All News

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.

Tuesday, September 22, 2020

The Community Development Financial Institutions (CDFI) Fund will publish a notice of allocation availability in Wednesday’s Federal Register, making $5 billion in new markets tax credit (NMTC) allocation authority available for the 2020 NMTC allocation round. The 2020 NMTC allocation round is the final round authorized by Congress. Applications are due Nov. 16.

Monday, September 21, 2020

The Federal Reserve Board today unanimously approved an advance notice of proposed rulemaking (ANPR) and published a press release on an approach to modernize Community Reinvestment Act (CRA) regulations.

Thursday, September 10, 2020

The Community Development Financial Institutions (CDFI) Fund today released application information for the fiscal year (FY) 2020 round of the Capital Magnet Fund, for which 137 organizations requested more than $642.2 million in funding compared to the $173.8 million available. The applicants propose to serve 50 states, the District of Columbia, Guam and Puerto Rico. Of the FY 2020 applicants, 53 percent are certified CDFIs and 47 percent are nonprofit affordable housing organizations.

Wednesday, August 5, 2020

Sen. Brian Schatz, D-Hawaii, and nine cosponsors introduced legislation this week to create a $2 billion Community Development Financial Institutions (CDFI) Crisis Fund to serve as a complement to the existing CDFI Fund.

Friday, July 31, 2020

The House of Representatives today passed H.R. 7616, which bundles fiscal year 2021 spending bills for several departments, including the U.S. Department of Housing and Urban Development (HUD). The bill includes $50.6 billion for HUD, including $25.7 billion for tenant-based rental assistance and $13.1 billion for project-based rental assistance.

Tuesday, July 21, 2020

The Community Development Financial Institutions (CDFI) Fund today announced it will extend the deadline to submit feedback on several applications and reports until Nov. 5. The CDFI Fund sought feedback in May on its CDFI certification application, annual certification and data collection report and new certification transaction-level report.

Monday, July 20, 2020

The Federal Reserve is conducting a national study of Community Development Financial Institutions (CDFIs) through July 31 concerning the effect of COVID-19 and how CDFIs have responded to the crisis. The survey is open to all CDFIs and data will help inform research and future policymaking.

Friday, July 17, 2020

The Community Development Financial Institutions (CDFI) Fund will deploy new transaction level report (TLR) templates for new markets tax credit (NMTC) participants beginning Aug. 1. The TLR templates are also for participants in the CDFI program and the Native American CDFI Assistance program. Organizations will be able to access the templates through the reports tab on the Awards Management Information System. Participants who will submit their 2019 TLR late but would like to use the current TLR template must do so by July 31. After that, the updated template will be required.

Wednesday, July 15, 2020

Gov. John Bel Edwards signed legislation creating an additional $75 million of qualified equity investment authority for the Louisiana New Markets Jobs Tax Credit program. S.B. 13 provides the additional round of allocation authority for businesses with 250 or fewer employees through community development entities that have invested at least $100 million in Louisiana. Applications will be accepted beginning Aug. 1 and the additional authority becomes effective Aug.

Wednesday, July 15, 2020

The Community Development Financial Institutions Fund (CDFI Fund) today awarded more than $3.5 billion in new markets tax credit (NMTC) allocation to 76 community development entities (CDEs) through the calendar year (CY) 2019 round. The CDFI Fund selected the 76 awardees from a pool of 206 applicants requesting an aggregate $14.7 billion in allocation authority. The award recipients are headquartered in 30 states and the District of Columbia.

Tuesday, July 14, 2020

The U.S. Department of Agriculture (USDA) Rural Development published a final rule and request for comments in today’s Federal Register, proposing a unified guaranteed loan platform for four of its existing guaranteed loan programs. Under the final rule, the Community Facilities, Water and Waste Disposal, Business and Industry, and Rural Energy for America programs will receive new provisions to improve, expand, simplify and enhance the programs.

Thursday, July 9, 2020

A unity task force created by Vice President Joe Biden and Sen. Bernie Sanders, D-Vt., yesterday released a set of policy recommendations for a Biden administration if he wins the presidential election in November. The 110-page task force blueprint calls to expand and make permanent the new markets tax credit (NMTC) and to double the funding for community development financial institutions.

Wednesday, July 1, 2020

The New Markets Tax Credit Coalition today released the 2020 New Markets Tax Credit (NMTC) Progress Report, a survey of 65 community development entities (CDEs). The CDEs reported using $2.7 billion in NMTC allocation in 2019 to finance 288 investments that amounted to $4.5 billion in project investment to low-income communities and 1.7 million people served. The financing resulted in 57,414 jobs, 35,440 of them permanent.