All News

Friday, April 9, 2021

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.

Friday, April 9, 2021

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.”

Tuesday, April 6, 2021

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.

Wednesday, March 31, 2021

The Biden administration today released a fact sheet on its $2.25 trillion infrastructure proposal.

Tuesday, March 23, 2021

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.

Friday, March 12, 2021

The Community Development Financial Institutions (CDFI) Fund today announced that it is extending the deadline to submit annual certification and data collection reports and compliance reports for organizations with a reporting deadline between March 28-31. Those reports are now due April 30. The deadline is extended to provide CDFIs with additional time to apply for assistance open through the CDFI Program, Native CDFI Assistance Program, CDFI Rapid Response program and the Emergency Capital Investment program.

Tuesday, March 9, 2021

Legislation in the Mississippi House of Representatives would extend the sunset date of the state new markets tax credit incentive by three years, to July 1, 2024. H.B. 499 would make no other changes to the state NMTC incentive, which has an annual cap of $15 million, a transaction cap of $10 million and is set to expire July 1, 2021. Another bill in the state legislature would extend the cap by one year, through July 1, 2022.

Wednesday, March 3, 2021

The Community Development Financial Institutions (CDFI) Fund will publish in Thursday’s Federal Register a notice of guarantee availability for the CDFI Bond Guarantee Program for fiscal year 2021. The CDFI Fund will make up to $500 million available to support CDFI lending for eligible community and economic development purposes, including rental housing, rural infrastructure, daycare centers, charter schools, health care facilities, nonprofits, commercial real estate and more.

Friday, February 26, 2021

Reps. Terri Sewell, D-Alabama; Tom Reed, R-New York; Sens. Ben Cardin, D-Maryland; and Roy Blunt, R-Missouri; yesterday introduced House and Senate versions of the New Markets Tax Credit (NMTC) Extension Act of 2021. The legislation would permanently extend the NMTC at $5 billion in annual credit authority, adjust that amount for inflation in future years and provide an exception from the alternative minimum tax (AMT) for NMTC investments. This legislation builds on recent Congressional action in support of the NMTC, including the passage of the Consolidated Appropriations Act, which extended the NMTC through 2025.

Thursday, February 25, 2021

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.

Monday, February 22, 2021

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.

Tuesday, February 16, 2021

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. 

Tuesday, February 9, 2021

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.

Monday, February 8, 2021

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.

Friday, February 5, 2021

The PNC Financial Services Group submitted a letter this week to the Financial Accounting Standards Board (FASB) asking FASB to consider expanding its current accounting guidance covering low-income housing tax credit (LIHTC) investment to apply to new markets tax credit (NMTC) investments.

Friday, January 15, 2021

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.

Tuesday, January 12, 2021

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. 

Tuesday, December 29, 2020

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. 

Monday, December 28, 2020

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.

Monday, December 28, 2020

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.