WASHINGTON – Nov. 2, 2015
President Barack Obama today signed the Bipartisan Budget Act of 2015. The legislation suspends the debt limit through March 2017 and lifts spending limits through September 2017. The deal raises sequestration caps and increases discretionary spending by about $50 billion in fiscal year (FY) 2016 and $30 billion in FY 2017, split evenly between defense and domestic spending. Congress passed the legislation last week with votes of 64-35 in the Senate and 266-167 in the House.
Read about the bill’s implications for tax credit partnerships on the Notes from Novogradac blog.
WASHINGTON – Oct. 30, 2015
The Community Development Financial Institutions (CDFI) Fund today updated its NMTC Compliance Monitoring Frequently Asked Questions document. The update provides supplemental guidance on the use of qualified low-income community investments proceeds to pay a debt or equity provider to monetize an asset, and to clarify the guidance’s applicability to the calendar year 2015 new markets tax credit (NMTC) application round. The deadline to submit application questions to the CDFI Fund on the 2015 NMTC allocation round is Dec. 14 at 5 p.m. EST.
For more information about the next NMTC allocation application round, register for the Novogradac 2015 NMTC Application Webinar that will be held Nov. 12, from 1 p.m. to 4 p.m. EST.
WASHINGTON – Oct. 21, 2015
Today’s release of the Community Development Financial Institutions (CDFI) Fund’s calendar year 2015 new markets tax credit (NMTC) application includes a change meant to allow military base realignment and closure (BRAC) sites to qualify for the NMTC more easily. BRAC sites–many of which were closed by the federal government–were added to a list of targeted service areas that help determine qualification for the NMTC. The notice of allocation availability (NOAA) included guidance on the use of qualified low-income community investment (QLICI) proceeds to repay certain debt or equity investments.
WASHINGTON – Oct. 21, 2015
The Community Development Financial Institutions (CDFI) Fund today released the notice of allocation availability (NOAA), opening the next round of competition under the New Markets Tax Credit (NMTC) program. The NOAA makes $5 billion in tax credit authority available under the calendar year (CY) 2015 round, pending congressional authorization. Under the 2015 NOAA, applications are due Dec. 16. Allocation applicants that are not yet certified as community development entities (CDEs) must submit an application for certification as a CDE by Nov. 6 to be eligible for an NMTC allocation. Application information has also been posted online at www.newmarketscredits.com.
WASHINGTON – Sept. 30, 2015
Congress today passed a stopgap spending bill that will keep the federal government funded through Dec. 11. The Senate passed the bill this morning with a vote of 78-20 and the House later approved it 277-151. President Barack Obama is expected to sign the bill today. To avoid a government shutdown, a stopgap spending bill needs to be passed before the start of the 2016 fiscal year (FY) Thursday.
WASHINGTON – Sept. 29, 2015
The Community Development Financial Institutions (CDFI) Fund announced today that it guaranteed nine bond loans worth $327 million in fiscal year (FY) 2015. All bond proceeds provide long-term, fixed-rate capital for projects in low-income and underserved communities. The bond proceeds are provided through the CDFI Bond Guarantee Program, which has now provided $852 million in bond guarantees since it was enacted as part of the Small Business Jobs Act of 2010. The CDFI Bond Program funding expires at the end of the fiscal year Wednesday, although the president’s proposed budget for 2016 includes an extension of the program, subject to reauthorization by Congress.
WASHINGTON – Sept. 28, 2015
The Community Development Financial Institutions (CDFI) Fund today launched its Awards Management Information System (AMIS). The enterprise-wide business system will eventually support all CDFI Fund programs, replacing the myCDFIFund portal. The CDFI Fund is transitioning to AMIS in several stages from today through fall 2016. Available now through AMIS is the community development entity (CDE) certification application, which replaces the former paper-based process. Organizations and users must also begin to manage their profiles using AMIS.
Tune in to the Oct. 6 episode of the Tax Credit Tuesday podcast to learn more.
SAN FRANCISCO – Sept. 22, 2015
The Novogradac Journal of Tax Credits today announced the winners of the 2015 Community Development QLICIs of the Year Awards, which recognize community development entities (CDEs) that made exceptional qualified low-income community investments (QLICIs) in the past year. Awardees were recognized in five categories: Metro, Non-Metro, Operating Business, Real Estate and Small Business. Winners will be honored Oct. 21 at the Novogradac New Markets Tax Credit Conference in Chicago.