Recent News
The Community Development Financial Institutions (CDFI) Fund today awarded $3.5 billion in new markets tax credit (NMTC) allocation authority to 73 community development entities (CDEs) under the 2018 allocation round of the NMTC program. The CDFI Fund received applications from 214 CDEs, requesting $14.8 billion in allocation authority.
Senate Finance Committee Chairman Chuck Grassley, R-Iowa, and Ranking Member Ron Wyden, D-Ore., today formed five task forces to examine expired and expiring tax extenders. The task forces will cover workforce and community development, health taxes, energy, business cost recovery and individual excise taxes and other temporary policies. There will be a sixth task force for related issues of temporary disaster tax relief.
The Community Development Financial Institutions (CDFI) Fund plans to publish a notice of funding and an application for the fiscal year 2019 Capital Magnet Fund (CMF) round this summer. Up to $130.8 million is expected to be available in grants for CDFIs and qualified nonprofit housing organizations to support affordable housing activities and related economic development and community service facilities. Applicants must be either a certified CDFI or nonprofit operating with a principal purpose of developing or managing affordable housing.
Legislation introduced in Nevada would revise the state’s new markets tax credit. A.B. 446 would allow a community development entity (CDE) to make a qualified low-income community investment jointly with another CDE, including with money from investments made in a CDE for which the entity received tax credits.
The Treasury Department’s second-quarter update to the 2018-2019 Priority Guidance Plan includes plans to provide guidance for the low-income housing tax credit average-income test, the use of historic tax credit for disaster relief, regulations to clarify certain rules for the new markets tax credit and guidance on private-activity bonds for affordable housing.
