Legal News

Treasury Interim Rule Defines BEA Program Project Eligibility
   Treasury Dept. officials issue an interim rule that provides further definition on what types of projects are eligible to receive funding in the Bank Enterprise Award (BEA) Program, which is set to dish out $20 million in fiscal year 2009. The BEA program is part of the Community Development Financ...
posted 1/30/09 5:30 PM  read complete story

Bordallo Renews Effort to Gain NMTC Participating for CDEs in Territories
   Seeking to correct what she describes as an oversight in tax law, Rep. Madeleine Bordallo (D-GU) is renewing her legislative efforts to have community development entities (CDEs) in U.S. territories eligible for the New Markets Tax Credit (NMTC). The bill (HR 473), re-introduced Jan. 13, would make...
posted 1/26/09 5:01 PM  read complete story

Treasury Opens New Round in New Markets Tax Credit Program
   The Community Development Financial Institution Fund announces the opening of the 2009 round of the New Markets Tax Credit Program. Treasury Dept. officials say $3.5 billion in credit authority is available. Applications are due to the Fund by April 8, 2009. Applicants that are not currently certif...
posted 1/16/09 3:54 PM  read complete story

Bernanke: Stimulus Limited in Impact without Financial System Stabilization
   Federal Reserve Chairman Ben Bernanke is backing the Obama administration’s request that Congress pass an economic stimulus package, but tells a London audience that it might not provide the needed boost to the economy without additional measures to stabilize the financial system. Communities are l...
posted 1/13/09 11:37 PM  read complete story

GMAC Gets $6 Billion in TARP Funds
   The Treasury Dept.'s Troubled Assets Relief Program (TARP) has $6 billion less that can be used by community development officials or for foreclosure relief measures after federal officials opt Dec. 29 to use part of the fund to save GMAC. The TARP was initially set at $700 billion by Congress. Tre...
posted 12/31/08 12:54 AM  read complete story

Natl Credit Union Administration Seeks Applications for $3.1 million in Loans
   The Nat'l Credit Union Admin. (NCUA) is accepting applications to participate in its $3.1 million Community Development Revolving Fund (CDRF) during the final three months of 2009, even though the exact amount of funds available is not finalized. The NCUA is expecting to be fully loaned early next ...
posted 12/26/08 12:37 PM  read complete story

Cleveland Nonprofit Sues Banks for Low-Cost Sales of Foreclosed Properties
   A Cleveland nonprofit housing group files lawsuits against two major banks and the city this week in an attempt to make banks more responsible in maintaining 36 foreclosed properties that the group fears will the banks will resell cheaply. The Cleveland Housing Renewal Project (CHRP), in filing the...
posted 12/22/08 11:20 AM  read complete story

Tribes Sue HUD Over Housing Grants
   Eight more Native American housing agencies sue HUD, claiming the department illegally reduced the amount of annual housing block grant funding they are entitled to under federal law. The new complaints bring to nearly 35 the number of reservation-based housing agencies suing HUD to recover money th...
posted 12/15/08 09 AM  read complete story

Stakeholders Push New Markets, Low-Income Housing Tax Credits as Stimulus Items
   Nonprofit stakeholders are looking for ways to increase funding for the New Markets Tax Credit (NMTC) program and to loosen up the badly shrunken credit in the federal Low-Income Tax Credit (LIHTC) program. Officials at Enterprise Community Partners, one of the nation’s leading nonprofit groups, te...
posted 12/11/08 9:57 PM  read complete story

Treasury Dept. Unsure About Asking for Remaining TARP Funds
   Treasury Dept. officials are taking more heat for the use of the Troubled Asset Relief Program (TARP) and say they have yet to make any decision whether to seek the remaining $350 billion available to it. Members of Congress have been furious at Treasury for the use of $250 billion of TARP money, w...
posted 12/10/08 12:22 PM  read complete story