All News

Tuesday, March 12, 2019

Legislation was introduced in both the House of Representatives and the U.S. Senate today to reauthorize and make permanent the new markets tax credit (NMTC). The New Markets Tax Credit Extension Act of 2019 would also include an inflation adjustment to the annual NMTC allocation authority and the ability to offset the alternative minimum tax. H.R. 1680 was introduced by Reps.

Monday, March 11, 2019

The Trump administration today released its proposed $4.7 trillion budget for fiscal year 2020, which proposes reductions in funding for the U.S. Department of Housing and Urban Development (HUD), including the elimination of the Community Development Block Grant (CDBG) and HOME Investment Partnerships programs and the Public Housing Capital Fund. The budget request includes $44.1 billion in gross HUD appropriations, a 16.4 percent cut from FY 2018 levels, and a $9.6 billion, or 18 percent cut from FY 2019, to support the core functions.

Thursday, March 7, 2019

A bill introduced in the California Assembly would create a state New Markets Tax Credit (NMTC) program that largely mirrors the federal program, but with a $100 million cap in qualified equity investments per calendar year. AB 1259 would define qualified low-income community businesses as those with 250 or fewer employees and would exclude charter schools. The NMTC program would begin Jan. 1, 2020, and expire Dec. 1, 2025.

Wednesday, March 6, 2019

Reps. Earl Blumenauer, D-Ore., and Jackie Walorski, R-Ind., yesterday introduced the Move America Act of 2019 (H.R. 1508) to spur investment in infrastructure improvements through Move America Bonds and Move America Credits. The bill would expand tax-exempt private activity bonds for infrastructure and create a federal infrastructure tax credit to fund infrastructure projects through public-private partnerships. Sens.

Friday, February 22, 2019

The Community Development Financial Institutions (CDFI) Fund will publish a notice in the Federal Register Monday, delaying the application deadline for the CDFI Bond Guarantee program until March 26. The previous deadline was Feb. 26. The notice also moves the deadline for the qualified issuer applications from Feb. 19 to March 19.

Friday, February 15, 2019

Kentucky state Rep. John Blanton this week introduced the Kentucky Rural Jobs Act, which is modeled after the federal New Markets Tax Credit program and complementary to the federal opportunity zones incentive. HB203 would provide tax credits for investments in rural counties and federal opportunity zones across Kentucky, with an annual cap of $35 million.

Wednesday, February 13, 2019

The Community Development Financial Institutions Fund today awarded 38 organizations $142.9 million through the fiscal year 2018 round of the Capital Magnet Fund (CMF). This financing will support the preservation, rehabilitation, development or purchase of affordable housing for low-income communities, as well as related economic development and community service facilities such as day care centers, workforce development centers and health care clinics.

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.