Housing and Development Incentives News
The latest trends, news and insights on TIFs, tax credits and other housing and development incentives.
Cuyahuga County, OH Receive $23.1 Million in Historic Tax Credits
Cuyahoga County was the biggest winner in Ohio’s latest round of state tax credit awards, receiving $23.1 million for 10 projects in Cleveland and Lakewood, including the maximum award of $5 million each for the West Side Market renovation and the Grain Craft silos...
$7M NMTC Investment to Revitalize Edenton, NC Downtown
The Innovate Fund announced a $7 million New Markets Tax Credit investment to support the redevelopment of the former Sears Building in Edenton, North Carolina, creating 155 new quality jobs. The project will renovate 16,000 square feet of downtown real estate and...
Vermilion Sues to Block Voter-Approved TIF Charter Amendment
Officials in Vermilion, OH filed a lawsuit to halt a voter-approved amendment changing how TIF proposals are approved. The city argues the amendment is unconstitutional because it would let voters approve TIF projects affecting property outside Vermilion’s limits,...
CohnReznick: LIHTC Portfolio Stays Resilient as Challenges Mount
Low-income housing tax credit properties maintained a strong 97% median occupancy in 2024, according to CohnReznick’s latest Affordable Housing Credit Study. Even as the cumulative foreclosure rate remained below 0.5%, the share of properties on watch lists climbed to...
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...
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