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News
The National Low-Income Housing Coalition and the Public and Affordable Housing Research Corporation today released a report that highlights the need for additional resources for affordable housing, saying nearly 300,000 affordable homes could be lost in the next five years.
The Community Development Financial Institutions (CDFI) Fund will publish in Friday’s Federal Register a notice opening the fiscal year 2020 round for the Capital Magnet Fund (CMF). Through the CMF, the CDFI Fund will award up to $173.8 million in grants to CDFIs and nonprofit organizations to finance affordable housing and related economic development and community service facilities.
The U.S. Small Business Administration, in consultation with the U.S. Treasury, announced today it is setting aside $10 billion exclusively for community development financial institutions (CDFIs) to lend under the second round of funding for the Paycheck Protection Program (PPP). The PPP is a forgivable loan program that provides small businesses emergency capital during the COVID-19 pandemic.
The Internal Revenue Service today issued a notice to extend the continuity safe harbor for renewable energy production tax credit (PTC) and investment tax credit (ITC) properties that began construction in 2016 or 2017. Notice 2020-41 adds an extra year to the four-year continuity safe harbor in existing guidance, stating that those projects placed in service within five years will be deemed continuous.
Senate Finance Committee Ranking Member Ron Wyden, D-Ore., today released an outline of policies to preserve and expand affordable housing that he will push to have included in the next round of COVID-19 relief legislation–including several provisions related to the low-income housing tax credit (LIHTC).
Three Republican senators sent a letter Thursday to Treasury Secretary Steven Mnuchin, asking for relief from certain requirements for renewable energy investment tax credit (ITC) and production tax credit (PTC) properties due to the COVID-19 pandemic.
The Internal Revenue Service will publish in tomorrow’s Federal Register proposed amendments to Treasury Regulation 1.47-7 concerning the historic tax credit (HTC), including rules to coordinate the new five-year period over which the credit may be claimed with other special rules for investment credit property.
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