Treasury Department

Last week the Department of the Treasury and HUD sent their Housing Finance Reform Plans to President Trump following his March Memorandum, which ordered the reports. The Senate Committee on Banking, Housing and Urban Affairs held a hearing on Housing Finance Reform: Next Steps with HUD Secretary Ben Carson, Treasury Secretary Steven Mnuchin and FHFA Director Mark Calabria as witnesses.

The Community Development Advisory Board will hold an open meeting on September 23, from 9 am  3 pm EST at the Department of the Treasury. The meeting will be open to the public who may either attend the meeting in-person (the venue will accommodate up to 50 members of the public on a first-come, first-served basis) or view it as a live webcast. W

The Internal Revenue Service published the final regulations regarding Income Inclusion When Lessee Treated as Having Acquired Investment Credit Property under section 50(d)(5) of the Internal Revenue Code. The final rule clarifies that Section 50(d) income is a partner item rather than a partnership item, that Section 50(d) income goes to the partner in the […]

The Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) recently opened the FY 2019 funding round for the Capital Magnet Fund (CMF) with an anticipated $130.8 million available for awards.

The Local Initiatives Support Corporation (LISC) announced Annie Donovan, former director of the federal Community Development Financial Institutions Fund (CDFI Fund), as its new chief operating officer.

Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced $3.5 billion in New Markets Tax Credits (NMTC) for 73 Community Development Entities (CDEs). Congratulations to the ten NH&RA members that received NMTC awards!

This American Banker article explores the remarks from President Trump at the recent National Association of Realtors event. “This is a pretty urgent problem.  We’re doing well with it now… We have many geniuses looking at it and we’ll figure something out.”

At the Mortgage Bankers Association conference, Federal Housing Finance Agency (FHFA) Director Dr. Mark Calabria said “ while I’m committed to working with Congress, I’m not going to wait on Congress.”

The National Council of State Housing Agencies (NCSHA) sent a letter to the Internal Revenue Service urging it to rescind its recent amendments to the LIHTC compliance monitoring regulations.

Senators Cory Booker (D-NJ), Maggie Hassan (D-NH), Tim Scott (R-SC) and Todd Young (R-IN) introduced S. 1344 which would require the Secretary of the Treasury to collect data and issue a report on the Opportunity Zone (OZ) tax incentives.

The National Council of State Housing Agencies sent a letter to the Department of the Treasury and IRS urging them to expedite guidance to HUD on how it should establish income limits for the 20, 30, 40, 70, and 80 percent of area median income (AMI) levels necessary for Housing Credit projects that elect to use the average income test for their minimum set-asides.

The Department of the Treasury (Treasury) released a notice and request for information on data collection for Opportunity Zone investments. Qualified Opportunity Funds (QOFs) are required to file a Form 8996 and Treasury anticipates possible revisions to that form that could assist in data collection.  

The Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) released a new notice of proposed rule making on Opportunity Zones. A public hearing will be held on July 9 at 10 am EDT at the New Carrollton Federal Building at 5000 Ellin Road in Lanham, Maryland 20706.