Recent News
Kentucky state Rep. John Blanton this week introduced the Kentucky Rural Jobs Act, which is modeled after the federal New Markets Tax Credit program and complementary to the federal opportunity zones incentive. HB203 would provide tax credits for investments in rural counties and federal opportunity zones across Kentucky, with an annual cap of $35 million.
The Community Development Financial Institutions Fund today awarded 38 organizations $142.9 million through the fiscal year 2018 round of the Capital Magnet Fund (CMF). This financing will support the preservation, rehabilitation, development or purchase of affordable housing for low-income communities, as well as related economic development and community service facilities such as day care centers, workforce development centers and health care clinics.
The Community Development Financial Institutions (CDFI) Fund today announced that the allocation awards announcement for the calendar year (CY) 2018 round of the new markets tax credit (NMTC) is delayed until spring 2019, due to the recent government shutdown.
The Community Development Financial Institutions (CDFI) Fund last week notified certain community development entities (CDEs) that couldn’t submit the their fiscal year (FY) 2017 institution level report (ILR) and transaction level report (TLR) before the Community Investment Impact System shut down in August that this data has been uploaded into the Awards Management Information System (AMIS). Allocatees that received this notice must review and formally submit their FY 2017 TLR, FY 2017 CDE ILR and QEI loan source data via AMIS by Feb. 25.
The Kentucky Department of Revenue has revised and updated regulations for its new markets development program credit (NMDPC), with an application acceptance date of on or after July 15. Any application received before July 15 will be recorded as July 15. The Kentucky NMDPC has an annual statewide cap of $5 million and a transaction cap of $10 million.
