Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
CDFI plans billions in grants tax credits
WASHINGTON (3/19/09)--Credit unions will benefit from a plan released Wednesday by the Treasury’s Community Development Financial Institutions (CDFI) Fund, which will award $100 million in grants and $3 billion in additional tax credit authority to support community-based financial institutions. The awards, available through the American Recovery and Reinvestment Act, will support underserved communities. The CDFI Fund plans to disburse awards within 120 days. The CDFI Fund will re-open its 2009 CDFI Program and Native American CDFI Assistance (NACA) Program award rounds to enable additional applicants to apply, and will offer current applicants the opportunity to request larger awards. The Recovery Act authorizes the CDFI Fund to allocate $3 billion of tax credit authority to qualified Community Development Entities (CDEs) under the New Markets Tax Credit (NMTC) Program: $1.5 billion to CDEs that applied for allocation authority under the 2008 NMTC allocation round; and $1.5 billion to CDEs that apply for allocation authority under the 2009 NMTC allocation round. The $3 billion in allocation authority is in addition to the $3.5 billion already allocated for the NMTC this year. The CDFI Fund estimates that the $6.5 billion in NMTC allocation authority will help to develop or rehabilitate 33 million square feet of real estate in low-income communities, supporting thousands of construction jobs.


RSS





print
News Now LiveWire
The U.S. Court of Appeals restored NCUA lawsuit v. Barclays Capital that charged misrepresenting quality of $550M IN RMBS. See News Now Wed.
9 hours ago
Registration is now open for the online livestreaming of @TheNCUA March 19 open board meeting. http://t.co/yOuqdXHlxj
14 hours ago
Registration is now open for online viewing of @TheNCUA's March 19 board meeting. https://t.co/mMZoXSFjMe
14 hours ago
.@CFPB Director Richard Cordray's testimony that he will deliver before the #HFSC this afternoon. http://t.co/NA1aEOPAeh
15 hours ago
Consumer spending flatlines, savings ramp up #Market #NewsNow http://t.co/94kPuBpMRK
16 hours ago