News

Monday, November 18, 2019

Seven members of the House of Representatives introduced legislation that would bar jurisdictions from using a high-housing-cost adjustment to calculate area median income for low-income housing tax credit properties without approval from the U.S. Department of Housing and Urban Development. The Affordable Housing and Area Median Income Fairness Act of 2019 (H.R.

Monday, November 18, 2019

Sens. Tammy Duckworth, D-Ill., and Dick Durbin, D-Ill.,  last week announced $60,000 in funding to two organizations to address environmental justice issues as part of a $1.5 million grant program–in which half the 50 funded projects are in or impact opportunity zones (OZs).

Monday, November 18, 2019

The Wisconsin Housing and Economic Development Authority (WHEDA) issued modifications to its qualified allocation plan for 2019 and 2020 to include the average-income option for the rural set-aside for 9 percent low-income housing tax credits (LIHTCs).

Friday, November 15, 2019

Joseph Otting, the Comptroller of the Currency, this week sent a letter to Sen. Sherrod Brown, D-Ohio, on Brown’s previous letter concerning Community Reinvestment Act (CRA) modernization. Otting’s letter focused on the process of revisiting CRA rules, but also agreed with Brown’s concern about using a ratio of CRA financing to a bank’s size to determine CRA ratings. Otting also indicated that a notice of proposed rulemaking will come soon.

Friday, November 15, 2019

The Arkansas Department of Finance and Administration issued a revenue legal counsel opinion last month, clarifying that a decreased minimum investment threshold to qualify for the state historic tax credit applies only to rehabilitation developments begun on or after Jan. 1, 2019. A taxpayer asked for guidance on a multi-phase rehabilitation of property over several years.

Thursday, November 14, 2019

Organizations face a Friday deadline to sign on to a letter calling for Congress to extend the new markets tax credit (NMTC) incentive. The New Markets Tax Credit Coalition letter calls for a permanent extension and expansion of the NMTC along the lines of the New Markets Tax Credit Extension Act.

Thursday, November 14, 2019

Democratic presidential candidate Joe Biden today released a plan to invest $1.3 trillion in infrastructure over 10 years, including permanence for the new markets tax credit (NMTC) incentive and a restoration of the renewable energy investment tax credit (ITC). Biden, a former U.S.

Thursday, November 14, 2019

The Office of the Comptroller of the Currency released a list of Community Reinvestment Act performance evaluations that became public in October. Of the 37 evaluations made public, 28 were satisfactory, eight were outstanding and one was rated need to improve. The evaluations are of national banks, federal savings associations and insured federal branches of foreign banks.

Wednesday, November 13, 2019

Reps. James Clyburn, D-S.C., Alma Adams D-N.C., and William Lacy Clay, D-Mo., yesterday introduced The Opportunity Zone Reform Act, a House companion bill to S. 2787, introduced last week in the Senate. H.R.

Wednesday, November 13, 2019

The Kentucky Department of Revenue issued a private letter ruling (PLR) Nov. 5 concerning a proposed stacked leverage structure in a transaction made using the state’s new markets tax credit. KY-PLR-19-10 includes 13 conclusions related to the specific request, including that loans made by sub-community development entities qualify as qualified low-income community investments if they meet specific requirements.