reports that inflation, supply chain delays, and labor shortages have pushed LIHTC projects into cost overruns and construction setbacks, leaving about 31% of developments still in pre-stabilization by the end of 2024. A record 16.9% of properties landed on...
Reading, PA Project Wins $17 Million LIHTC Award for Senior Housing
HDC MidAtlantic and Landis Quality Living secured $17 million in LIHTC funding to transform a blighted downtown Reading industrial building into 46 affordable apartments for residents 62 and older. The $20 million Cornerstone at 6th & Chestnut project is backed by...
Iowa Awards $23 Million to Restore 11 Historic Sites
Iowa has awarded more than $23 million in Historic Preservation Tax Credits to rehabilitate 11 historic buildings, selected from 23 applications requesting over $49 million. State officials say the program supports economic development by restoring culturally...
Citizen Group Pushes Rapid City, South Dakota Voters to Reject Record $125M Libertyland TIF
A newly formed citizen group, called No Free Rides Committee, is urging voters to reject the unprecedented $125 million Libertyland TIF, arguing it funnels taxpayer dollars into private development through large discretionary grants and interest reimbursements. The...
DHCD Forfeits $35 Million in LIHTC Funds
D.C.’s housing agency forfeited $3.5 million in federal Low Income Housing Tax Credits, costing the city roughly $35 million in equity. Records show Department of Housing and Community Development (DHCD) mishandled allocations and executed a credit swap that rescued a...
NJEDA Approves $93M in Aspire Program Tax Credits for Paterson and Secaucus Projects
The New Jersey Economic Development Authority approved $93.1 million in Aspire Program tax credit awards for two developments, a fully affordable housing rehabilitation in Paterson and a modern warehouse facility in Secaucus. The Carroll Street Houses project in...
$17.5M NMTC Financing Secured for South City Early Learning Center in Memphis, Tennessee
MBS Urban Initiatives CDE, U.S. Bancorp Impact Finance, and Nonprofit Finance Fund closed $17.5 million in New Markets Tax Credit financing for the South City Early Childhood Education Center in Memphis, Tennessee. Developed by Urban Renaissance Partners and ComCap...
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