All News

Thursday, December 13, 2018

Annie Donovan announced today at the New Markets Tax Credit Coalition annual conference in Washington, D.C., that she will step down as the director of the Community Development Financial Institutions (CDFI) Fund. Donovan said that she will be replaced by Jodie Harris. Harris is the director, small business, community development and housing policy in the Office of Financial Institutions at the U.S. Treasury Department.  Donovan said the change will be made in January.

Tuesday, November 27, 2018

The Community Development Financial Institutions (CDFI) Fund today announced that 116 organizations submitted eligible applications requesting more than $570 million in funding under the fiscal year (FY) 2018 Capital Magnet Fund round, compared to the $143 million in awards available. Fifty-seven percent of applicants are certified CDFIs and the remaining 43 percent are nonprofit affordable housing organizations. The awards can be used to finance affordable housing activities, as well as related economic development activities and community service facilities.

Monday, November 26, 2018

The Internal Revenue Service issued a notice of proposed rulemaking today for a provision of last year’s tax reform legislation that limits the business interest expense deduction for certain taxpayers.

Friday, November 9, 2018

The Treasury Department on Thursday released the 2018-2019 Priority Guidance Plan, which includes plans to provide guidance for the low-income housing tax credit (LIHTC), new markets tax credit (NMTC) and historic tax credit (HTC). The Priority Guidance Plan covers the period from July 1, 2018, through June 30, 2019.

Wednesday, November 7, 2018

Results from Tuesday’s elections–with Democrats taking control of the House of Representatives and Republicans maintaining control of the Senate–and their effect on the affordable housing, community development and renewable energy communities are the subject of a Notes from Novogradac blog post and a

Tuesday, November 6, 2018

The Community Development Financial Institutions (CDFI) Fund opened the fiscal year 2019 application period for the CDFI Bond Guarantee Program. The CDFI Bond Guarantee Program provides long-term, low-cost capital for economic growth in low-income communities. As much as $500 million in bond guarantee is available to eligible CDFIs in 2019, pending Congressional authorization.

Thursday, November 1, 2018

The Community Development Financial Institutions (CDFI) Fund today announced that it resumed accepting CDFI certification applications through the Awards Management Information System (AMIS). The CDFI Fund halted the application submission process through AMIS Aug. 1 to make critical system changes.

Friday, October 19, 2018

In a Notes from Novogradac blog post, Michael J. Novogradac, discusses how the opportunity zones guidance issued today by Treasury provides answers to many questions and includes information that will help guide investors, fund managers and others.

Friday, October 19, 2018

The Treasury Department today released the first tranche of proposed guidance for the opportunity zones (OZ) incentive, addressing gains invested in qualified opportunity funds. Treasury also released a related revenue ruling. Treasury will accept comments for 60 days.

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.