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The Community Development Financial Institutions (CDFI) Fund today announced the allocation of $5 billion in new markets tax credit (NMTC) authority for the calendar year 2022 (CY 2022) allocation round. One-hundred-and-two community development entities (CDEs) received allocations. The CDEs are located in 36 states and the District of Columbia. More than 20% of the investments are slated for rural communities. According to the CY 2022 NMTC Program Award Book, 49 of this year’s awardees will focus investment activities on a national service area, 20 will focus on a multi-state area, 18 will focus on a specific state and 15 will focus on specific local markets. The award amounts range from $20 million to $65 million.
The U.S. Department of Housing and Urban Development (HUD) will publish a notice in Friday’s Federal Register seeking comments on a proposal to reinstate the collection of Rental Assistance Demonstration (RAD) program application forms. HUD’s request seeks feedback that includes ways to enhance the quality, utility and clarity of the information collected. Comments are due Nov. 21.
The Community Development Financial Institutions (CDFI) Fund will publish a notice in Friday’s Federal Register requesting comment on the updated application questions for the CDFI program, Native American CDFI Assistance (NACA) program and the CDFI Fund’s financial assistance and technical assistance programs. The revised programs application questions have been modified to reflect public comments received through a previous request for public comment. Comments are due by Oct. 23.
The U.S. Department of Housing and Urban Development (HUD) published a notice in today’s Federal Register designating 2024 difficult development areas (DDAs) and qualified census tracts (QCTs) for purposes of the low-income housing tax credit (LIHTC). LIHTC properties built in a QCT or DDA are eligible to increase their eligible basis by up to 30%. The notice designates DDAs for all states, the District of Columbia and four major U.S. territories (Guam, the Northern Mariana Islands, Puerto Rico and the U.S. Virgin Islands). QCTs are based on income and poverty data released in the American Community Survey. The 2023 DDAs and QCTs are effective for LIHTC allocations made after Dec. 31, 2023, or for buildings financed by tax-exempt bonds that are placed in service after Dec. 31, 2023.
The Internal Revenue Service (IRS) published in today’s Federal Register a notice and request for comments about the qualified advanced energy project credit.
The U.S. Department of Housing and Urban Development (HUD) announced today it will extend the compliance date to Oct. 1, 2024, for the National Standards for the Physical Inspection of Real Estate (NSPIRE) for select programs.
The Community Development Financial Institutions (CDFI) Fund today announced a transaction-level report (TLR) deadline extension to Dec. 31, 2023, for new markets tax credit (NMTC) award allocatees with a TLR due date between Aug. 31, 2023, and Nov. 30, 2023.