News

Monday, October 14, 2019

Twenty-nine members of Congress last week sent a letter to the heads of the three agencies that oversee the Community Reinvestment Act (CRA), urging them to work with civil rights groups and community groups while updating the CRA. The letter was sent to the heads of the Federal Reserve (Fed), Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC).

Monday, October 14, 2019

Betsy DeVos, the U.S. secretary of education, announced that a consulting firm was awarded a contract to conduct outreach to promote the creation and expansion of public charter schools in opportunity zones (OZs). According to the Department of Education, more than 70 percent of OZs don’t have a public charter school option.

Friday, October 11, 2019

Beto O’Rourke, a Democratic candidate for president, today released a housing plan that requires permanent affordability for homes funded by the 9 percent low-income housing tax credit. O’Rourke, a former U.S. congressman from Texas, also proposes a $400 billion investment in the National Housing Trust Fund and a $60 billion investment in the Capital Magnet Fund over a decade.

Friday, October 11, 2019

California Gov. Gavin Newsom this week signed into law a bill to create a state historic tax credit (HTC). S.B. 451 creates a state HTC for 20 percent of qualified rehabilitation expenditures (QREs), with an increase to 25 percent of QREs that meet certain criteria, including affordable housing.

Thursday, October 10, 2019

Democratic presidential candidate Michael Bennet today posted a housing plan on his website that includes a call for a 50 percent increase in allocation of 9 percent low-income housing tax credits (LIHTCs), as well as other proposals that are part of the Affordable Housing Credit Improvement Act. Bennet, a U.S.

Thursday, October 10, 2019

The Office of the Comptroller of the Currency released a list of Community Reinvestment Act performance evaluations that became public during September. Of 35 evaluations made public, 21 are satisfactory, 13 are outstanding and one is rated as needs to improve. The list of evaluations contains national banks, federal savings associations and insured federal branches of foreign banks.

Wednesday, October 9, 2019

The Internal Revenue Service (IRS) this week released the 2019-2020 priority guidance plan, which established guidance priorities for the Department of the Treasury and IRS for the period from July 1, 2019, through June 30, 2020.

Wednesday, October 9, 2019

California Treasurer Fiona Ma today appointed 12 housing and economic development experts to the Housing, Economic, Jobs and Opportunity Zone Ad Hoc Committee. The group will be tasked with assisting Ma’s office with “out-of-the-box strategies to advance her housing and economic development goals,” according to a press release.

Wednesday, October 9, 2019

The U.S. Department of Education today announced that it will provide $42.4 million in grants to school districts to help develop, enhance or expand systems that support implementing multitier systems of support for improving school climate, including those in opportunity zones (OZs). The School Climate Transformation Grant program focuses on districts serving rural areas, members of federally recognized tribes and OZs.

Wednesday, October 9, 2019

The U.S. Department of Housing and Urban Development (HUD) today announced a combined $112 million in funding to expand the supply of permanent affordable housing for very-low-income people with disabilities, including a program with preference points for developments in opportunity zones (OZs).