News

Tuesday, July 14, 2020

The U.S. Department of Housing and Urban Development (HUD) will publish in Wednesday’s Federal Register a notice implementing the Housing Choice Voucher (HCV) mobility demonstration. The HCV mobility demonstration was authorized by federal appropriations acts for 2019 and 2020 and makes a combined $50 million available for a demonstration program for mobility-related services to families with children.

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.

Thursday, July 9, 2020

Mississippi Gov. Tate Reeves this week signed into law H.B. 1729, which—among other things—extends the state historic tax credit (HTC) sunset date from 2020 to 2030. H.B. 1729 authorizes the state HTC at an aggregate $180 million and allows a taxpayer to elect to receive a rebate of 75 percent of the credit in lieu of a 10-year-carryforward (previous law allowed a 75 percent credit on the amount beyond $250,000 in that circumstance).

Wednesday, July 8, 2020

Rep. Sean Casten, D-Ill., this week introduced the Energy Tax Credit Direct Payment Act of 2020 (H.R. 7491) to revive the Section 1603 program of the American Recovery and Reinvestment Act of 2009, allowing the Secretary of the Treasury to convert certain renewable energy tax credits into cash grants.

Wednesday, July 8, 2020

Legislation introduced in the House of Representatives this week would designate all of Puerto Rico as an opportunity zone (OZ). Commissioner Jenniffer Gonzalez-Colon, R-P.R., introduced H.R. 7492. A provision in 2018 federal budget legislation allows every low-income census tract in Puerto Rico to be designated an OZ (rather than 25 percent of such tracts elsewhere). The text of H.R. 7492 was unavailable.

Monday, July 6, 2020

The Delaware state historic tax credit will be funded an additional year–through 2026–after state budget legislation was signed into law last week. S.B. 242 funds the state HTC at $8 million annually from 2021-2026. The HTC was previously funded at that amount for 2020-2025.

Monday, July 6, 2020

The Office of the Comptroller of the Currency released a list of 21 Community Reinvestment Act (CRA) performance evaluations made in June, with 11 rated satisfactory, nine outstanding and one as needs to improve. The list includes national banks, federal savings associations and insured federal branches of foreign banks.

 

Thursday, July 2, 2020

Seven U.S. Senators authored a letter to Treasury Secretary Steven Mnuchin, asking Treasury to extend the continuity safe harbor provision further for offshore wind. The letter thanks Mnuchin for earlier guidance, but asks for an additional three years beyond the standard four-year safe harbor for offshore wind projects that began construction between 2016 and 2020.

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.