D.C. Council Considers Tax Credits for CDFI Investments – NMP Skip to main content

D.C. Council Considers Tax Credits for CDFI Investments

Phil Hall
May 18, 2017

In view of the evaporation of affordable homeownership options in the nation’s capital, the District of Columbia Council is considering a bill that would provide tax credits to individuals or companies that invest in community development financial institutions (CDFIs) involved in affordable housing finance. Under this proposal, investors would be eligible to claim up to 33 percent of their investments as a credit against their local income taxes, unincorporated business franchise taxes or corporation franchise taxes. That exemption would be capped at the $1 million mark.
 
“Solving the affordable housing crisis is not something that will occur overnight and is not something that can be accomplished by any one entity or organization,” said council member David Grosso, the bill’s sponsor. “However, through this legislation, we will add another financing tool to the arsenal and partner with the private market to expand the amount of debt capital available for affordable housing projects.”
 
Another bill before the council proposed the conversion of underused office buildings into affordable housing developments.

 
Published
May 18, 2017
Lenders Complain FGMC Is 'Radio Silent' On Loans

Company said it would stop purchasing new loans in the wake of its mass layoff last week; seeking court-approved financing.

Industry News
Jun 30, 2022
AnnieMac Home Mortgage Acquires OVM Financial

Wants to expand its outreach into the Mid-Atlantic region.

Industry News
Jun 30, 2022
Ready Life Launches Black-Owned Fintech To Help Underserved Borrowers

Ready Life, led by two Black entrepreneurs, is taking aim at the racial wealth gap by starting a mortgage fintech.

Industry News
Jun 30, 2022
FGMC Files For Chapter 11 Bankruptcy Protection

FGMC notified laid-off 471 employees late Tuesday night that it would pay severance.

Industry News
Jun 30, 2022
FGMC Paying Severance To Ex-Employees

Late-night email tells laid-off workers they'll receive one week of pay for each year of service.

Industry News
Jun 29, 2022
Texas, N.Y. Law Firms File Class-Action Suit vs. FGMC Over Layoffs

Both firms represent a former employee suing over lack of 60-day notice before mass layoff on June 24.

Industry News
Jun 29, 2022