We expect to testify soon before the Committee on Ways and Means of the US House concerning the NEW MARKETS TAX CREDIT PROGRAM and why "Minority Entities Are Less Successful in Obtaining Awards Than Non-Minority Entities." According to a report issued by the Government Accountability Office (GAO),
"From 2005 through 2008, minority-owned CDEs were successful with about 9 percent of the NMTC applications that they submitted to the CDFI Fund and received about $354 million of the $8.7 billion for which they applied, or about 4 percent. By comparison, non-minority CDEs were successful with about 27 percent of their applications and received $13.2 billion of the $89.7 billion for which they applied, or about 15 percent."
We expect that the hearing will be held mid-June, and will note the date and location in a blog post.
Vice President Kamala Harris recently unveiled her economic plan, which builds upon and expands several initiatives from the Biden administration while adding new elements aimed at addressing economic challenges faced by American families. Her plan, dubbed the "Opportunity Economy" agenda, focuses on lowering costs for essential goods and services, particularly targeting housing, healthcare, and groceries. Key Components: 1. Housing: Harris proposes constructing three million new homes to address the housing supply crunch, which is more ambitious than Biden's two-million-home plan. She also advocates for a $40 billion "innovation fund" to encourage local governments to find solutions to housing shortages and make it harder for investment companies to buy up large numbers of rental properties, which has driven up rent prices. (See: Comments to the CalPERS Board of Administration, July 15, 2024 on Housing and Environmental Investing.) 2. Healthcare: Expanding on B...