All News

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.

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.