Puerto Rico Earthquake Supplemental Appropriations Bill Includes NMTC, LIHTC, CDBG-DR

Wednesday, January 29, 2020 - 11:15am

House Appropriations Committee Chairwoman Nita Lowey, D-N.Y., yesterday introduced an emergency supplemental appropriations bill to provide assistance to Puerto Rico after recent earthquakes. The Emergency Supplemental Appropriations for Disaster Relief and Puerto Rico Disaster Tax Relief Act of 2020 (H.R. 5687) would provide an additional $500 million annually in new markets tax credit allocation authority in 2020 and 2021 for community development entities with a history of making qualified low-income community investments in federally declared disaster areas or Puerto Rico. The bill would also increase the low-income housing tax credit ceiling for Puerto Rico for calendar year 2020 by $50 million and provide $3.26 billion through the Community Development Block Grant-Disaster Recovery program for disaster relief, restoration of infrastructure and housing, and economic revitalization—with $1.53 billion set aside for mitigation in areas that experienced major disasters in 2018 and 2019. A summary of the bill can be found here.

Community development incentives for investing in Puerto Rico will be discussed at the Novogradac 2020 Investing in Puerto Rico Conference, May 7-8 in San Juan, Puerto Rico.