Displaying the ‘Public Policy’ Category:

Senate Appropriations Committee Passes Financial Services and General Government Bill

July 24, 2015  |   CDVCA Ventures Blog,Public Policy   |     |   Comments Off on Senate Appropriations Committee Passes Financial Services and General Government Bill

Yesterday, (July 23, 2015) the Senate Appropriations Committee reported out a Fiscal Year 2016 spending bill for Financial Services and General Government which included appropriations for the Treasury Department and the CDFI Fund. The Committee's reported bill included a level of $221 million for the CDFI Fund--an amount $9.5 million below the FY 2015 level and $12.5 below both the President's Fiscal 2016 Budget request and the House request of $233.5 million. The Committee’s draft report raises questions about the applications and awards process, lack of transparency in the Fund’s programs, and the ability to verify investment impacts. It directs the Fund to establish clear reporting requirements and to collect data on the impact of Fund on underserved populations and communities. The report also directs Treasury, in designing programs, to take into consideration the challenges of rural and non-metro communities and encourage the Fund to improve the geographic diversity of its award recipients. Read the draft report >> - The House and the Senate did not set aside any funds for Healthy Foods Financing, though the Senate did not rule out the use of FA/TA for Healthy Foods in their report language. - The bulk of the cuts came from FA/TA, which is $14.5 million below the House level. The Senate also provided $1 million less than the House for Native Initiatives, but they added an additional $3 million for BEA compared to the House. - Finally, whereas the House did not include additional authority for the CDFI Bond Program, the Senate included $750 million, the level provided ...

Senate Approves Tax Extenders Legislation

July 22, 2015  |   CDVCA Ventures Blog,Public Policy   |     |   Comments Off on Senate Approves Tax Extenders Legislation

The Senate Finance Committee approved on July 21, 2015 a tax extender package.  The bill includes an amendment by Senator Cardin to increase NMTC credit authority to $3.94 billion for 2015 and 2016. The cost of the amendment is $230 million over the 10 year scoring period.  From 2008 to 2015, inflation reduced the Credit by 12%.  Cardin’s amendment provides what amounts to an inflation adjustment. It is the first increase in NMTC since enactment of the American Renewal and Recovery Act in 2009.

CDFI Fund to Hold National Listening Tour on a Community Development Finance “Framework for the Future”

June 24, 2015  |   CDVCA Ventures Blog,Industry News,Public Policy   |     |   Comments Off on CDFI Fund to Hold National Listening Tour on a Community Development Finance “Framework for the Future”

The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced today a national listening tour to solicit public opinion regarding a new strategic framework for the CDFI Fund. The CDFI Fund is particularly interested in hearing input on the following: Program Effectiveness: Are the CDFI Fund’s programs working optimally for communities?  What should be improved and how? Access: What more can the CDFI Fund do to reach communities that need CDFIs but are either not being served by them or have limited access to CDFI Fund support? Innovation and Scaling: How can the CDFI Fund best support CDFIs to continue to innovate?  What will it take to scale solutions that are known to work? Customer Service: What works well at the CDFI Fund and what needs to be improved? Data:  How can the CDFI Fund support the use of data to strengthen the industry and increase its impact? Blind Spots: What are the issues that should be on the CDFI Fund’s radar screen but are not? For those unable to attend the listening sessions in person, the CDFI Fund has created an online survey, available at www.cdfifund.gov/thenextfiveyears. The survey responses will be combined with feedback from the listening session participants and will inform the CDFI Fund’s development of strategic objectives. The CDFI Fund has also launched a Twitter account that will be providing updates during the Listening Tour. Follow the CDFI Fund @CDFIFund and the hashtag #CDFIFundListens. Registration Information Registration is required and will be honored ...

U.S. Treasury Announces $3.5 Billion in NMTC Awards to Stimulate Economic Growth

June 15, 2015  |   CDVCA Ventures Blog,Public Policy   |     |   Comments Off on U.S. Treasury Announces $3.5 Billion in NMTC Awards to Stimulate Economic Growth

On June 15, the U.S. Treasury Department's CDFI Fund announced that more than $3.5 billion in New Markets Tax Credit (NMTC) awards would aim towards spurring investment and economic growth in low-income urban neighborhoods and rural communities throughout the country. A total of 76 organizations (allocatees) will receive tax credit allocation authority under the 2014 round of the NMTC Program. Since the inception of this program, NMTC investments are estimated to have created nearly 600,000 new jobs and supported the construction of more than 160 million square feet of retail, manufacturing, and office space. Read more about the NMTC Program and its awards recipients here.

Community Development Venture Capital Fund Training

June 05, 2015  |   CDVCA Ventures Blog,Public Policy   |     |   Comments Off on Community Development Venture Capital Fund Training

The CDFI Fund is sponsoring a great opportunity to learn about and receive training and assistance in forming and operating a Community Development Venture Capital (CDVC) fund.  We are cooperating with our sister CDFI trade associations in providing a series of two-day training sessions this summer.  These sessions are provided FREE of charge under a capacity building contract from the federal CDFI Fund.  Participants in the sessions will be given first preference in receiving free technical assistance--both one-on-one and in groups--from CDVCA and other technical assistance partners. June 16-17 in Baltimore, MD:  Training in forming a CDVC fund.  This training will be most helpful for those interested in forming new funds, but others may benefit as well. July 22-23 in Denver, CO:  Training in understanding and becoming certified as a CDFI.  This training will be helpful for both new CDVC funds and experienced CDVC funds that are considering becoming CDFI certified or that have faced difficulties becoming certified. August 19-20 in Kansas City, MO: Training in exploring successful strategies for geographic and product expansion in underserved areas and areas of persistent poverty. This training will be helpful for existing CDFI banks, credit unions, and loan funds. Details of the sessions and how to register can be found here.  Remember, FREE technical assistance and group programs will be available in the months after the workshops on a first-come, first-served basis in the months after the sessions, and preference will be given to those who attend the workshops.  Please share this with others who ...

FY 16 CDFI Appropriations Update

May 08, 2015  |   CDVCA Ventures Blog,Public Policy   |     |   Comments Off on FY 16 CDFI Appropriations Update

The pace has begun to pick up on Fiscal Year (FY) 2016 Appropriations. On April 22nd, the House Appropriations Committee approved the 302 (b) allocations for the 12 appropriations subcommittees. For the Financial Services Subcommittee, the total available is $20.25 billion, which is $1.6 billion less than the FY 2015 rate and almost $4 billion below the budget request that includes a $2 billion increase for the IRS. For those interested  in CDFI Fund, the good news is that compared to the IRS and the Consumer Protection Bureau, as well as financial services reform (which could creep into the bill), the Fund is a relatively non-controversial item. However, it is still the case that at this point the Subcommittee will have less money to work with than FY 2015. In our meetings with House subcommittee members, staff and Committee leadership, no one raised substantial concerns and there appears to be a general recognition of the success of the CDFIs in working hard to serve communities. The House subcommittee will be marking up in June and, in advance of that, we will be starting another round of House meetings soon. In the Senate, the process is not as far along.The earliest possible date for subcommittee allocations in May 17th. Credits: CDFI Coalition

Bill Introduced to Permanently Extend NMTC

February 11, 2015  |   CDVCA Ventures Blog,Public Policy   |     |   Comments Off on Bill Introduced to Permanently Extend NMTC

Three members of the House Ways and Means Committee, including Congressmen Pat Tiberi (R-OH), Tom Reed (R-NY) and Richard Neal (D-MA), introduced a bill to permanently extend the New Markets Tax Credit (NMTC) Program.  New Markets Tax Credit Extension Act of 2015 would ensure that rural communities and urban neighborhoods left outside the economic mainstream have access to financing to grow their economies and create jobs.  The legislation would also provide an annual inflation adjustment and allow the NMTC to be taken against alternative minimum tax liability. Click here to read more.

CDVCA endorsement of SSBCI bill

July 14, 2014  |   Public Policy   |     |   Comments Off on CDVCA endorsement of SSBCI bill

CDVCA supports the ‘Small Business Access to Capital Act of 2014’ bill for its potential to stimulate job creation across the states by making available much needed capital to small businesses and leveraging private capital. CDVCA from its  experience managing the Innovate NY Fund, New York State's SSBCI funded venture fund of funds, has seen firsthand the impact of the 2010 funding round. Click here to view a one pager on the bill.  

OCC’s Outlook Live Webinar on Interagency Questions and Answers Regarding Community Reinvestment

July 14, 2014  |   Public Policy   |     |   Comments Off on OCC’s Outlook Live Webinar on Interagency Questions and Answers Regarding Community Reinvestment

Staff members from the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency (OCC) (collectively, the agencies) are hosting a discussion of the revisions to the “Interagency Questions and Answers Regarding Community Reinvestment” (Q&As) that were issued on November 15, 2013, and the revised interagency “Large Institution Community Reinvestment Act Examination Procedures” (CRA examination procedures) that were issued on April 18, 2014. The revisions to the Q&As and the revised CRA examination procedures primarily address community development issues. This webinar will cover new Q&As that - clarify how the agencies consider community development activities benefiting a broader statewide or regional area that includes an institution’s assessment area. - provide guidance related to CRA consideration of, and documentation associated with, investments in nationwide funds. - clarify the consideration of certain community development services, such as service on a community development organization’s board of directors. - address the treatment of loans or investments to organizations that, in turn, invest those funds and use only a portion of the income from their investments to support a community development purpose. - clarify that community development lending performance is always considered in a large financial institution’s lending test rating.   The deadline for registration to join the live session is July 17, 2014. Please follow this link to OCC's website for more details.   Related Links Webinar Registration “Large Institution CRA Examination Procedures” "Interagency Questions and Answers Regarding Community Reinvestment” “Supplementary Interagency ...

CDVCA Takes General Partner Role in $45M New York State Fund

August 07, 2013  |   CDVCA Ventures Blog,Industry News,Member News,Public Policy   |     |   Comments Off on CDVCA Takes General Partner Role in $45M New York State Fund

CDVCA serves as the General Partner for New York State’s “Innovate NY Fund, L.P.,” an economic development Fund of Funds, consisting of limited partnership investments into eight New York State-focused, early-stage venture funds.   The $45 million fund is a seed stage business equity fund to support innovation, job creation, and high growth entrepreneurship throughout the state. The Innovate NY Fund is supported with $35 million in State funds (allocated from the US Treasury’s SSBCI Program) and $10 million from Goldman Sachs Urban Investment Group, and will leverage up to $450 million in additional private investment. The purpose of the Innovate NY Fund is to promote technology-led economic growth in the state through targeted investments by regional venture fund managers (the “Seed Funds”) into over 100 seed and early stage companies; and to encourage additional private sector investment across the state.  Unique among state-funded venture capital programs, Innovate NY Fund recognizes that effective statewide growth must include its lower income populations.  The Fund’s investment criteria include a requirement to invest a portion of proceeds in businesses located in lower income communities, or to meaningfully employ individuals from these communities. New York’s approach has been to collaborate with private investors, which includes Goldman Sachs as a limited partner, and through an effective matching investment requirement for the participating funds.  As part of the Small Business Jobs Act signed into law in September 2010, the State Small Business Credit Initiative (SSBCI) was created under the US Department of the Treasury to provide direct support to states ...

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