The Community Development Financial Institutions (CDFI) Fund today announced that the electronic application for the calendar year 2018 round of the New Markets Tax Credit (NMTC) program is available in the CDFI Fund’s Awards Management Information System (AMIS). Community development entities interested in applying for NMTC allocation authority in the 2018 round have until 5 p.m.
The Senate today confirmed Brian Montgomery as commissioner of the Federal Housing Administration (FHA) with a vote of 74-23. This marks Montgomery’s second term as FHA commissioner after he held the position under former President George W. Bush and for six months under President Barack Obama. Montgomery was also acting secretary of the U.S. Department of Housing and Urban Development (HUD).
Colorado Gov. John Hickenlooper is expected today to sign into law SB 2018-007, which extends the state’s affordable housing tax credit program through Dec. 31, 2024. The Colorado tax credit was reintroduced Jan. 1, 2015, after a 13-year hiatus and is taken over six years with a $5 million annual cap.
The U.S. Department of Housing and Urban Development (HUD) today announced $2.6 billion in annual funding to housing authorities in all 50 states, the District of Columbia, Guam, Puerto Rico and the U.S. Virgin Islands through the Capital Fund program. The funds are meant to help public housing authorities make large-scale improvements to build, repair, renovate and/or modernize their properties.
Missouri enacted S.B. 590 Friday to reduce the annual state historic tax credit (HTC) program cap from $140 million to $90 million, with the possibility of an additional $30 million in tax credits for developments in qualified census tracts. The bill is effective July 1.
The Treasury Department today designated qualified opportunity zones (OZs) in 20 states, Washington, D.C., and Guam, leaving just four states still pending approval. The remaining states are Florida, Nevada, Pennsylvania and Utah. Investors in qualified opportunity funds that invest in qualified OZs can defer tax on prior gains until no later than Dec. 31, 2026.
House Financial Services Housing and Insurance Subcommittee Chairman Sean Duffy, R-Wis., and Ranking Member Emanuel Cleaver, D-Mo., Tuesday introduced the Housing Choice Voucher Mobility Demonstration Act of 2018. H.R. 5793 would encourage Section 8 Housing Choice Voucher recipients to move to lower poverty neighborhoods in order to expand access to opportunity areas.
Wisconsin Gov. Scott Walker signed a bill (Act 176) enacting a new state low-income housing tax credit (LIHTC) program, which will be administered by the Wisconsin Housing and Economic Development Authority. The Wisconsin LIHTC largely mirrors the federal program and can be matched with the federal 4 percent LIHTC.
The Treasury Department today designated qualified opportunity zones (OZs) in Indiana, Iowa, Kansas and Maine. Investors in qualified opportunity funds that make investments in qualified OZs can defer tax on prior gains until no later than Dec. 31, 2026. Treasury has yet to designate OZs for 24 states, Washington, D.C., and Guam.
The Georgia Department of Community Affairs today posted a draft income averaging policy. Questions and comments can be submitted to firstname.lastname@example.org until close of business May 30. A final policy will be incorporated into the 2018 qualified allocation plan (QAP) through a QAP amendment.
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