D.C. Councilmember Proposes New Tax Credit for Impact Investors Who Support Affordable Housing

On May 16, Washington, D.C. City Councilmember David Grosso introduced the Community Impact Investment Tax Credit of 2017 to create a $1 million tax credit pilot for individual and institutional investors that partner with Community Development Financial Institutions (CDFIs) to finance affordable homes in the city. The legislation is modeled on a successful program operating in South Carolina and draws upon lessons outlined in an issue brief published by Enterprise Community Partners through the Accelerating Impact Investing Initiative. Enterprise Community Loan Fund is leading advocacy efforts for a coalition of supporters and is among a group of 10 local CDFIs supporting the legislation.

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