Investment

EDA: $27 Million Invested to Expand and Improve Airports in the U.S. Virgin Islands

Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding $27 million in grants to the Virgin Islands Port Authority of St. Thomas, U.S.V.I., to expand and improve two major airports in the wake of Hurricanes Irma and Maria. According to grantee estimates, the projects are expected to…

FHFA: Final Rule Issued on Uniform Mortgage-Backed Security

The Federal Housing Finance Agency (FHFA) has issued a final rule that requires Fannie Mae and Freddie Mac (the Enterprises) to align programs, policies, and practices that affect the cash flows of “To-Be-Announced” (TBA)-eligible Mortgage-Backed Securities (MBS).  The issuance of the final rule is a major step forward, significantly improving the predictability of cash flows…

Federal Reserve: Consumer Affairs Letter Issued Regarding NMTCs and Public Welfare Investments

CA 19-1: New Markets Tax Credits and Public Welfare Investments BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D.C. 20551   DIVISION OF CONSUMER AND COMMUNITY AFFAIRS CA 19-1 February 26, 2019   TO THE OFFICERS AND MANAGERS IN CHARGE OF CONSUMER AFFAIRS SECTIONS AND FINANCIAL INSTITUTIONS SUPERVISED BY THE FEDERAL RESERVE: SUBJECT: New Markets…

HUD: Additional $652 Million Approved to Support Texas in Its Recovery from Hurricane Harvey

Action supports $5 Billion in disaster recovery already approved by HUD U.S. Department of Housing and Urban Development (HUD) Secretary Ben Carson today announced HUD is approving an additional $652 million to support Texas in its recovery from Hurricane Harvey. The recovery plan HUD is approving today will further assist the state’s $5 billion HUD-funded…

HUD: FHA Pilot Program Expanded to Accelerate Financing of Low-Income Housing Tax Credit Projects

Action designed to speed production of critically needed affordable housing U.S. Housing and Urban Development (HUD) Secretary Ben Carson today announced a significant expansion of a Federal Housing Administration (FHA) pilot program that streamlines FHA mortgage insurance applications for affordable housing developments that have equity from the sale of Low-Income Housing Tax Credit (LIHTC) Program,…

EDA: $800,000 Invested to Establish a Business Incubator in the Town of Tabor City, NC

Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding an $800,000 grant to the town of Tabor City, North Carolina, to renovate a historic building for use as a business incubator that will support business growth in the region. “We commend Tabor City on their strategy to help support local entrepreneurs,” said…

EDA: $3 Million Invested to Improve Access to the Philadelphia Navy Yards Business Campus

Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $3 million grant to the Philadelphia Authority for Industrial Development, Philadelphia, Pennsylvania, to make critical infrastructure improvements needed to ease access to the Philadelphia Navy Yards business campus. According to grantee estimates, the project is expected to…

HUD: $10 Million in “Sweat Equity” Grants Announced

SHOP grants enable homeownership opportunities for 539 families The U.S. Department of Housing and Urban Development (HUD) today awarded $10 million in “sweat equity” grants to support four non-profit, self-help housing organizations that enable homeownership opportunities for hard-working, low-income families and individuals. Funded through HUD’s Self-Help Homeownership Opportunity Program (SHOP), the grants awarded today, along with…

HUD: $74 Million Awarded to Help Families Reach Self-Sufficiency

Federal funding to support education and employment among HUD-assisted families U.S. Housing and Urban Development (HUD) Secretary Ben Carson today awarded $74 million to hundreds of public housing authorities across the country to continue helping public housing residents participating in the Housing Choice Voucher Program and/or reside in public housing to increase their earned income…