HUD: Unprecedented $379 Million in Choice Neighborhoods Funding Announced
HUD’s Signature Place-Based Program Available to Cities of All Sizes The U.S. Department of Housing and Urban Development (HUD) today announced the availability of an historically-high $379 million in Choice Neighborhoods Implementation (CNI) Grants to communities across the country. The CNI Grants will transform public and other HUD-assisted housing, as well as surrounding neighborhoods. Public housing authorities,…
HUD: $25 Million Awarded to Stabilize Public Housing Agencies Facing Financial Shortfalls
The U.S. Department of Housing and Urban Development (HUD) today awarded $25 million to 181 public housing agencies (PHAs) experiencing or at risk of experiencing financial shortfalls. This Public Housing Operating Fund Shortfall funding, provided by the Fiscal Year 2022 Consolidated Appropriations Act, will enable PHAs to continue serving residents as they take steps to…
Agencies Release List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies
Federal bank regulatory agencies today made available the 2022 list of distressed or underserved nonmetropolitan middle-income geographies. These are geographic areas where revitalization or stabilization activities are eligible to receive Community Reinvestment Act (CRA) consideration pursuant to the definition of community development under the agencies’ regulations. Visit the Federal Financial Institutions Examination Council (FFIEC) website to see…
FHFA: Enterprises’ REO First Look Period Extended to 30 Days
Will allow more time for owner occupants to purchase REO properties Today, through the First Look Program, the Federal Housing Finance Agency (FHFA) extended from 20 to 30 days, the period during which owner occupants, public entities, and nonprofits will have exclusive ability to buy Fannie Mae and Freddie Mac (the Enterprises) real estate owned…
CDFI Fund: $5 Billion in New Markets Tax Credits Announced
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced $5 billion in New Markets Tax Credits today that will spur investment and economic growth in low-income urban and rural communities nationwide. A total of 100 Community Development Entities (CDEs) were awarded tax credit allocations, made through the calendar year (CY)…
FDIC & Federal Reserve: List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies Released
The Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation today announced the availability of the 2021 list of distressed or underserved nonmetropolitan middle-income geographies. These are geographic areas where revitalization or stabilization activities are eligible to receive Community Reinvestment Act (CRA) consideration under the community development definition. Distressed nonmetropolitan…
HUD: $1.5 Million Awarded to Improve the Main Street in Three Communities
Kit Carson, Colorado, El Cerrito, California, and Stayton, Oregon to each receive a $500,000 grant to expand redevelopment efforts The U.S. Department of Housing and Urban Development (HUD) today awarded $1.5 million to help build affordable housing in Colorado, California, and Oregon. Kit Carson, Colorado will receive a $500,000 grant to redevelop two sites, the…
CDFI Fund: FY 2021 CDFI Bond Guarantee Program Application Period Now Open
Today, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) today opened the fiscal year (FY) 2021 application period for the CDFI Bond Guarantee Program. A total of up to $500 million in bond guarantee authority is available for Eligible Community Development Financial Institutions (Eligible CDFIs) in FY 2021. Through the…
CDFI Fund: CY 2020 Round of New Markets Tax Credit Program Opened
Increased Allocation of $5 Billion to be made Available this Round The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) released today the Notice of Allocation Availability (NOAA) for the calendar year (CY) 2020 round of the New Markets Tax Credit Program (NMTC Program). The CDFI Fund is providing the NOAA…
Federal Reserve: “Revitalize or Stabilize”: Does Community Development Financing Work?
Daniel Ringo Abstract: Banks in the United States originate $100 billion in community development loans every year and hold a similar amount of community development investments on their balance sheets. A number of federal place-based policies encourage the provision of these loans and investments to promote growth, employment and the availability of affordable housing to…
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