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Recent News
The Community Development Financial Institutions (CDFI) Fund will publish in Wednesday’s Federal Register a notice proposing minor revisions to CDFI Bond Guarantee program forms such as deleting and adding lines to applications and reports and updating calendar years. A proposed clarifying paragraph would be added to the guarantee application regarding applications that are deferred until a subsequent application round.
Rep. Mike Thompson, D-California, introduced today the Local Food Production Enhancement Act of 2021, a bill aimed at boosting investment in agricultural production through new markets tax credits (NMTCs). H.R. 5176 would make qualified farming businesses eligible for the NMTC and adjust the applicable percentage of new qualified equity investments (QEIs) to 6% for the first four allowance dates and 7% for the remainder.
The Community Development Financial Institutions (CDFI) Fund will publish a notice of funds availability (NOFA) for the fiscal year 2021 (FY 2021) funding round of the Capital Magnet Fund (CMF) in Friday’s Federal Register. The CDFI Fund will award up to $380.2 million in grants to CDFIs and nonprofit organizations to finance affordable housing and related economic development and community services. The award size is significantly larger than in previous rounds and the CDFI Fund will consider requests that significantly exceed the maximum awards in previous rounds. The CDFI Fund will not accept applications nor will it issue awards for less than $500,000.
The Community Development Financial Institution (CDFI) Fund today announced the allocation of $5 billion in new markets tax credits (NMTCs) in the calendar year 2020 (CY 2020) allocation round. A total of 100 community development entities (CDEs) were awarded allocations. The CDEs are based in 34 states and the District of Columbia and 20% of the NMTC-financed investments will be made in rural communities.
The House of Representatives approved the fiscal year 2022 budget resolution Tuesday, unlocking forthcoming $3.5 trillion reconciliation legislation that will likely include a significant expansion of the low-income housing tax credit (LIHTC), creation of the neighborhood homes tax credit (NHTC) to incentivize the development and rehabilitate single-family housing in distressed neighborhoods and more funding for a wide variety of U.S. Department of Housing and Urban Development (HUD) programs. In addition to these resources, the forthcoming reconciliation legislation possibly could include the creation of the middle-income housing tax credit (MIHTC) to serve renters earning just above LIHTC income limits and expansion and enhancement for the federal historic tax credit (HTC), permanence and expansion of new markets tax credit (NMTC), extension and substantial expansion of renewable and clean energy tax credits
