CDFI Outlines Plans for Awarding Extra New Markets Credits

By Caitlin Jones & A. J. Johnson
May 19, 2009 2 min read

Tax Credit Advisor, April 2009: The Community Development Financial Institutions (CDFI) Fund has issued an implementation plan describing how it plans to award $3 billion in extra federal new market tax credits and other funds provided by the economic stimulus act.

The Fund will use $1.5 billion of the additional NMTC authority to make allocation awards to additional organizations that competed in the 2008 funding round and were “highly rated” but didn’t receive an award. It anticipates announcing about 30 awards in May. The Fund will not provide any of the extra credits to any 2008 awardees. The Fund said it won’t solicit or accept additional materials from eligible applicants, but rather will contact them to ask about any material changes.

The Fund will another $1.5 billion in extra NMTC authority to the initial $3.5 billion available in its current 2009 funding round, which has an application deadline is 4/8/09. The Fund expects to make about 100 awards with announcements in October. The Fund on 3/23/09 issued an amended notice for the 2009 funding round with some revisions (http://www.cdfifund.gov).

The Fund also described how it plans to award additional stimulus act funds for its CDFI Financial Assistance and Native American CDFI Assistance award programs, and mentioned various stimulus act reporting requirements.

The plan can be found on a CDFI Fund Web page that displays all information relating to the Fund’s implementation of the stimulus act (http://www.cdfifund.gov/recovery).

Breaking Ground

Jennifer Leimaile Ho, Minnesota Housing Commissioner and Incoming Chair of National Council of State Housing Agencies

Pamela Martineau • December 1, 2024 10 min read

Earlier this fall, Jennifer Leimaile Ho was elected chair of the National Council of State Housing Agencies’ (NCSHA) 2025 Board of Directors. Ho is the Commissioner of Minnesota Housing, having been appointed by Governor Tim Walz in January 2019 and reappointed in 2023.

“Business as Usual”

Leaders in Equity Express Optimism Despite an Uncertain Future

Abram Mamet • December 1, 2024 9 min read

Any outside observer may assume some unease amongst the low-income housing industry. Buffeted on the one hand by residual stressors from the COVID-19 pandemic and on the other by the uncertain prospects of an incoming federal administration keen on cutting spending and shrinking government programs, the affordable housing landscape is experiencing an inflection point.

NCSHA Recognizes Stand-Out Affordable Housing Programs and Initiatives

Pamela Martineau • December 1, 2024 7 min read

This fall, the National Council of State Housing Agencies (NCSHA) recognized 17 programs offered by state housing finance agencies across the nation that creatively developed tools to tackle their communities’ affordable housing challenges.