The Quicken Loans Community Fund, the City of Detroit Housing and Revitalization Department and Quantified Ventures are seeking applications from local organizations that holistically tackle housing challenges affecting the health and well-being of the Detroit community – either by eliminating systemic barriers to housing, or by securing safe, quality housing for low-income and typically underserved residents. The awarded team(s) will have an opportunity to work with Quantified Ventures to engage one or more payors (e.g., health systems). Applications are due on December 16, 2019. Applicants will be notified by mid-March 2020. Register here for a webinar on October 16 at 10:30 am EDT to learn more about the RFP.
Community Development Category Archives
On July 31 LISC Boston will host its Opportunity Zone Showcase & Toolkit Release in Massachusetts. As of 7/9, LISC Boston had not announced the event location, which will run from 9 a.m. – 1:00 p.m. The event will:
- Showcase Massachusetts Opportunity Zone communities, strategies, and opportunities.
- Connect stakeholders to drive inclusive investment.
Who should attend? Community leaders, municipal officials, business leaders, residents, investors, developers, anchor institutions, consultants, foundations and others who are interested in what opportunity zones have to offer.
Housing remains a soft spot in the economy as mortgage applications continue to drop with rising rates and slumping stocks deterring potential homebuyers. According the Mortgage Bankers Association, volume is down 22% from the year prior. Tech and crude oil prices are weighing on equity markets and driving haven demand, even while the overall tone of the economy remains upbeat. The stock selloff saw debt yields retreat, and the benchmark 10-year UST sits at 3.14%, down 9 basis points from the week prior. Municipal bonds also trended lower and were down 3-6 basis points along the curve.
Interest Rate Observations
Source: Thomson Reuters, Bloomberg. The table above reflects market conditions as of November 13, 2018.
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House Ways & Means Chairman Kevin Brady (R-TX) has announced he has completed a draft tax measure to fix the “retail glitch” in the new tax law and address many tax extenders. The draft measure is expected to be circulated in the next few days. It is unclear at time of press whether any affordable housing, historic rehabilitation or New Markets Tax Credit provisions are included in Chairman Brady’s draft, which is said to include between 70-80 alterations to last year’s the tax law, HR 1. The measure is a potential vehicle for several NH&RA priorities including fixing the 4 percent LIHTC rate, basis adjustment provisions for the historic credit and an extension of the NMTC, which is set to sunset next year. We will update this story as it develops.
The National Council of State Housing Agencies has published an online “Opportunity Zone Fund Directory,” which is a compilation of Opportunity Zone funding opportunities. This resource provides descriptions and contact information for publicly-announced funds that have been formed for the purpose of attracting investment in Opportunity Zones. NCSHA is tracking only multi-project opportunity funds. NCSHA will update the directory regularly and invites funds to submit details for inclusion by completing the submission form. Please contact Jim Tassos with additions, questions, or comments.
CohnReznick has launched an updated interactive mapping tool designed to assist New Markets Tax Credit and Opportunity Zone Investment stakeholders. This mapping tool helps access eligibility using census-based criteria from the 2011-2015 and 2006-2010 American Community Surveys. Either census database may be used to evaluate eligibility through a transition period ending October 31, 2018*. To identify the designated Opportunity Zones for potential investment or Opportunity Zone related projects, enter an address. If an address falls within an Opportunity Zone, that designation will appear. Enter an address or US census tract number for your project to see if it is “Qualified” for the NMTC Program and if it meets “Severely Distressed” criteria. Any correlating Opportunity Zone designation also will appear if it meets that program’s criteria.
Opportunity Zone Webinar Recording: Stemming from the Tax Cuts and Jobs Act of 2017, Opportunity Zones were created to help spur investment in distressed communities. There is estimated to be $2 trillion worth of unrealized capital gains “sitting on the sidelines” with the potential to unleash this for investment across America in distressed, low-income communities. Once accumulated and deployed, this capital will help rejuvenate these micro-economies, stimulate growth and help level the playing field for those living and doing business in low-income communities. Not uncommon in the U.S., tax policy is playing a central role in helping to how we administer public policy around creating economic growth. CohnReznick’s Ira Weinstein and Beth Mullen discuss this innovate policy. Hear the program background, how it works, advantages, tax implications and other useful information in this conversational 25-minute recording. Click Here to View.
Enterprise has published a new whitepaper entitled Gentrification: Framing Our Perceptions, which summarizes several approaches used in recent studies of gentrification and details the complications these create for identifying where it occurs. It describes how different definitions can lead to different findings about the consequences of gentrification, and how these inconsistencies affect policy making.
To build the Atlas, the Census Bureau uses de-identified data from the 2000 and 2010 decennial Censuses linked to data from Federal income tax returns and the 2005-2015 American Community Surveys (ACS) to obtain information on income, parental characteristics, children’s neighborhoods, and other variables. The Census Bureau’s focus on children born between 1978-1983, including those born in the U.S. and authorized childhood immigrants. Our data include the characteristics of 20 million children, approximately 94% of all children born during the time period.