All News

Friday, June 15, 2018

The New Markets Tax Credit (NMTC) program created $5.8 billion in total project investment and 60,000 jobs in 2017, according to the 2018 New Markets Tax Credit Progress Report, released last week by the New Markets Tax Credit Coalition. The annual report included information from 89 community development entities, covering 81 percent of NMTC activity in 2017.

Thursday, June 14, 2018

The Treasury Department today designated the final round of qualified opportunity zones (OZs) in four states: Florida, Nevada, Pennsylvania and Utah. Investors in qualified opportunity funds that invest in qualified OZs can defer tax on prior gains until no later than Dec. 31, 2026. With this final round, OZs have been designated in all 50 states, the District of Columbia and five U.S. possessions.

Tuesday, June 12, 2018

The Internal Revenue Service (IRS) updated and expanded the content on its opportunity zones frequently asked questions page. The new content includes confirmation that 2017 and 2018 gains are eligible for deferral and that a taxpayer may file an amended 2017 return to include a deferral on gains.

Monday, June 11, 2018

The Community Development Financial Institutions Fund (CDFI Fund) will publish in the Federal Register Tuesday a notice reopening the application round for the fiscal year 2018 CDFI Bond Guarantee Program. Up to $500 million is available for the program and applications are due by 11:59 p.m. EST July 12.

Thursday, June 7, 2018

The Community Development Financial Institutions Fund today announced that it revised the paper application for the calendar year 2018 New Markets Tax Credit allocation round and the related frequently asked questions (FAQs) document.

Friday, May 25, 2018

The Community Development Financial Institutions (CDFI) Fund today announced that the electronic application for the calendar year 2018 round of the New Markets Tax Credit (NMTC) program is available in the CDFI Fund’s Awards Management Information System (AMIS). Community development entities interested in applying for NMTC allocation authority in the 2018 round have until 5 p.m.

Wednesday, May 9, 2018

The Community Development Financial Institutions (CDFI) Fund today opened the calendar year 2018 new markets tax credit (NMTC) allocation round. A notice of allocation availability will be published Friday, making $3.5 billion available for the current round.

Friday, April 27, 2018

The Internal Revenue Service (IRS) and Treasury Department today published Notice 2018-43 to invite public recommendations on what should be included in the 2018-2019 priority guidance plan. The 2018-2019 priority guidance plan will identify which guidance projects that Treasury and the IRS will prioritize from July 1, 2018, to June 30, 2019. The deadline to submit recommendations for possible inclusion in the original 2018-2019 priority guidance plan is June 15.

Wednesday, April 25, 2018

In a list of answers to frequently asked questions about the opportunity zone incentive the Internal Revenue Service (IRS) today clarified that a taxpayer self-certifies to become a certified qualified opportunity fund for purposes of qualifying for the opportunity zone incentive. In the FAQs, the IRS says it will release a self-certification form in summer 2018 that taxpayers can attach to their federal income tax returns.

Thursday, April 19, 2018

The Treasury Department yesterday designated qualified opportunity zones (OZs) in Alabama, Delaware, Missouri, Ohio, Texas and the Northern Marianas Islands. Investors in qualified opportunity funds that make investments in qualified OZs can defer tax on prior gains until no later than Dec. 31, 2026.

Friday, April 13, 2018

Longtime Community Development Financial Institutions (CDFI) Fund program manager Bob Ibanez will join Novogradac as a senior manager, effective April 16. Ibanez, previously the CDFI Fund’s New Markets Tax Credit (NMTC) program manager and Bank Enterprise Awards program manager, will work with Novogradac’s public policy group in Washington, D.C.

Monday, April 9, 2018

The Treasury Department today designated qualified opportunity zones (OZs) in 15 states and three territories, the first such designations made after the creation of the areas by H.R. 1.

Wednesday, March 21, 2018

New regulations for the Maine state New Markets Tax Credit (NMTC) program will disqualify as qualified low-income community investments (QLICIs) any investment made after Nov. 9, 2015, that includes more than 5 percent of the investment for any of several uses.

Friday, March 16, 2018

The Community Development Financial Institutions (CDFI) Fund awarded $120 million to 40 organizations today for the development of affordable housing and for activities related to economic development in low-income communities through the fiscal year (FY) 2017 round of the Capital Magnet Fund (CMF). The CDFI Fund selected awardees from a pool of 120 applicants requesting nearly $540 million for affordable housing investments.

Tuesday, February 13, 2018

The Community Development Financial Institutions (CDFI) Fund today awarded $3.5 billion in allocation authority to 73 community development entities (CDEs) under the calendar year 2017 new markets tax credit (NMTC) allocation round. The CDFI Fund selected awardees from a pool of 230 applicants requesting a total $16.2 billion in allocation authority.

Monday, February 12, 2018

President Donald Trump’s proposed $4.4 trillion fiscal year 2019 (FY 2019) budget would cut by 18 percent U.S. Department of Housing and Urban Development (HUD) programs and would eliminate the HOME Investment Partnerships program, Community Development Block Grant program and Public Housing Capital Fund. Funding for HUD would be $6.8 billion less than annualized funding levels as per the continuing resolution for FY 2018 under the proposed FY 2019 budget.

Friday, February 9, 2018

President Trump today ended a brief government shutdown by signing the Bipartisan Budget Act of 2018, a two-year, $300 billion increase to the defense and nondefense spending caps for fiscal years 2018 and 2019.

Wednesday, February 7, 2018

The Department of Treasury today released a second-quarter update to its 2017-2018 Priority Guidance Plan. Guidance for Opportunity Zones created under the new tax law was added in this update.

Friday, January 26, 2018

The Community Development Financial Institutions (CDFI) Fund will likely announce the $3.5 billion 2017 round of new markets tax credit allocations in February, according to Christopher Allison, CDFI Fund associate program manager. In a question-and-answer session at the 2018 Novogradac New Markets Tax Credit Conference Friday, Allison said, “We’re optimistic it will happen in February, although that’s always subject to change.” The CDFI Fund’s last NMTC allocation was the 2015-2016 combined $7 billion allocation round, announced Nov. 17, 2016.

Thursday, January 25, 2018

Federal banking regulatory agencies announced today that financial institutions located anywhere in the United States may receive favorable Community Reinvestment Act consideration for bank activities that help revitalize and stabilize major disaster areas in the U.S. Virgin Islands and Puerto Rico that were affected by Hurricane Maria.