News

Friday, February 26, 2021

The U.S. Department of Housing and Urban Development (HUD) today announced more than $652 million in Indian Housing Block Grant (IHBG) formula funding for eligible Native American Tribes and Tribally Designated Housing Entities for affordable housing activities in tribal communities.

Friday, February 26, 2021

Reps. Terri Sewell, D-Alabama; Tom Reed, R-New York; Sens. Ben Cardin, D-Maryland; and Roy Blunt, R-Missouri; yesterday introduced House and Senate versions of the New Markets Tax Credit (NMTC) Extension Act of 2021. The legislation would permanently extend the NMTC at $5 billion in annual credit authority, adjust that amount for inflation in future years and provide an exception from the alternative minimum tax (AMT) for NMTC investments. This legislation builds on recent Congressional action in support of the NMTC, including the passage of the Consolidated Appropriations Act, which extended the NMTC through 2025.

Thursday, February 25, 2021

A bill introduced in the Indiana House of Representatives would provide certainty and structure to the valuation of land when it is used for solar generation purposes. H.B. 1438 would formalize the land valuation method for assessments after Dec. 31, 2021, to include solar generation facilities in the definition of public utility companies, which are generally assessed more favorably than commercial or industrial facilities. This legislation would allow the Indiana Department of Local Government Finance to set median tax value for county assessors for three regions on an annual basis. 

Thursday, February 25, 2021

A bill was introduced in the Ohio Senate yesterday to extend the state’s payment in lieu of taxes (PILOT) program through 2030 for qualified renewable energy developments. S.B. 89 would also make the 8.5% renewable energy portfolio standards permanent.

Thursday, February 25, 2021

The Community Development Financial Institutions (CDFI) Fund today opened the fiscal year 2021 funding round for the CDFI Rapid Response Program (CDFI RRP). The program, which is authorized by The Coronavirus Response and Relief Supplemental Appropriations Act of 2021, will provide $1.25 billion to CDFIs to help their communities respond to the economic hardships created by the COVID-19 pandemic.

Monday, February 22, 2021

The U.S. Department of the Treasury today provided a revised frequently asked questions (FAQs) document to act as guidance for Emergency Rental Assistance (ERA) program requirements. Among the revisions in the FAQs, Treasury is allowing self-attestation to document most eligibility requirements for applicants.

Monday, February 22, 2021

The Community Development Financial Institutions (CDFI) Fund today awarded nearly $175.4 million to 48 organizations to finance the development of affordable housing and community facilities in low-income communities through the fiscal year (FY) 2020 round of the Capital Magnet Fund. CDFI Fund director Jodie Harris said that this is both the largest dollar amount ever awarded through the program and the largest number of awarded organizations in a single round. The awards will support financing for the preservation, rehabilitation, development or purchase of affordable housing for low-income communities.

Thursday, February 18, 2021

The federal opportunity zones (OZ) incentive would be extended until the end of 2028 under legislation introduced in the House of Representatives. The Opportunity Zones Extension Act of 2021 would allow taxpayers to defer taxes on capital gains invested in qualified opportunity funds (QOFs) through 2028, two years later than currently allowed.

Wednesday, February 17, 2021

The Georgia Department of Revenue announced a proposed rule and a hearing to address changes in the department that oversees the state historic tax credit (HTC) incentive. Georgia S.B. 473 changed the certifying agency for the credit from the Georgia Department of Natural Resources to the Georgia Department of Community Affairs. The remote hearing will be March 23 at 10 a.m. ET.

Tuesday, February 16, 2021

The Illinois Rivers Edge Tax Credit, the state historic tax credit (HTC), would be extended five years under a bill introduced in the state Legislature. S.B. 157 would extend the sunset date from Jan. 1, 2022 to 2027. The credit is for 25% of qualified rehabilitation expenditures in areas that are located within the River Edge Redevelopment Zone and meet four other qualifications.