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Tuesday, January 4, 2022

The Community Development Financial Institutions (CDFI) Fund today announced that it is requesting all award applicants–excluding applicants for the New Markets Tax Credit (NMTC) incentive and the CDFI Bond Guarantee program–to complete a worksheet documenting compliance with the Civil Rights Act of 1964. The CDFI Fund requests that applicants complete a Title VI Compliance Worksheet once annually with their applications as well as for their prospective sub-recipients. The CDFI Fund will use the worksheet to determine whether award applicants are compliant with federal civil rights requirements, which is mandatory to receive federal financial assistance awards from the CDFI Fund.

Wednesday, December 15, 2021

The U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund posted updates Wednesday to its calendar year (CY) 2021 New Markets Tax Credit (NMTC) Program application FAQs. The updates answer questions raised during Nov. 10 webinar, including how to categorize Paycheck Protection Program (PPP) loans, clarifying the “last ten years” portion in a question about the duration of qualified low-income community investments (QLICIs) and the type of information to include when quantifying environmentally sustainable outcomes. 

Tuesday, December 14, 2021

The U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund announced Tuesday that its Awards Management Information System (AMIS) will transition to Salesforce Lightning Jan. 14, 2022. The move will introduce an update user interface. The CDFI Fund offers a user guide and a series of how-to videos to familiarize users with the new interface, available on its AMIS Training Materials page. The CDFI Fund initially planned to make the switch in mid-December.

Tuesday, December 14, 2021

The Office of the Comptroller of the Currency (OCC) today issued a final rule to rescind the Community Reinvestment Act (CRA) rule it issued in June 2020. Today’s action replaces the 2020 rule with a rule based on rules adopted by the OCC, Federal Reserve and Federal Deposit Insurance Corporation (FDIC) in 1995, as amended. The final rule applies to national banks, federal savings associations and state savings associations. The updated rule takes effect Jan. 1, 2022.

Tuesday, December 14, 2021

The Community Development Financial Institutions (CDFI) Fund today announced that 146 organizations submitted applications requesting more than $991.8 million in funding in the fiscal year 2021 (FY 2021) round of the Capital Magnet Fund (CMF) program. The application period closed Nov. 9 and up to $380.2 million in funding is available, with awards announced this spring. Through the CMF, the CDFI Fund awards CDFIs and qualified nonprofit housing organizations funds to finance affordable housing activities and related economic development activities and community service facilities. The CDFI Fund said half the applicants are certified CDFIs and half are nonprofit housing organizations.

Friday, December 10, 2021

The Community Development Financial Institutions (CDFI) Fund will publish a notice in Monday’s Federal Register making a correction to November’s notice of allocation availability for the calendar year 2021 new markets tax credit (NMTC) application. The notice corrects the deadline to submit an amendment request to remove a controlling entity from allocation agreement(s) to March 21, 2022.

Friday, December 3, 2021

The deadline to register in the Community Development Financial Institutions (CDFI) Fund Awards Management Information System (AMIS) for the calendar year (CY) 2021 new markets tax credit (NMTC) allocation round is Dec. 6 by 5 p.m. ET. The CDFI Fund issued a notice of allocation availability Nov. 4 for the $5 billion CY 2021 NMTC allocation round, along with application materials and an updated application FAQ document. Applications are due Jan. 13, 2022.

Friday, November 19, 2021

The U.S.  House of Representatives today passed the Build Back Better Act, a $1.7 trillion bill that includes an expansion of the low-income housing tax credit (LIHTC), the introduction of the neighborhood homes tax credit (NHTC), an additional tribal allocation of the new markets tax credit (NMTC) and $325 billion in renewable energy tax incentives. H.R. 5376 passed 220-213 and now goes to the Senate. The legislation includes an extension of the 12.5% increase in 9% LIHTC allocations that began in 2018 through 2024, adding a 10% increase, plus an annual inflation adjustment, to that amount. The bill also would reduce the 50% test for affordable rental housing financed with private activity bonds (PABs) to 25% for calendar years 2022-26, establish a 50% basis boost for extremely low-income housing and provides a 30% basis boost for LIHTC properties in tribal areas.

Wednesday, November 17, 2021

The first deadlines for the calendar year 2021 (CY 2021) new markets tax credit (NMTC) allocation round are Thursday, Nov. 18, at 11:59 p.m. ET. In order to submit a NMTC allocation application, the applicant must be a certified community development entity (CDE).  If not already a certified CDE, the applicant must submit an application for certification as a CDE by the Thursday deadline. If an applicant that is already a certified CDE wishes to change its designated service area for the CY 2021 allocation round, requests to modify CDE certification service areas are also due Thursday.

Thursday, November 4, 2021

The Community Development Financial Institutions (CDFI) Fund today released a notice of allocation availability (NOAA) for the $5 billion calendar year 2021 allocation round of the New Markets Tax Credit (NMTC) program, along with application materials and an updated application FAQ document. The NOAA will be published in the Federal Register Monday and applications are due Jan. 13, 2022. The CDFI Fund announced it is implementing some changes to the NMTC program, including revised qualified equity investment (QEI) issuance requirements, a new definition of controlling entity and updates to the allocation application.

Wednesday, November 3, 2021

Democrats in the House of Representatives today released revised text for the Build Back Better Act (H.R. 5376), which includes an expansion of the low-income housing tax credit (LIHTC), the neighborhood homes tax credit (NHTC) and a $175 million tribal allocation for the new markets tax credit (NMTC) for 2022. The revised legislation retains $555 billion in tax and spending proposals for clean energy with minor changes. The LIHTC provisions include the extension of the 12.5% increase in 9% allocations that began in 2018 as part of the baseline during 2022-2024, adding annual 10% plus inflation increases for 2022-24 to those amounts, but reverting to the 2017 baseline as adjusted for inflation in 2025. It also would reduce the 50% test for affordable rental housing financed with private activity bonds (PABs) to 25% for five years (2022-26) and establish the 50% basis boost for extremely low-income housing, with the set-aside reduced from 10% to 8%, and a 30% basis boost for LIHTC properties in tribal areas.

Thursday, October 28, 2021

President Joe Biden today announced the Build Back Better framework to guide the drafting of reconciliation legislation. Bill text introduced today in the House Rules Committee details the $1.75 trillion spending proposal.

Of the $1.75 trillion, $150 billion would be set aside for housing and community development spending, including funding for rental assistance, preserving public housing and the national Housing Trust Fund (HTF). The framework also includes $555 billion for clean energy tax and spending proposals, of which $320 billion are for tax proposals, about $50 billion more than the House Ways and Means version of the reconciliation package.

Thursday, September 30, 2021

The Community Development Financial Institutions (CDFI) Fund this week reported that it tentatively plans to open the calendar year 2021 (CY 2021) new markets tax credit (NMTC) allocation application round this fall and added that the round will include a 14-day period for community development entities (CDEs) to submit their certification if they are not currently certified. CDE certification applications are reviewed on a rolling basis, so applicants are advised to apply as early as possible.

Tuesday, September 28, 2021

The U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund updated its guidance and information this month for the fiscal year (FY) 2021 application round on its website.

Wednesday, September 22, 2021

The Ohio Department of Development opened Tuesday the window to apply for its Transformational Mixed Use Development program, which provides a tax credit against costs incurred while building a development. One-hundred million dollars is available in estimated tax credits per year for fiscal years (FY) 2022, 2023, 2024 and 2025.

Tuesday, September 14, 2021

The Community Development Financial Institutions (CDFI) Fund will publish in Wednesday’s Federal Register a notice proposing minor revisions to CDFI Bond Guarantee program forms such as deleting and adding lines to applications and reports and updating calendar years. A proposed clarifying paragraph would be added to the guarantee application regarding applications that are deferred until a subsequent application round.

Thursday, September 9, 2021

Rep. Mike Thompson, D-California, introduced today the Local Food Production Enhancement Act of 2021, a bill aimed at boosting investment in agricultural production through new markets tax credits (NMTCs). H.R. 5176 would make qualified farming businesses eligible for the NMTC and adjust the applicable percentage of new qualified equity investments (QEIs) to 6% for the first four allowance dates and 7% for the remainder.

Thursday, September 9, 2021

The Community Development Financial Institutions (CDFI) Fund will publish a notice of funds availability (NOFA) for the fiscal year 2021 (FY 2021) funding round of the Capital Magnet Fund (CMF) in Friday’s Federal Register. The CDFI Fund will award up to $380.2 million in grants to CDFIs and nonprofit organizations to finance affordable housing and related economic development and community services. The award size is significantly larger than in previous rounds and the CDFI Fund will consider requests that significantly exceed the maximum awards in previous rounds. The CDFI Fund will not accept applications nor will it issue awards for less than $500,000.

Wednesday, September 1, 2021

The Community Development Financial Institution (CDFI) Fund today announced the allocation of $5 billion in new markets tax credits (NMTCs) in the calendar year 2020 (CY 2020) allocation round. A total of 100 community development entities (CDEs) were awarded allocations. The CDEs are based in 34 states and the District of Columbia and 20% of the NMTC-financed investments will be made in rural communities. 

Tuesday, August 24, 2021

The House of Representatives approved the fiscal year 2022 budget resolution Tuesday, unlocking forthcoming $3.5 trillion reconciliation legislation that will likely include a significant expansion of the low-income housing tax credit (LIHTC), creation of the neighborhood homes tax credit (NHTC) to incentivize the development and rehabilitate single-family housing in distressed neighborhoods and more funding for a wide variety of U.S. Department of Housing and Urban Development (HUD) programs. In addition to these resources, the forthcoming reconciliation legislation possibly could include the creation of the middle-income housing tax credit (MIHTC) to serve renters earning just above LIHTC income limits and expansion and enhancement for the federal historic tax credit (HTC), permanence and expansion of new markets tax credit (NMTC), extension and substantial expansion of renewable and clean energy tax credits