Rep. Jason Smith, R-Mo., and Rep. Terri Sewell, D-Ala., today introduced the Rural Jobs Act, which would authorize an additional $500 million in new markets tax credit (NMTC) allocation per year for 2018 and 2019 for certain rural areas. Under H.R. 6627, the new allocation would target Rural Jobs Zones, which are NMTC-eligible census tracts in rural communities that are eligible for the United States Department of Agriculture (USDA) Business & Industry program.
Rep. James Clyburn, D-S.C., today introduced legislation to increase the low-income housing tax credit (LIHTC) annual allocation and increase the credit percentage formula.
Delaware Gov. John Carney signed legislation increasing the state historic tax credit (HTC) cap for a single rehabilitation of an owner-occupied property from $20,000 to $30,000. SB212 applies to the 30 percent credit for property that is not eligible for the federal HTC.
The Novogradac Journal of Tax Credits today announced in a press release that it will debut a new section dedicated to opportunity zones in its September issue. The new section will report opportunity zones news, analysis and insights, and will feature stories about opportunity zone funds and investments.
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.