All News

Friday, September 21, 2018

The Community Development Financial Institutions (CDFI) Fund today announced an updated application for its community development entity certification. The application is available through the CDFI Fund’s Awards Management Information System. There are no changes to the criteria and questions on the previous application form.

Friday, September 21, 2018

Rep. Jenniffer Gonzalez-Colon, R, Puerto Rico, introduced legislation to provide a federal tax credit for certain business expenses in census tracts that meet one of three definitions for an economically distressed zone and are designated as such by local or state government. H.R.

Wednesday, September 19, 2018

The Alabama Court of Civil Appeals overturned a trial court decision and ruled that the state’s new markets tax credit (NMTC) can reduce the financial institutions excise tax (FIET) only by the amount paid to the state. The ruling said the NMTC can’t reduce FIET proceeds paid to counties and municipalities in which the financial institution was located. The decision in Alabama Dept. of Revenue vs.

Wednesday, September 19, 2018

The Community Development Financial Institutions (CDFI) Fund today announced that it granted $202.2 million in awards to 302 CDFIs through the fiscal year 2018 round of the CDFI program and the Native American CDFI Assistance (NACA) program. The awards will enable CDFIs to increase lending and investment activity in low-income and economically distressed communities.

Tuesday, September 18, 2018

The Community Development Financial Institutions (CDFI) Fund today announced the issuance of a $150 million guarantee under the CDFI Bond Guarantee Program to the Community Reinvestment Fund, USA, on behalf of Clearinghouse Community Development Financial Institution.

Monday, September 17, 2018

The CDFI Fund today reminded authorized representatives of organizations that received an award or allocation to complete and submit the annual compliance reports as specified in the agreements. The reminder specified the urgency for organizations with assistance and/or allocation agreements that have reports due between Sept. 27 and Sept. 30.

Monday, September 10, 2018

Rep. Kevin Brady, R-Texas, today highlighted the introduction of three bills that he said constitute the Tax Reform 2.0 package from Republicans on the House Ways and Means Committee. None of the bills contain provisions directly impacting affordable housing, community development or historic preservation programs. The legislation will lock in individual and small business tax cuts made in the legislation passed in December 2017, and reform savings- and education-related tax provisions.

Tuesday, September 4, 2018

The Community Development Financial Institutions (CDFI) Fund announced in a blog post today that the Community Investment Impact System (CIIS) is retired and that award recipients will submit to the Award Management Information System (AMIS) all reports, including institutional-level reports, transactional-level reports, qualified equity investment closeout reports and sub-community development entity dissolution reports.

Tuesday, August 28, 2018

The Office of the Comptroller of the Currency (OCC) today released an advanced notice of proposed rulemaking on modernizing the Community Reinvestment Act (CRA) to be published in the Federal Register. The OCC seeks stakeholder comments on ways to modernize CRA regulations to better achieve the CRA’s purpose.

Tuesday, August 21, 2018

The Community Development Financial Institutions (CDFI) Fund today reminded awardees of new markets tax credits and other CDFI Fund programs that reporting will begin Sept. 1 in the Award Management Information System (AMIS) and announced the availability of reporting resources. The CDFI Fund is providing compliance and reporting instruction manuals and upload templates, as well as AMIS compliance reporting guidance.

Tuesday, August 14, 2018

The Community Development Financial Institutions (CDFI) Fund today reminded prospective fiscal year 2018 Capital Magnet Fund (CMF) applicants that the deadline for online submission of the SF-424 grant application through grants.gov is Aug. 20 at 11:59 p.m. ET and the deadline for creating an organizational account through the CDFI Fund’s Awards Management Information System (AMIS) is Aug. 27 at 11:59 p.m. ET.

Wednesday, August 8, 2018

The Community Development Financial Institutions (CDFI) Fund today announced that 214 applicants requested $14.8 billion in new markets tax credit (NMTC) allocation authority under the 2018 round of the program. The allocation amount requested is more than four times the $3.5 billion in authority available for the 2018 round. Applicants are headquartered in 43 states, the District of Columbia and Puerto Rico.

Tuesday, August 7, 2018

The Community Development Advisory Board, which advises the director of the Community Development Financial Institutions (CDFI) Fund, announced it will hold an open meeting Aug. 23 from 9 a.m. to 2 p.m. Eastern Time. Topics will include a report on CDFI Fund activities, fiscal year 2019 priorities, reexamination of CDFI certification policies and maximizing impact in persistent poverty counties.

Friday, July 27, 2018

Rep. Jason Smith, R-Mo., and Rep. Terri Sewell, D-Ala., today introduced the Rural Jobs Act, which would authorize an additional $500 million in new markets tax credit (NMTC) allocation per year for 2018 and 2019 for certain rural areas. Under H.R. 6627, the new allocation would target Rural Jobs Zones, which are NMTC-eligible census tracts in rural communities that are eligible for the United States Department of Agriculture (USDA) Business & Industry program.

Friday, July 20, 2018

The Community Development Financial Institutions (CDFI) Fund announced this week that users will not be able to submit reports though the Community Investment Impact System (CIIS) during August. CIIS is the award recipient reporting system for the CDFI Fund program, the New Markets Tax Credit program and Capital Magnet Fund.

Wednesday, July 18, 2018

The Community Development Financial Institutions (CDFI) Fund today opened fiscal year 2018 funding round for the Capital Magnet Fund. The CDFI Fund will award approximately $142.9 million to CDFIs and qualified nonprofit housing organizations this year to finance affordable housing activities, related economic development activities and community service facilities, with the goal of attracting private capital to economically distressed communities.

Tuesday, July 10, 2018

The Community Development Financial Institutions (CDFI) Fund today issued a call for reviewers for the 2018 application round of the New Markets Tax Credit (NMTC) program.

Friday, June 29, 2018

The Community Development Financial Institutions Fund (CDFI Fund) notified community development entities (CDES) this week that if CDEs with Community Investment Impact System (CIIS) deadlines today or tomorrow miss those deadline for filing award and allocation reports about the New Markets Tax Credit (NMTC) program due to documented difficulties with the reporting system, they will not be penalized. CIIS faced difficulties due to high volume of transactions. A CDFI Fund email explained several issues and gave information on whom to contact.

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.