All News

Thursday, April 9, 2020

The Community Development Financial Institutions (CDFI) Fund  has announced an extension of application deadlines for the fiscal year 2020 rounds of the CDFI program and the Native American CDFI Assistance (NACA) program, due to the COVID-19 pandemic.

Wednesday, April 1, 2020

Jodi Harris, director of the Community Development Financial Institutions (CDFI) Fund, today released a statement concerning the organization’s adaptation to the COVID-19 pandemic. Harris said she expects the CDFI Fund to continue to administer its funding rounds “on a timely basis,” but said the CDFI Fund is “routinely evaluating” its processes.

Monday, March 30, 2020

The Internal Revenue Service (IRS) will publish a notice in Tuesday’s Federal Register, seeking comment on IRS Form 8874-A, Notice of Qualified Equity Investment for New Markets Tax Credit. There are no changes recommended for the form.

Friday, March 27, 2020

President Donald Trump today signed the Coronavirus Aid, Relief and Economic Security (CARES) Act (Senate Amendment to H.R. 748), a $2 trillion bill that includes financial aid to individuals, businesses, nonprofits and state and local governments.

Friday, March 27, 2020

The House of Representatives today passed the Coronavirus Aid, Relief and Economic Security (CARES) Act (Senate Amendment to H.R. 748), by a voice vote, sending the bill to President Donald Trump, who has said he would immediately sign the legislation. The $2 trillion bill includes financial aid to individuals, businesses, nonprofits and state and local governments.

Thursday, March 26, 2020

The House of Representatives will take up discussion of the Coronavirus Aid, Relief and Economic Security (CARES) Act (Senate Amendment to H.R. 748), after the Senate passed the COVID-19 relief legislation by a 96-0 vote last night. The House is expected to vote by Friday and President Donald Trump has said he would sign the legislation.

Wednesday, March 25, 2020

Novogradac’s Michael J. Novogradac, CPA, and Peter Lawrence detail in a blog post provisions of the nearly $2 trillion COVID-19 legislation that the U.S. Senate is considering. The post explains provisions in the so-called Phase 3 COVID-19 legislation concerning individuals and businesses, and provides an overview of supplemental appropriations in the legislation.

Monday, March 23, 2020

Rep. Maxine Waters, D-Calif., today introduced legislation that would suspend tenant contributions toward rent for renters in assisted housing during the COVID-19 pandemic, ban evictions and foreclosures and provide monthly direct payments of up to $2,000 per eligible adult.

Thursday, March 19, 2020

President Donald Trump signed legislation late Wednesday that includes free testing for COVID-19, paid leave benefits for many workers and a boost in unemployment and food assistance. The Families First Coronavirus Response Act (H.R. 6201) was passed by both chambers of Congress and signed into law in seven days.

Wednesday, March 18, 2020

The U.S. Senate today passed legislation that includes free testing for COVID-19 and paid leave benefits for many Americans affected by the pandemic, sending the legislation to President Donald Trump’s desk.

Wednesday, March 18, 2020

The Internal Revenue Service today issued Notice 2020-17, extending the April 15 tax payment deadline to July 15, up to specific thresholds. Tax returns are still due April 15, but individual taxpayers can postpone up to $1 million in federal income tax payments while corporate taxpayers can postpone up to $10 million in federal income tax payments.

Wednesday, March 18, 2020

The deadline for online submissions of form SF-424 through grants.gov for applicants of the fiscal year 2020 Community Development Financial Institutions (CDFI) program and Native American CDFI Assistance program (NACA program) is Monday at 11:59 p.m. ET.

Wednesday, March 18, 2020

The Community Development Financial Institutions (CDFI) Fund will publish a notice of guarantee availability in Thursday’s Federal Register for the fiscal year 2020 CDFI Bond Guarantee program. The CDFI Fund has up to $500 million in guarantee authority to support CDFI lending for eligible community and economic development purposes.

Monday, March 16, 2020

Novogradac has a new web page with legislation, guidance and other information on how federal and state responses to the COVID-19 pandemic affect affordable housing, community development and renewable energy communities. There are sections dedicated to the low-income housing tax credit, the U.S.

Saturday, March 14, 2020

The House of Representatives today passed sweeping coronavirus relief legislation, which was endorsed by President Donald Trump and goes to the Senate on Monday. H.R. 6201 would expand testing for COVID-19, include paid sick leave for employees at companies with 500 or fewer employees, provide a tax credit against self-employment tax and provide approximately $1 billion for food security programs. The bill passed by a 363-40 vote.

Tuesday, March 3, 2020

A bill introduced in the California Assembly would create a state new markets tax credit (NMTC). A.B. 3101 would create a California NMTC for taxable years beginning on or after Jan. 1, 2021, and before Jan. 1, 2026, with a statewide annual cap of $100 million. The bill would authorize allocation for the credit only when the state Legislature appropriates funds for it.

Thursday, February 27, 2020

Federal Housing Finance Agency Director Mark Calabria today announced that he authorized the disbursement of more than $500 million in Fannie Mae and Freddie Mac’s affordable housing allocations for 2019 to the Housing Trust Fund (HTF) and Capital Magnet Fund (CMF). The HTF will receive $326.4 million and the CMF will receive $175.8 million.

Tuesday, February 25, 2020

The Community Development Financial Institutions (CDFI) Fund today awarded $130.9 million to 38 organizations for the development of affordable housing and community facilities in low-income communities through the fiscal year 2019 round of the Capital Magnet Fund. The awards will support financing for preservation, rehabilitation, development or purchase of affordable housing for low-income communities.

Monday, February 24, 2020

Former vice president and Democratic presidential candidate Joe Biden today released a housing plan that includes expanding the low-income housing tax credit authority by $10 billion and permanently extending and expanding (to $5 billion annual allocation) the new markets tax credit. Biden’s plan also calls to fully fund the U.S. Department of Housing and Urban Development’s (HUD’s) Section 8 program and to establish a $100 billion affordable housing fund to build and upgrade affordable housing.

Friday, February 21, 2020

The Community Development Financial Institutions (CDFI) Fund today published a notice of funds availability for both the Native American CDFI Assistance (NACA) and CDFI programs. Through the NACA and CDFI programs, the CDFI Fund awards up to $1 million to certified CDFIs to serve their markets as well as a variety of grants.