ADVANCE Act

Bill: 115-hr-3129
Sponsor: full_name: Rep. Heck, Denny [D-WA-10]
Introduced: 2017-06-29
Policy area: Taxation
Subjects: Housing and community development funding

Housing supply and affordability

Income tax credits

Indian social and development programs

Low- and moderate-income housing

Public-private cooperation
Latest action: action_date: 2017-06-29
text: Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Summaries:
action_date: 2017-06-29
action_desc: Introduced in House
text: <p><b>Aiding Development of Vital Assets in Native Communities and Environments Act of 2017 or the ADVANCE Act</b></p> <p>This bill amends the Riegle Community Development and Regulatory Improvement Act of 1994 to require the Community Development Financial Institutions (CDFI) Fund to provide outreach and training with respect to the New Markets Tax Credit (NMTC) in low-income communities with a disproportionately low amount of low-income community investments by community development entities. </p> <p>(The NMTC is a non-refundable tax credit intended to encourage private capital investment in low-income communities. NMTCs are allocated by the CDFI Fund, a bureau of the Department of the Treasury, using a competitive application process.) </p> <p>The CFDI Fund must also: (1) include in the application for the NMTC questions to determine and consider, as an innovative use or a comparable incentive in evaluating applications, the extent to which the applicant intends to make low-income community investments within Indian country; and (2) to the maximum extent practicable, ensure that at least one community development entity whose primary mission is to fund projects within or that directly benefit Indian country receives an allocation for each allocation round. </p>

tv_txt: I 115th CONGRESS 1st Session H. R. 3129 IN THE HOUSE OF REPRESENTATIVES June 29, 2017 Mr. Heck (for himself, Mrs. Noem , Mr. Cole , Mr. Young of Alaska , Mr. Kilmer , Ms. Herrera Beutler , Ms. DelBene , Mrs. Torres , and Mr. Kind ) introduced the following bill; which was referred to the Committee on Ways and Means , and in addition to the Committee on Financial Services , for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned A BILL To direct the Community Development Financial Institutions Fund to perform an outreach program for the new markets tax credit to underserved communities, and for other purposes.

1. Short title This Act may be cited as the Aiding Development of Vital Assets in Native Communities and Environments Act of 2017 or the ADVANCE Act . 2. New markets tax credit outreach to underserved communities Subtitle A of title I of the Riegle Community Development and Regulatory Improvement Act of 1994 ( 12 U.S.C. 4701 et seq.) is amended by adding at the end the following new section: 123. New markets tax credit outreach to underserved communities (a) In general The Secretary of the Treasury shall— (1) establish a program under which the Fund shall provide outreach and training with respect to the new markets tax credit in low-income communities with a disproportionately low amount of qualified low-income community investments by qualified community development entities; and (2) include questions to determine in the application for allocation of new markets tax credit limitation, and consider as an innovative use or a comparable incentive in the evaluation of such applications, the extent to which such entity intends to make qualified low-income community investments within Indian country; and (3) to the maximum extent practicable, ensure that at least one qualified community development entity whose primary mission is to fund projects within or that directly benefit Indian country receives an allocation for each allocation round. (b) Definitions For purposes of this section— (1) New markets tax credit Any term used in this section which is also used in section 45D of the Internal Revenue Code of 1986 shall have the same meaning as when used in such section 45D. (2) Indian country The term Indian country has the meaning given such term in section 1151 of title 18, United States Code. .