News

Friday, September 21, 2018

Sens. Tim Scott, R-S.C., and Michael Bennet, D-Colo., on Thursday wrote a letter to U.S. Secretary of the Treasury Steven Mnuchin requesting clarification on whether energy storage technologies qualify for the renewable energy investment tax credit (ITC) when added to an existing ITC-eligible technology. The senators requested that the clarification be included in the Internal Revenue Service’s (IRS’s) 2018-2019 Priority Guidance Plan.

Friday, September 21, 2018

The Advisory Council on Historic Preservation (ACHP) will hold its quarterly meeting Oct. 4, according to a document scheduled for publication Monday in the Federal Register. The meeting will begin at 8:30 a.m. in Room SR325 of the Russell Senate Office Building in Washington, D.C. The ACHP is an independent federal agency that advises the president and Congress on national historic preservation policy.

Friday, September 21, 2018

The Community Development Financial Institutions (CDFI) Fund today announced an updated application for its community development entity certification. The application is available through the CDFI Fund’s Awards Management Information System. There are no changes to the criteria and questions on the previous application form.

Friday, September 21, 2018

Rep. Jenniffer Gonzalez-Colon, R, Puerto Rico, introduced legislation to provide a federal tax credit for certain business expenses in census tracts that meet one of three definitions for an economically distressed zone and are designated as such by local or state government. H.R.

Thursday, September 20, 2018

The U.S. Department of Housing and Urban Development (HUD) today announced the formal execution of a $1.5 billion grant agreement–including $1 billion for housing–to help Puerto Rico recover from hurricanes Irma and Maria. The housing funds through the Community Development Block Grant–Disaster Recovery program include $10 million for rental assistance, specifically for properties that serve the elderly and other vulnerable households.

Thursday, September 20, 2018

Combined tax-exempt private activity bond (PAB) issuance for multifamily and single-family housing set a record in 2017, according to a report issued today by the Council of Development Finance Agencies (CDFA). The combined multifamily and single-family total was $21 billion, an increase of $2.5 billion from 2016.

Wednesday, September 19, 2018

U.S. Department of Housing and Urban Development (HUD) Secretary Ben Carson today announced that HUD’s Rental Assistance Demonstration (RAD) program has preserved 100,000 units. The RAD program provides public housing authorities with access to private investment to preserve public housing properties and address the backlog of deferred maintenance.

Wednesday, September 19, 2018

The Alabama Court of Civil Appeals overturned a trial court decision and ruled that the state’s new markets tax credit (NMTC) can reduce the financial institutions excise tax (FIET) only by the amount paid to the state. The ruling said the NMTC can’t reduce FIET proceeds paid to counties and municipalities in which the financial institution was located. The decision in Alabama Dept. of Revenue vs.

Wednesday, September 19, 2018

The Community Development Financial Institutions (CDFI) Fund today announced that it granted $202.2 million in awards to 302 CDFIs through the fiscal year 2018 round of the CDFI program and the Native American CDFI Assistance (NACA) program. The awards will enable CDFIs to increase lending and investment activity in low-income and economically distressed communities.

Wednesday, September 19, 2018

Twelve Pennsylvania state senators today introduced legislation to create a state housing tax credit, modeled after the federal low-income housing tax credit (LIHTC). SB 1185 includes a $10 million annual cap and would mirror LIHTC requirements for applicants and uses. The state credit would be taken over a five-year period, with a five-year carryover for any amount that exceeds the tax liability of the taxpayer.