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New Executive Orders on Evictions, Foreclosures, Payroll Tax and Unemployment Compensation

August 13, 2020 | Federal / Agency News

Over the weekend, President Trump issued three COVID-19 related executive orders (EO) on “Deferring Payroll Tax Obligations,” “Providing Assistance to Renters and Homeowners” and “Other Needs Assistance Program.” The presidential action comes as Congressional and White House negotiations over the next COVID-19 aid package have stalled.

Five NH&RA Members Receive New Markets Tax Credit Awards

July 15, 2020 | Member News

Congratulations to the NH&RA members that received a New Markets Tax Credit award National Trust Community Investment Corporation, PNC Community Partners, Inc., RBC Community Development, LLC, The Rose Urban Green Fund and USBCDE, LLC.

CDFI Fund Opens FY 2020 Capital Magnet Fund Funding Round

June 3, 2020 | Federal / Agency News

The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) opened the fiscal year (FY) 2020 funding round for the Capital Magnet Fund. The application process consists of two parts: submitting the SF-424 Mandatory form through Grants.gov and submitting the rest of the application through the CDFI Fund’s Awards Management Information System (AMIS).

Economic and Fixed Income Insights, May 19, 2020

May 20, 2020 | General News

Yesterday, Federal Reserve Chairman Jerome Powell testified alongside Treasury Secretary Steven Mnuchin as to the effects so far of the CARES Act to the Senate Banking Committee. Mirroring his previous comments, he reiterated a likely long and difficult road for the U.S. economy, prompting the need for additional stimulus from both the Federal Reserve and federal government.

Guidance on Deferring Tax Payments Due to COVID-19 Outbreak

March 25, 2020 | Federal / Agency News

Following President Trump’s emergency declaration pursuant to the Stafford Act, the U.S. Treasury Department and Internal Revenue Service issued guidance allowing all individual and other non-corporate tax filers to defer up to $1 million of federal income tax (including self-employment tax) payments due on April 15, 2020, until July 15, 2020, without penalties or interest.

Negotiators Advance Third Coronavirus Aid Package

March 25, 2020 | Federal / Agency News

Senate Majority Leader Mitch McConnell (R-KY), Senate Minority Leader Chuck Schumer (D-NY) and Treasury Secretary Steven Mnuchin have reportedly reached an agreement on nearly $2 trillion emergency relief package in response to the coronavirus pandemic, which contains:

The Department of the Treasury and the Internal Revenue Service (IRS) released the final versions of Form 8996 – Qualified Opportunity Funds, 8996 instructions and Form 8997 – Initial and Annual Statement of Qualified Opportunity Fund Investments.

Treasury OIG Launches Opportunity Zone Investigation

January 17, 2020 | Federal / Agency News

The Inspector General of the U.S. Department of the Treasury launched an internal investigation on abuse in the Opportunity Zone program. Rich Delmar, the department’s acting inspector general, said in a statement he expects “to complete our work and respond to the congressional requesters in early spring.”

NMTC Summary Report and Public Data for FYs 2003-2017

November 27, 2019 | Federal / Agency News

The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) released a Summary Report and data collected on New Markets Tax Credit (NMTC) investments across the nation through fiscal year (FY) 2017. Nearly 70 percent of NMTC investments made through 2017 have been concentrated in single/mixed-use real estate, health care and social assistance, manufacturing, and educational services.