CDFI Fund: Updated NMTC Program Compliance FAQs Now Available
The Community Development Financial Institutions Fund (CDFI Fund) has provided an updated Frequently Asked Questions (FAQ) document for New Markets Tax Credit Program (NMTC Program) compliance on its website. This document supersedes the November 2021 publication of the FAQ document by adding, revising, or updating select questions from the earlier edition. Updates includes: Provides additional guidance on…
SBA: Statement on the Restaurant Revitalization Fund
Today, the U.S. Small Business Administration (SBA) issued the following statement regarding the status of the Restaurant Revitalization Fund. “This week, the U.S. Small Business Administration (SBA) began distribution of returned funding in the Restaurant Revitalization Fund (RRF) program, following the program’s closure in June 2021. In doing so, the SBA worked with the advice of the Department of…
CDFI Fund: CY 2022 Round of New Markets Tax Credit Program Opened
$5 Billion in Allocation Authority Available The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) released today the Notice of Allocation Availability (NOAA) for the calendar year (CY) 2022 round of the New Markets Tax Credit Program (NMTC Program). The CDFI Fund is posting the NOAA on its website in anticipation…
HUD: Small Communities Win Big with a $1 Million HUD Grant Program
Yesterday, the U.S Department of Housing and Urban Development (HUD) announced a Notice of Funding Opportunity (NOFO) of $1 million through the HOPE VI Main Street Program. This grant program provides assistance to smaller communities in the development of affordable housing that is undertaken in connection with a Main Street revitalization effort. “The beauty of this…
CDFI Fund: $5 Billion in New Markets Tax Credits Awarded to Revitalize Low-Income and Distressed Communities
Treasurer of the United States Chief Lynn Malerba, joined by U.S. Senators Benjamin L. Cardin and Chris Van Hollen, U.S. Representative Kweisi Mfume, and Community Development Financial Institutions Fund (CDFI Fund) Director Jodie Harris, today announced more than $5 billion in New Markets Tax Credit (NMTC) awards nationwide. Speaking at the recently redeveloped Lexington Market,…
HUD: $12.4 Million Loan Guarantee Announced for Baltimore, MD
Renovation and Expansion of a Historic Recreation Center Supported by Loan Guarantee The U.S. Department of Housing and Urban Development (HUD) today announced a $12.4 million loan guarantee for the renovation and expansion of the Chick Webb Recreation Center in East Baltimore, Maryland. The loan guarantee, offered through the Section 108 Loan Guarantee Program (Section 108),…
CDFI Fund: Summary Report and Public Data for NMTC Program for FY 2003-2020 Released
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) today released a Summary Report and data collected on all New Markets Tax Credit (NMTC) investments across the nation through fiscal year (FY) 2020. The CDFI Fund requires all Community Development Entities (CDEs) that have been awarded NMTC allocations to submit an…
HUD: Unprecedented $379 Million in Choice Neighborhoods Funding Announced
HUD’s Signature Place-Based Program Available to Cities of All Sizes The U.S. Department of Housing and Urban Development (HUD) today announced the availability of an historically-high $379 million in Choice Neighborhoods Implementation (CNI) Grants to communities across the country. The CNI Grants will transform public and other HUD-assisted housing, as well as surrounding neighborhoods. Public housing authorities,…
CDFI Fund: $355 Million in Bond Funding Announced for Projects in Low-Income Communities
U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced today that Treasury has agreed to issue three guarantees totaling $355 million under the Community Development Financial Institution (CDFI) Bond Guarantee Program. The guarantees will be issued on behalf of five Eligible CDFIs under the fiscal year (FY) 2022 round of the…
HUD: $1.7 Million Loan Guarantee for Mount Vernon, WA Library Commons Project Announced
The U.S. Department of Housing and Urban Development (HUD) today announced a $1.7 million loan guarantee for the Library Commons Project in the City of Mount Vernon, Washington. The loan guarantee, offered through the Section 108 Loan Guarantee Program (Section 108), will be used to finance the development of a new multi-use municipal facility that…