The Community Development Financial Institutions (CDFI) Fund awarded $120 million to 40 organizations today for the development of affordable housing and for activities related to economic development in low-income communities through the fiscal year (FY) 2017 round of the Capital Magnet Fund (CMF). The CDFI Fund selected awardees from a pool of 120 applicants requesting nearly $540 million for affordable housing investments.
The United States has a shortage of 7.2 million affordable, available rental homes for extremely low-income (ELI) renters, according to a report issued today by the National Low Income Housing Coalition.
A group of nine Senate Democrats, including Minority Leader Chuck Schumer, D-N.Y., unveiled a $1 trillion infrastructure plan Wednesday that includes measures from the Affordable Housing Credit Improvement Act and proposes several renewable energy tax credits. The plan suggests strengthening the low-income housing tax credit (LIHTC), but doesn’t specify how to do so.
The U.S. Department of Housing and Urban Development plans to release fiscal year 2018 income limits March 30. HUD sets an annual target date of April 1 for the release of the limits that determine eligibility for assisted housing programs, but with April 1 falling on a Sunday this year, the plan is to release the income limits two days earlier.
The Federal Housing Finance Agency (FHFA) today invited comments on proposed amendments to its regulation on the Federal Home Loan Banks (FHLBanks) Affordable Housing Program (AHP). The amendments would authorize the FHLBanks to redesign their project selection systems and create special targeted funds. FHFA says the amendments would reduce regulatory requirements that are redundant with other federal programs and make the program easier to use.
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