Working Groups Submit Comment Letters on Proposed CRA Regulations

Thursday, April 9, 2020 - 9:30am

Three tax incentive working groups led by Novogradac submitted comment letters to the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation, asking the agencies to make significant changes to their joint notice of proposed rulemaking for Community Reinvestment Act (CRA) regulations. The Low-Income Housing Tax Credit Working Group, the New Markets Tax Credit Working Group and the Opportunity Zones Working Group each submitted comment letters ahead of Wednesday’s submission deadline. The letters address the proposed rule’s standards for what activities qualify for CRA credit, the location of activities that count for CRA credit, the proposed rule’s methodology for measuring CRA performance and more.