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CDFA New Markets

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Presentation on Ohio and federal tax credits at the Ohio Roundtable of the Council of Development Financing AGencies

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CDFA New Markets

  1. 1. CDFA / OhioRoundtable Council of Development Financing Association 09252012
  2. 2. • Background of Finance Fund• New Markets Tax Credits Update• Ohio New Markets Tax Credit Council of Development Financing Association 09252012
  3. 3. Who we are• Non-profit financial intermediary for the State of Ohio• Founded 25 years and our initial focus was grants for non-profit Community Development Companies (CDCs)• Funding sources are from the private and public sector (banks, philanthropic, SBA, ODOD, other)• $200 million in capital over 25 Years Council of Development Financing Association 09252012
  4. 4. Finance Fund Programs• Federal and Ohio New Market Tax Credit Programs• SBA Intermediary Lending Program (loans to small businesses in Appalachia)• New Markets Tax Credits (tax credits, loans, equity)• Pre-Development and Economic Development Grant Program (grants to CDCs for development projects)• Linked Deposits Council of Development Financing Association 09252012
  5. 5. Finance Fund Community Advantage 7(a)• SBA Community Advantage: 7(a) Guaranteed Lender• Statewide Coverage• Mission-based lenders (primarily CDFIs) serving distressed communities• Loans under $250,000• Targeted at distressed communities, veterans, LMIs, EZs, HUBZones Council of Development Financing Association 09252012
  6. 6. Finance Fund New Markets Tax Credits• Statewide: $5.6 million Solar Vision: 5 solar installations (with FirstMerit)• Columbus: $1 million Sav a Lot Grocery• Freeport: $6 million Freeport Press (with ODOD)• Dayton: $10.2 million TechTown with Citywide Dev. Council of Development Financing Association 09252012
  7. 7. Kent State Univ Hotel and Conf Center• 95 room hotel, conference center• Development Fund of the Western Reserve• Finance Fund• $15.6 million TPC• Pizutti Development Council of Development Financing Association 09252012
  8. 8. Ohio New Markets Tax Credit Program• Parallel and enhance capital raising in partnership with federal NMTC• Similar eligible areas / communities• 0%, 0%, 7%, 8%, 8%, 8%, 8%• $10 million per year allocation; $1 million per project• Some differences: Passive real estate, different tax credit schedule Council of Development Financing Association 09252012
  9. 9. Ohio NMTC 2012 Allocatees• Stonehenge Community Development, LLC (Ohio)• Ohio Community Development Finance Fund, LLC (Ohio)• Development Fund of the Western Reserve (Northeast Ohio)• Northeast Ohio Development Fund, LLC (Cuyahoga County)• Cleveland New Markets Investment Fund II, LLC (Cuyahoga County)• Cincinnati New Markets Fund, LLC (Cincinnati central business district, and Over-the-Rhine neighborhood) Council of Development Financing Association 09252012
  10. 10. Ohio NMTC Prior Allocatees• Cincinnati Development Fund• Finance Fund• Key Community Development New Markets• Northeast Ohio Development Fund (Cleve Port Authority)• Cleveland New Markets Investment Fund II (Cleve Dev Advs)• Dayton Region New Markets Fund (Citywide)• Cincinnati New Markets Fund II (Over the Rhine) Council of Development Financing Association 09252012
  11. 11. OSt. Aloysius Orphanage, Cincinnati Council of Development Financing Association 09252012
  12. 12. St. Aloysius Orphanage, Cincinnati• $19.5 million renovation of historic property and multi-story expansion• 200 construction jobs, retain 160 employees, create 25 new jobs, increase capacity to serve additional 200 children.• 7+ acre site in Bond Hill, with 5 buildings, including the main building – which date from 1856• Major interior renovation including upgrades to handicap accessibility, sprinkler systems, and a new roof, while the Glad House will be renovated and include the addition of 12,000 square feet of classroom space. Council of Development Financing Association 09252012
  13. 13. OSt. Aloysius Orphanage, Cincinnati• Historic Preservation Tax Credits ($1 million)• New Markets Tax Credits – Finance Fund: Federal: $7 million; Ohio: $1 million – Consortium America CDE (affiliated with Trammel Crow) Federal NMTC: $10 million• U.S. Bank (Debt and Equity) Council of Development Financing Association 09252012
  14. 14. Updates and Current Events• Renewal of federal NMTC continues to be question: Congressional tax extender has not yet passed• CDEs working through the restructuring of NMTCs financed in first round (7 years)• Discussion about renewal of Ohio NMTC underway, active discussion about changes in the program• Need for an enhanced Ohio NMTC coalition• Recent court decision challenges future of vital historic tax credit program: Third Circuit decision challenging “meaningful investor stake” Council of Development Financing Association 09252012

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