The Community Development Financial Institutions (CDFI) Fund announced this week that users will not be able to submit reports though the Community Investment Impact System (CIIS) during August. CIIS is the award recipient reporting system for the CDFI Fund program, the New Markets Tax Credit program and Capital Magnet Fund.
Sen. Kamala Harris, D-Calif., introduced legislation to create a refundable tax credit for renters who pay more than 30 percent of their annual gross income on rent and utilities. The Rent Relief Act, which is cosponsored by Sens. Dianne Feinstein, D-Calif., Richard Blumenthal, D-Conn., and Maggie Hassan, D-N.H., was introduced in the House last summer, where it has six co-sponsors.
The Community Development Financial Institutions (CDFI) Fund today opened fiscal year 2018 funding round for the Capital Magnet Fund. The CDFI Fund will award approximately $142.9 million to CDFIs and qualified nonprofit housing organizations this year to finance affordable housing activities, related economic development activities and community service facilities, with the goal of attracting private capital to economically distressed communities.
Nine U.S. Senators today introduced legislation to create a bipartisan task force on affordable housing. Sens. Todd Young, R-Ind.; Maria Cantwell, D-Wash; Angus King, I-Maine; Dean Heller, R-Nev.; Tim Kaine, D-Va.; Doug Jones, D-Ala.; Cory Gardner, R-Colo.; Marco Rubio, R-Fla.; and Chris Coons, D-Del.; introduced the Task Force on the Affordable Housing Crisis Act.
The low-income housing tax credit (LIHTC) is America’s most prolific source of funding for new affordable rental housing, but faces significant legislative and economic challenges, according to a report by Urban Institute released this week.
The U.S. Department of Housing and Urban Development (HUD) yesterday approved a $243 million disaster recovery plan for the U.S. Virgin Islands through the Community Development Block Grant-Disaster Recovery (CDBG-DR) program. The funds will be used to address housing, infrastructure and economic recovery needs after last year’s Hurricane Irma and Hurricane Maria.
The Community Development Financial Institutions (CDFI) Fund today issued a call for reviewers for the 2018 application round of the New Markets Tax Credit (NMTC) program.
Missouri Gov. Mike Parson signed into law S.B. 773 to reduce the annual aggregate cap of state historic tax credits (HTCs) from $140 million to $90 million for each fiscal year commencing with the effective date of the statute, Aug. 28, 2018. An additional $30 million in state HTCs above the $90 million cap may be authorized for projects in a qualified census tract.
Delaware Gov. John Carney signed legislation this month to increase the annual statewide cap on state historic tax credits (HTCs) to $8 million for fiscal years 2019-2024. The previous cap was $6.5 million. HB 475 also appropriated $6 million to the Affordable Rental Housing Program, which is intended to be used to leverage other sources, such as low-income housing tax credits.
The California Tax Credit Allocation Committee (CTCAC) announced Tuesday that it created tutorial videos to assist low-income housing tax credit property owners in preparing their placed-in-service documentation. The videos are available on CTCAC’s website.
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