WASHINGTON – Oct. 7, 2014
The Community Development Financial Institutions (CDFI) Fund today announced that it received 263 applications from community development entities (CDEs) requesting a combined $19.9 billion in allocation authority under the 2014 round of the New Markets Tax Credit (NMTC) program. The 2014 notice of allocation authority makes up to $5 billion in tax credit allocation authority available for the current round, pending Congressional authorization. The 2014 round applicants are headquartered in 44 states, the District of Columbia, Guam and Puerto Rico.
Through the first 11 rounds of the NMTC program, the CDFI Fund has made 836 awards totaling $40 billion in tax credit allocation authority. This includes $3 billion in Recovery Act awards and $1 billion for Gulf Opportunity Zones.To prepare for the next NMTC allocation round, join us at the Novogradac New Markets Tax Credit Conference on Oct. 23-24 in New Orleans.
WASHINGTON – Oct. 3, 2014
The Treasury Department yesterday announced that it has guaranteed an additional $200 million through the Community Development Financial Institutions (CDFI) Bond Guarantee program. Under the program, CDFIs will issue federally backed bonds and use the proceeds to provide long-term, fixed-rate capital for projects in low-income communities. Treasury announced in August that it had guaranteed $325 million through the CDFI Bond Guarantee program; yesterday’s announcement brings the total amount guaranteed to $525 million.
Four eligible CDFIs received bond loans from the Community Reinvestment Fund, as qualified issuers: Capital Impact Partners, IFF, Low Income Investment Fund and The Reinvestment Fund. Tune in to the Oct. 14 Tax Credit Tuesday podcast to learn more about the program and yesterday’s announcement.
SACRAMENTO, Calif. – Sept. 30, 2014
California Gov. Jerry Brown yesterday vetoed A.B. 1399, a bill to create a state new markets tax credit (NMTC). In his veto message, Brown said that he endorses programs that encourage private investments in low-income areas, but that the bill’s $200 million cost should be weighed against other priorities during the state budget process. Tune in to today’s Tax Credit Tuesday podcast to learn more.
WASHINGTON – Sept. 8, 2014
The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency today invited public comment regarding proposed revisions to the Interagency Questions and Answers Regarding Community Reinvestment. The document provides additional guidance to financial institutions and the public on the agencies’ regulations that implement the Community Reinvestment Act (CRA). Among other things, the proposed new and revised CRA questions and answers address community development-related issues by clarifying guidance on economic development; providing examples of community development loans and activities that are considered to revitalize or stabilize an underserved nonmetropolitan middle-income geography; and clarifying how community development services are evaluated.
WASHINGTON – Aug. 29, 2014
The Community Development Financial Institutions (CDFI) Fund today provided supplemental guidance for calendar year (CY) 2014 New Markets Tax Credit (NMTC) program applicants in an updated CY 2014 NMTC Program - Application Questions & Answers document. The supplemental guidance is the result of specific questions that the CDFI Fund received during the two application round conference calls hosted Aug. 12 and 14. The revised guidance addresses topics including financing operating businesses, acceptable baselines of activities, innovative activities and Promise Zones, among others.
WASHINGTON – Aug. 20, 2014
The Community Development Financial Institutions (CDFI) Fund today released the electronic application for the 2014 round of the New Markets Tax Credit (NMTC) program. Applications for the 2014 round are due Oct. 1 and will only be accepted electronically through the myCDFI Fund system. The CDFI Fund takes questions about the application until 5 p.m. EDT on Sept. 29.
To learn more about the NMTC application, register for the Novogradac 2014 NMTC Application Webinar on Aug. 21.
WASHINGTON – Aug. 20, 2014
The U.S. Treasury today announced that it has guaranteed $325 million through the Community Development Financial Institutions (CDFI) Bond Guarantee program. Under the program, CDFIs will issue federally backed bonds and use the proceeds to extend credit to the CDFI industry for economic development projects in low-income communities. As much as $750 million in bond guarantee authority is available to eligible CDFIs in fiscal year 2014.
Eligible CDFIs and qualified issuers in the inaugural round of the program are Clearinghouse CDFI, Community Development Trust LP, Local Initiatives Support Corporation and Enterprise Community Loan Fund Inc. Treasury said it would announce additional borrowers selected to participate in the program in coming weeks. Unless the CDFI Bond Guarantee program is reauthorized by Congress, it will sunset Sept. 30, 2014.
Tune into the Aug. 26 Tax Credit Tuesday podcast to learn more.
WASHINGTON – Aug. 15, 2014
The Community Development Financial Institutions (CDFI) Fund has issued a request for community and economic development practitioners to serve as application reviewers and alternates for the 2014 round of the New Markets Tax Credit (NMTC) program. Reviewers will provide first-stage evaluations of the applications. The CDFI Fund requires reviewers and alternates to have considerable expertise in community and economic development finance and prefers applicants to have specialized knowledge in commercial finance.
Tune in to the Aug. 26 Tax Credit Tuesday podcast to learn more about reviewer requirements and responsibilities.
WASHINGTON – Aug. 14, 2014
The Community Development Financial Institutions (CDFI) Fund will hold a webinar on the CDFI Information Mapping System (CIMS3) for New Markets Tax Credit (NMTC) program participants on Aug. 19 at 3 p.m. EDT. CIMS3 is a web-based tool that allows organizations interested in applying for certification as a CDFI or community development entity, or for funding through one of the CDFI Fund’s award programs, to plot their eligible service areas and investments. The webinar is meant to help users navigate the system’s features.