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 Community Development Financial Institutions (CDFI) Fund today awarded $3.5 billion in allocation authority to 73 community development entities (CDEs) under the calendar year 2017 new markets tax credit (NMTC) allocation round. The CDFI Fund selected awardees from a pool of 230 applicants requesting a total $16.2 billion in allocation authority.
President Donald Trump’s proposed $4.4 trillion fiscal year 2019 (FY 2019) budget would cut by 18 percent U.S. Department of Housing and Urban Development (HUD) programs and would eliminate the HOME Investment Partnerships program, Community Development Block Grant program and Public Housing Capital Fund. Funding for HUD would be $6.8 billion less than annualized funding levels as per the continuing resolution for FY 2018 under the proposed FY 2019 budget.
President Trump today ended a brief government shutdown by signing the Bipartisan Budget Act of 2018, a two-year, $300 billion increase to the defense and nondefense spending caps for fiscal years 2018 and 2019.
The Department of Treasury today released a second-quarter update to its 2017-2018 Priority Guidance Plan. Guidance for Opportunity Zones created under the new tax law was added in this update.
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