Federal / Agency News
CDFI Certification Advisory Board Meeting – July 7
The Community Development Financial Institution (CDFI) fund continues efforts to revise the CDFI Certification application through the chair of the community development advisory board.
CDFI Annual Compliance, Certification and Reporting Obligations
The Community Development Financial Institutions (CDFI) Fund announced that authorized representatives of either a CDFI or an organization that received an award must submit the Annual Certification and Data Collection Report (ACR) to maintain CDFI Certification status.
HUD Removes $25 Million Loan Cap for Projects in LIHTC Pilot Program
HUD’s Office of Multifamily Housing Programs issued a memo, which removes the $25 million loan cap for the LIHTC Pilot Program.
HUD Publishes Final NSPIRE Inspection Standards & GRRP FAQs
HUD published the Final Inspection Standards Notice for the National Standards for the Physical Inspection of Real Estate (NSPIRE). HUD also announced that they have posted answers to new Frequently Asked Questions for the Green and Resilient Retrofit Program (GRRP) based on the May 23 webinar.
FHFA Submits Annual Report to Congress
The Federal Housing Finance Agency (FHFA) released its 2022 Report to Congress.
House Ways and Means Chairman Smith Releases Tax Priorities – LIHTC Not Included
House Ways and Means Chairman Jason Smith (R-MO) released The American Families and Jobs Act, an opening salvo for a year-end tax package. The package focuses primarily on extensions of expired business-related tax credits from the Tax Cuts and Jobs Act of 2017.
Neighborhood Homes Improvement Act Introduced in the House
Last week, Representatives Mike Kelly (R-PA) and Brian Higgins (D-NY) reintroduced the Neighborhood Homes Investment Act (H.R. 3940).
NLIHC Publishes 2023 Out of Reach Report
The National Low Income Housing Coalition (NLIHC) published the 2023 edition of its annual Out of Reach Report, which compares the wages people earn and the costs of modest rental housing in every state, metropolitan area and county in the U.S.
Update for CPD Income Eligibility Calculator Users
HUD announced that on June 15, 2023, the Community Planning and Development (CPD) Income Eligibility Calculator will update to incorporate the FY 2023 Income Limits for all programs.
NMTC Qualified Equity Investment Report
The U.S. Department of the Treasury CDFI Fund announced that the June New Markets Tax Credit Program Qualified Equity Investment (QEI) report has been updated and is available.
2,600 Organization Call on Congress to Support the Affordable Housing Credit Improvement Act
On the heels of the newly reintroduced Affordable Housing Credit Improvement Act (S. 1557 / H.R. 3238), The ACTION Campaign sent a letter to Congress calling for cosponsors and seeking action on any future tax legislation.
IRS, DOE Release Additional Guidance on IRA Provisions, Including Low-Income Community ITC Bonus
The Internal Revenue Service (IRS) and the Department of Energy (DOE) released a proposed rule on Additional Guidance on Low-Income Communities Bonus Credit Program and Notice 2023-44 – Additional Guidance for the Qualifying Advanced Energy Project Credit Allocation Program.