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Recent News
President Joe Biden released a $1.5 trillion federal spending outline for fiscal year 2022 today, a discretionary funding request that includes $68.7 billion for the U.S. Department of Housing and Urban Development (HUD), an increase of 15% over 2021 levels. The outline also requests $330 million for the U.S. Treasury’s Community Development Financial Institutions (CDFI) Fund, a 21% increase from 2021 levels.
The Urban Institute released a brief report about the nation’s housing supply shortage, calling for “policymakers … [to] expand the Low-Income Housing Tax Credit [LIHTC], Section 142 tax-exempt bonds for the development of rental housing, and the New Market Tax Credit [NMTC], each of which has proven effective in promoting development in underserved communities.”
Legislation introduced in the Louisiana House of Representatives would repeal the state low-income housing tax credit (LIHTC) and reduce the state new markets jobs act credit and historic tax credit (HTC) by 50% each. H.B. 454 includes the repeal of 12 tax credits and the reduction by 50% of 45 other credits.
The Biden administration today released a fact sheet on its $2.25 trillion infrastructure proposal.
Mississippi Gov. Tate Reeves signed legislation extending the state’s new markets tax credit (NMTC) incentive by three years. H.B. 499 sets a sunset date of July 1, 2024, but makes no other changes to the state NMTC incentive, which has an annual cap of $15 million and a transaction cap of $10 million.
