Treasury Tag Archives

Congressional Democrats Call for Treasury Inspector General to Examine OZs

Sen. Cory Booker (D-NJ), an original sponsor of Opportunity Zone legislation, and Reps. Emanuel Cleaver (D-MO) and Ron Kind (D-WI) sent a letter to the Treasury’s acting inspector general to requesting an investigation into recent reports from The New York Times, The Washington Post and ProPublica that found that White House and Treasury officials might have helped powerful people get in position to profit off the Opportunity Zone program.

CDFI Fund Releases FY 2019 CMF Application Demand

The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) released the application data for the fiscal year (FY) 2019 round of its Capital Magnet Fund program. A total of 113 organizations submitted applications requesting more than $522 million in funding. The applicants propose to serve 49 states, the District of Columbia and Puerto Rico.  In total, 58 percent of the applicants are certified Community Development Financial Institutions (CDFIs), and the remaining 42 percent of the applicants are nonprofit affordable housing organizations.

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Treasury, HUD Release Housing Finance Reform Plan

Last week the Department of the Treasury and HUD sent their Housing Finance Reform Plans to President Trump following his March Memorandum, which ordered the reports. The Senate Committee on Banking, Housing and Urban Affairs held a hearing on Housing Finance Reform: Next Steps with HUD Secretary Ben Carson, Treasury Secretary Steven Mnuchin and FHFA Director Mark Calabria as witnesses.

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IRS Publishes Final Regulations on Section 50(d) Income

The Internal Revenue Service published the final regulations regarding Income Inclusion When Lessee Treated as Having Acquired Investment Credit Property under section 50(d)(5) of the Internal Revenue Code. The final rule clarifies that Section 50(d) income is a partner item rather than a partnership item, that Section 50(d) income goes to the partner in the lessee that used the tax credits and that partners are not entitled to increase their bases in their partnership interests as a result of Section 50(d) income inclusion.