All News

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. 

Monday, December 21, 2020

A permanent minimum 4% low-income housing tax credit (LIHTC) rate, a five-year extension of the new markets tax credit (NMTC) and an extension of phase-down provisions for the renewable energy investment tax credit (ITC) and production tax credit (PTC) are included in a $1.4 trillion omnibus fiscal year 2021 (FY 2021) spending and $900 billion COVID-19 relief bill that will be considered by Congress today. 

Thursday, December 17, 2020

Four Republican Senators introduced legislation that includes a provision to make the new markets tax credit (NMTC) permanent and encourage investment in opportunity zones (OZs). 

Tuesday, December 15, 2020

Reps. Terri Sewell, D-Alabama, and Tom Reed, R-New York, introduced legislation Monday to extend and increase the new markets tax credit (NMTC).

Friday, December 11, 2020

The Community Development Financial Institutions (CDFI) Fund today announced that it will launch the next version of its mapping system Dec. 21. The updated CDFI Information Mapping System (CIMS4) is a web-based tool that allows organizations to visually plot their eligible service areas and investments. 

Wednesday, December 9, 2020

The Community Development Financial Institutions (CDFI) Fund today announced that 208 community development entities (CDEs) applied for new markets tax credit (NMTC) allocation authority under the calendar year (CY) 2020 round. The CY 2020 applicants are headquartered in 44 states, the District of Columbia and Puerto Rico.

Friday, December 4, 2020

The Office of the Comptroller of the Currency (OCC) today published a notice of proposed rulemaking requesting comment on its approach to determine Community Reinvestment Act (CRA) measurement thresholds.

Monday, November 30, 2020

President-elect Joe Biden today formally nominated Janet Yellen to be his Secretary of the Treasury. Yellen, the chairwoman of the Federal Reserve from 2014-2018, would be the 78th Treasury Secretary and first woman to hold the position if confirmed by the U.S. Senate.

Friday, October 23, 2020

The Community Development Financial Institutions (CDFI) Fund today released updated documents related to the calendar year 2020 (CY 2020) new markets tax credit (NMTC) application, as well as an updated list of frequently asked questions.

Tuesday, October 20, 2020

Louisiana Gov. John Bel Edwards signed legislation to make businesses affected by Hurricane Laura eligible as qualified active low-income community businesses (QALICB) for qualified equity investment (QEI) under the state’s New Markets Job Act incentive. Under S.B. 14, the change applies to QEIs made in those businesses on or after Aug. 1, 2020.

Wednesday, September 30, 2020

The Community Development Financial Institutions (CDFI) Fund today announced the approval of a $100 million guarantee under the fiscal year (FY) 2020 round of the CDFI Bond Guarantee program, which provides long-term, fixed-rate capital for investments in low-income communities. More than $1.7 billion has been guaranteed since the inception of the CDFI Bond Guarantee program.

Tuesday, September 29, 2020

Legislation introduced in the Louisiana House of Representatives would amend the state New Markets Jobs Act incentive to make businesses affected by Hurricane Laura eligible as qualified active low-income community businesses (QALICBs) for qualified equity investments (QEIs) made on or after Aug. 1, 2020. Similar legislation was introduced in the state Senate.

Tuesday, September 29, 2020

A bipartisan group of House Ways and Means Committee members submitted a letter this week calling on the Community Development Financial Institutions (CDFI) Fund to ensure Native communities have fair access to the new markets tax credit (NMTC).

Thursday, September 24, 2020

The Community Development Financial Institutions (CDFI) Fund today awarded $204.1 million to 397 CDFIs through the fiscal year 2020 round of the CDFI program and Native American CDFI Assistance (NACA) program .

Thursday, September 24, 2020

The calendar year (CY) 2020 New Markets Tax Credit (NMTC) notice of allocation availability (NOAA) references a new requirement for applicants to complete and save their NMTC application registration within the Awards Management Information System (AMIS) before Oct. 9 at 5 p.m. ET. The NMTC application registration includes applicant information such as applicant name and controlling entity name.

Tuesday, September 22, 2020

A Novogradac special report released today examines the implications of a Democratic sweep of the House of Representatives, Senate and White House in November’s election.