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Stakeholders Urge CRA Guidance for HTC Investments

Tuesday, November 18, 2014 - 8:00AM

A group of 168 businesses, investors, nonprofit organizations and community leaders earlier this month sent a letter to federal bank regulators, urging them to expand and clarify the circumstances under which a federal historic tax credit (HTC) investment qualifies for Community Reinvestment Act (CRA) credit. Signatories asked that HTC transactions be automatically eligible for CRA credit if they are investments in low- and moderate-income areas that are designated economic development districts and have support from the local redevelopment agency. The letter argued that the HTC attracts private investments that can stabilize and revitalize economically underserved communities.

The letter was written in response to an invitation for public comment regarding proposed revisions to the Interagency Questions and Answers Regarding Community Reinvestment by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency.

Tune into the Nov. 25 episode of the Tax Credit Tuesday podcast to learn more.

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