Recent News
The Community Development Financial Institutions (CDFI) Fund today opened the fiscal year 2021 funding round for the CDFI Rapid Response Program (CDFI RRP). The program, which is authorized by The Coronavirus Response and Relief Supplemental Appropriations Act of 2021, will provide $1.25 billion to CDFIs to help their communities respond to the economic hardships created by the COVID-19 pandemic.
The Community Development Financial Institutions (CDFI) Fund today awarded nearly $175.4 million to 48 organizations to finance the development of affordable housing and community facilities in low-income communities through the fiscal year (FY) 2020 round of the Capital Magnet Fund. CDFI Fund director Jodie Harris said that this is both the largest dollar amount ever awarded through the program and the largest number of awarded organizations in a single round. The awards will support financing for the preservation, rehabilitation, development or purchase of affordable housing for low-income communities.
A bill in the Tennessee General Assembly would create a state new markets development tax credit similar to the federal new markets tax credit (NMTC), worth 50% of qualified equity investments (QEI). H.B. 1218 would create the credit with an annual statewide cap of $20 million and a transaction cap of $10 million, regardless of how many community development entities are involved.
Legislation in the Mississippi Senate would extend the state’s new markets tax credit (NMTC) incentive through July 1, 2022. S.B. 2830 makes no other changes to the state NMTC program, which has an annual cap of $15 million and a transaction cap of $10 million. The incentive is currently set to expire July 1.
A bipartisan group of four U.S. Senators introduced legislation to expand access to affordable and nutritious food in areas designated as “food deserts” by the U.S. Department of Agriculture. The Healthy Food Access for All Americans Act would create a 15% tax credit for new grocery store construction in a food desert and a 10% tax credit for companies that retrofit an existing store’s healthy food section in a food desert. The legislation would also create a grant for 15% of construction costs for certified food banks that build new permanent structures in food deserts and a grant for 10% of annual operating costs for nonprofit certified temporary access markets, such as farmers markets, mobile markets and some food banks, that operate in a food desert.
Recent Updates
February 25, 2021 12:39pm
