Recent News
The Community Development Financial Institutions (CDFI) Fund announced this week that it will award $1.25 billion through the CDFI Rapid Response Program. A blog post on the CDFI Fund website said a funding notice for the program–with financing provided by year-end COVID-19 relief legislation–must be posted no later than Feb. 25 and that more details, including how to apply, will be released soon.
Community development entities (CDEs) that applied for calendar-year (CY) 2020 new markets tax credit (NMTC) allocations have a new interim certification reporting requirement due Jan. 29. The new requirements allow CDEs to accurately report qualified equity investment (QEI) and qualified low-income community investment (QLICI) data that must be issued by Friday, Jan. 15.
The Community Development Financial Institutions (CDFI) Fund will publish a notice in Wednesday’s Federal Register seeking comment on the Capital Magnet Fund (CMF) application and the reporting and record-retention requirements of the CMF annual performance report.
The Community Development Financial Institutions (CDFI) Fund will publish in Tuesday’s Federal Register a request for comment on the New Markets Tax Credit (NMTC) program allocation application for the fiscal year (FY) 2021 through 2024 funding rounds. Comments on the application must be received by the Federal Register by March 1.
President Donald J. Trump signed fiscal year 2021 spending legislation Sunday that includes a permanent minimum 4% low-income housing tax credit (LIHTC), a five-year extension of the new markets tax credit (NMTC) and extensions of renewable energy tax credits. The $1.4 trillion omnibus fiscal year spending legislation includes a $1.2 billion allocation of non-COVID disaster LIHTCs for 11 states and Puerto Rico, a one-year extension of the renewable energy production tax credit (PTC) at 60% of its original amount and a two-year extension of the renewable energy tax investment tax credit (ITC) at a 26% rate. The NMTC is now authorized through 2025.
