All News

Tuesday, February 12, 2019

The Community Development Financial Institutions (CDFI) Fund today announced that the allocation awards announcement for the calendar year (CY) 2018 round of the new markets tax credit (NMTC) is delayed until spring 2019, due to the recent government shutdown.

Monday, February 11, 2019

The Community Development Financial Institutions (CDFI) Fund last week notified certain community development entities (CDEs) that couldn’t submit the their fiscal year (FY) 2017 institution level report (ILR) and transaction level report (TLR) before the Community Investment Impact System shut down in August that this data has been uploaded into the Awards Management Information System (AMIS).  Allocatees that received this notice must review and formally submit their FY 2017 TLR, FY 2017 CDE ILR and QEI loan source data via AMIS by Feb. 25.

Tuesday, February 5, 2019

The Kentucky Department of Revenue has revised and updated regulations for its new markets development program credit (NMDPC), with an application acceptance date of on or after July 15. Any application received before July 15 will be recorded as July 15. The Kentucky NMDPC has an annual statewide cap of $5 million and a transaction cap of $10 million.

Thursday, January 31, 2019

Jodie Harris, the new director of the Community Development Financial Institutions (CDFI) Fund, today said her organization is assessing the impact of the partial government shutdown and will provide “updates and information in the very near future.” Harris, who became the CDFI Fund director in early January, said CDFI Fund staff is working hard to minimize the effects of the shutdown, but that it will take time to implement a course of action to

Friday, January 25, 2019

President Donald Trump today announced a short-term funding agreement to end the partial federal government shutdown after 35 days. The agreement will allow the U.S. Department of Housing and Urban Development to fund expired and expiring housing contracts and will allow the Community Development Financial Institutions (CDFI) Fund to resume movement toward the announcement of new markets tax credit allocations. The legislative measure will fund the government through Feb. 15 and Trump said border security negotiations will continue during the interim.

Wednesday, January 16, 2019

Sens. John Hoeven, R-N.D., and Ron Wyden, D-Ore., today introduced the Move America Act of 2019, legislation that would expand tax-exempt private activity bonds and create a federal infrastructure tax credit to fund infrastructure projects through public-private partnerships. The legislation would allow states to issue tax-exempt bonds in partnership with private entities, with each state receiving a bond allocation based on population size.

Wednesday, December 26, 2018

The Community Development Financial Institutions (CDFI) Fund staff and services will be unavailable for the duration of the partial federal government shutdown, the CDFI Fund announced today. Access to the CDFI Fund help desks, CDFI Fund Awards Management Information System and updates to the CDFI Fund website are also suspended until the federal government resumes full operations.

Tuesday, December 18, 2018

The Community Development Financial Institutions (CDFI) Fund today released a summary report and data file on new markets tax credit (NMTC) investments from fiscal year (FY) 2003-2016.

Friday, December 14, 2018

The Internal Revenue Service (IRS) yesterday released proposed regulations on the base erosion and anti-abuse tax (BEAT). The BEAT is an alternative tax applicable to large corporations with significant multinational operations, and in some cases could limit the ability of tax credit investors to utilize their tax credits to reduce their BEAT liability.

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.