News

U.S. Treasury Secretary Timothy Geithner will present the Obama administration’s broad vision for the future of housing finance, including all private and public entities that support the mortgage market, to the Housing Financial Services Committee on Tuesday, March 23.

New York State Senator David Valesky this month introduced legislation that would expand provisions in the state’s Historic Rehabilitation Tax Credit program.

Treasury Secretary Tim Geithner announced today the Obama Administration’s intention to improve, extend and enhance the New Markets Tax Credit Program. “Distressed communities and their small businesses have a hard time attracting investments even in the best of times,” said Secretary Geithner. “The New Markets Tax Credit helps these communities attract new investors and ensure they stay invested long enough for businesses to overcome obstacles and grow. That’s why the President expanded the New Markets Tax Credit through the Recovery Act last year and why we’re seeking to reform, extend and broaden the reach of these credits going forward.”

On February 1, the White House unveiled a proposed federal budget for Fiscal Year 2011 that calls for overall funding cuts at numerous federal agencies, including at the U.S. Department of Housing and Urban Development (HUD). Fiscal Year 2011 begins October 1st.

The Internal Revenue Service has issued a new notice (2010-18) that provides guidance in several aspects regarding the proper treatment of Section 1602 low-income housing tax credit (LIHTC) credit exchange funds.

The Virginia Housing Development Authority (VHDA) has issued a third update to its 2010 low-income housing tax credit reservation process.

The Tennessee Housing Development Agency (THDA) has released three additional attachments to its 2010 low-income housing tax credit program’s initial application.

Illinois Housing Development Authority (IHDA) Executive Director Gloria L. Materre, recently announced the launch of a new statewide initiative to preserve affordable rental homes in Illinois.

The California Tax Credit Allocation Committee (TCAC) has posted the questions and answers from its recent 2010 Application Workshop training in Sacramento, Los Angeles, San Diego and Oakland in late February.

The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of Thrift Supervision recently adopted the final set of Interagency Questions and Answers Regarding Community Reinvestment.

The U.S. Treasury Department recently updated its program guidance for the Section 1603 renewable energy tax credit cash grant exchange program.

Last week, the House Committee on Financial Services held a hearing on “Community Development Financial Institutions (CDFIs): Their Unique Role and Challenges Serving Lower-Income, Under-served and Minority Communities.”