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Novogradac Journal of Tax Credits Volume 12 Issue 5
Abridged version of the May 2021 issue of the Novogradac Journal of Tax Credits. For more content, please subscribe to the Journal.
Question: What are the requirements for an entity to become a certified community development financial institution (CDFI) by the CDFI Fund?
The U.S. Department of Housing and Urban Development (HUD) in March updated its current availability of financing for Community Development Block Grant (CDBG) entitlement communities and states to pursue a Section 108 guaranteed loan, a program offering low-cost, long-term financing for economic and community development projects.
The U.S. Department of Housing and Urban Development (HUD) posted fiscal year (FY) 2021 income limits April 1 to determine eligibility for HUD-assisted programs, such as for public housing, Section 8, Section 221(d)(3) and Section 236 properties. HUD also published Multifamily Tax Subsidy Projects (MTSP) income limits to determine eligibility for the low-income housing tax credit (LIHTC) and tax-exempt bond properties.
Since the widespread onset of COVID, asset management teams like those at National Trust Community Investment Corporation (NTCIC), a tax credit syndicator and community development entity (CDE), have been supporting projects and investors facing myriad challenges. The initial shutdown and the massive disruption that followed created a level of uncertainty and volatility many communities have not seen since the Great Depression. It disrupted a wide range of projects at all phases of project life cycles, even among historically stable assets.
Community development entities (CDEs) are celebrating a five-year extension of the new markets tax credit (NMTC) and preparing for the calendar-year 2020 (CY 2020) NMTC awards.
Mississippi Gov. Tate Reeves signed a bill March 17 to extend the sunset date of the state new markets tax credit (NMTC) incentive by three years, to July 1, 2024. H.B. 499 makes no other changes to the state NMTC incentive, which has an annual cap of $15 million, a transaction cap of $10 million and was set to expire July 1, 2021.
A bipartisan group of House of Representatives members April 1 introduced the Historic Tax Credit Growth and Opportunity (HTC-GO) Act of 2021, a bill that includes a temporary increase in the federal historic tax credit (HTC) and a permanent increase in the HTC percentage for small projects.
Sens. Michael Bennet, D-Colorado, and Amy Klobuchar, D-Minnesota, introduced legislation March 2 to update and expand the small wind investment tax credit (ITC).
The U.S. Department of Housing and Urban Development (HUD) posted income limits April 1 to determine eligibility for HUD-assisted programs, as well as eligibility for low-income housing tax credit (LIHTC) and tax-exempt bond properties for fiscal year 2021.
Rhode Island Housing posted a bulletin March 9 announcing that an updated compliance manual was released. Significant revisions include clarification of Rhode Island Housing policies, deeper discussion on both the average income test required minimum distributions and acquisition and rehabilitation developments.