CDFI News

 

 

Director Gambrell Participates in Event Celebrating Investment in Affordable Housing Project in Southwest Detroithttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=53Director Gambrell Participates in Event Celebrating Investment in Affordable Housing Project in Southwest Detroit<p><strong>​Detroit, Michigan </strong>- U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) Director Donna J. Gambrell visited Detroit, Michigan today to attend a site visit and press event hosted by the Michigan Interfaith Trust Fund (Trust Fund), a certified CDFI and recipient of a 2009 CDFI Program award of one million dollars. Senator Debbie Stabenow, State Representative Rashida Tlaib and other officials also attended the event.</p><p>The Trust Fund, a nonprofit loan fund providing loans and technical assistance for economic development and affordable housing throughout Michigan, used $550,000 of its award to refinance the mortgage on a four building apartment complex consisting of 54 units of affordable housing and commercial space. The complex is owned by Southwest Housing Solutions, a Detroit-based Community Development Corporation. The CDFI Fund grant is the largest single grant the Trust Fund has received in its 25-year history.</p><p>"This project is a wonderful example of how capital awarded through the CDFI Program can help stabilize neighborhoods by providing quality affordable housing and opportunities for entrepreneurs to own their own businesses," said Director Gambrell.</p><p>The Trust Fund is a nonprofit loan fund started in 1985 that fosters economic and social justice by providing loans and technical assistance for economic development and affordable housing throughout Michigan. The Trust Fund has loaned more than $30 million to nonprofit housing developers and small businesses. These loans have resulted in the development or preservation of over 2,100 units of affordable housing, the creation of nearly 340 jobs and 125 spaces in child care centers, and the construction or rehabilitation of over 134,000 square feet of commercial space in the state of Michigan.</p><p>For more information about the CDFI Fund, visit <a href="http://www.cdfifund.gov/">http://www.cdfifund.gov</a></p>2010-01-25T05:00:00ZPress Releases53
Demand for New Markets Tax Credits Remains Stronghttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=117Demand for New Markets Tax Credits Remains Strong<p class="body"><i>250 Applications Received Requesting $23.5 Billion</i></p><p class="body"><a href="/news_events/photos/2009/Gambrell-2009-12-11.GIF" target="_blank"></a><b>Washington, DC</b>- The U.S. Treasury Department's Community Development Financial Institutions Fund (CDFI Fund) announced today that it received a total of 250 applications under the 2010 round of the New Markets Tax Credit (NMTC) Program, requesting an aggregate total of $23,457,767,104 in NMTC allocation authority. A total of $5 billion of allocation authority is available this round, pending Congressional approval. </p><p class="body">"I am very pleased to see demand for the New Markets Tax Credit continue to rise in light of the challenges that the current economic climate presents for underserved communities," said CDFI Fund Director Donna Gambrell. “The sustained increase in the number of applications indicates how important the New Markets Tax Credit is for attracting new investment and promoting job creation and economic recovery in distressed communities.” </p><p class="body">The NMTC Program, established by Congress in December of 2000, permits individual and corporate taxpayers to receive a credit against federal income taxes for making qualified equity investments in Community Development Entities (CDEs). The credit provided to the investor totals 39 percent of the cost of the investment and is claimed over a seven-year period. Substantially all of the taxpayer's investment must in turn be used by the CDE to make qualified investments in low-income communities. Successful applicants are selected only after a competitive application and rigorous review process that is administered by the CDFI Fund.</p><p class="body">The application deadline was June 4, 2010. The CDFI Fund anticipates announcing the organizations that will receive New Markets Tax Credit allocations in December of 2010.</p><p class="body">Through the first seven rounds of the NMTC Program, the CDFI Fund has made 495 awards totaling $26 billion in tax credit allocation authority.</p><p class="body">Additional information can be found on the CDFI Fund’s web site at <a href="http://www.cdfifund.gov/">www.cdfifund.gov</a>.</p> 2010-01-09T05:00:00ZUpdates117

 Stay In Touch

Sign up to receive news and important information.

Sign Up

 Archives