- 2016 Transportation Housing and Urban Development Bill passed in the House of Representatives – funding for certain programs, such as section 8 has been increased, however according to Enterprise Community partners (see Budget chart), it underfunds other critical federal housing and community development programs by as much as $1.5 billion.
- The U.S. Treasury’s Community Development Financial Institutions Fund recently completed its final round of New Market Tax Credit (NMTC) allocations. NMTC are used to stimulate investment in low-income communities. Legislation is currently pending in both the House and the Senate to permanently extend this successful and popular program. A bipartisan dear colleague letter urging permanent extension of NMTC is currently circulating – CDFI Fund’s recent report highlights the effectiveness of the program between 2003 and 20013.
Tag Archives: low income community development
Tuesday’s Regulatory & Legislative Round-up
- House of Representatives Introduced Bill H.R. 855 to Permanently Extend the New Markets Tax Credit which was designed to spur new or increased investments into operating businesses and real estate projects located in low-income communities. The NMTC Program attracts investment capital to low-income communities by permitting individual and corporate investors to receive a tax credit against their Federal income tax return in exchange for making equity investments in specialized financial institutions called Community Development Entities (CDEs).
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Banking Regulators Seek Public Comment – The Agencies are asking the public to comment on regulations in the Banking Operations, Capital, and the Community Reinvestment Act categories to identify outdated or otherwise unnecessary regulatory requirements imposed on insured depository institutions and their regulated holding companies.