Washington Trust Bank’s Post

The 2024 Legislative Session has ended, we have lots to celebrate! We are deeply grateful for the unwavering support from our members and community partners and can't wait to collaborate throughout the year to shape policy and funding initiatives for the next legislative session. Stay tuned, and we encourage you to join our member meetings and events to actively influence our priorities! 2024 key policy changes include: •Fee-based lending for the ELP, Expanding Opportunity Growth •Fund, and Community Wealth Building Pilot. •10% interest rate cap for these programs. •Eligibility for tribal economic entities and CDFIs. •Streamlined underwriting for the ELP. •Free technical assistance grants. •Automatic loan forgiveness for ELP (10%) and Community Wealth Building Pilot (15%). •15% admin allowance for Small Business Assistance Partnership grantees. •1% loan closing fee for the ELP and Expanding Opportunity Growth Fund. Read the full 2024 recap: https://lnkd.in/gKs8CqDA

Low-income housing tax credits are a common funding source for not-for-profit organizations to develop affordable housing projects. Learn some key terms that sponsors should be aware of when accounting for LIHTC entities. https://hubs.li/Q02dCXyQ0

‘Many more’ councils face financial ruin if funding is cut further, warns LGA https://lnkd.in/eDh-XXMQ #funding #councilfinance #localgov #localgovernment #financialruin #fairfunding

Have you ever heard about the National Savings Scheme? It's pretty cool and can help save money! 😉 1️⃣ What is NSS?🤔 The National Savings Scheme is a government program designed to encourage people to save money regularly. It's like a big piggy bank managed by the government!🤑 2️⃣ What are the benefits of NSS?🤔 Basically, you put some money into the scheme regularly, let's say every month. The government gives you some interest on the money you save! (Currently it is 7.7% p.a) That means your money grows over time, just like a plant grows when you water it. 🌱 3️⃣ Is NSS safe?🤔 National Savings Scheme is super safe. The government protects your money, so you don't need to worry about losing it. 🔒 4️⃣ What are the other benefits of NSS?🤔 So the government uses the money saved through this scheme to invest in different projects that benefit everyone, like building schools, hospitals, and roads. 🏫 So, if you're looking for a safe and easy way to save money while helping your country grow, the National Savings Scheme might be just what you need! ✅

Have you heard of the New Market Tax Credit program? Established by Congress in 2000 and aimed at stimulated investments in economically distressed communities, this program offers tax incentives to corporations who invest in businesses or real estate projects within the qualifying communities. This map shows the areas which qualified in Pennsylvania during the 2023/2024 round of funding. The red and yellow areas are considered low-income, underserved, low-job rural, or Native American reservations, all of which qualify as part of the program. For investors looking to invest in real estate within these areas, it may be beneficial to apply for funding from the Community Development Entity which manages the area's NMTC funds. This program has an interesting loan structure which can allow investors to access funds that are below market rate, filling in gaps within their capital stack. Interested in learning more about these powerful and important funds, and how you can benefit from the program? Check out our blog post from Naomi Brown, CCIM where we dig deeper into how the program and funding work: https://lnkd.in/e_wNfBtu

Get Paid Every Two Weeks at The Funded Kingdom: After the first month, receive 85% of your profits. After that, start receiving payments every two weeks. Join us now to earn money without any hassles! For more updates, visit www.thefundedkingdom.com #BiWeeklyPayment #FinancialFreedom #ProfitSharing #TheFundedKingdom #HassleFreeEarnings #SteadyIncome

Did you know the power of a Sacco comes from its members and the regular income from their contributions. Read this article and learn the registration process of a sacco, covering both non-deposit-taking and deposit-taking Saccos. Contact us for assistance; +254 114 503453 https://bit.ly/3SBfhbU #sacco #registersacco #deposittakingsacco #consultancy

📊 CDFI Fund Releases NMTC Program Summary Report and Data for FYs 2003-2022 📊 The U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) has just released an extensive summary report and data on New Markets Tax Credit (NMTC) investments across the nation from FY 2003 to FY 2022. Key Highlights: - $66.6 billion in NMTC investments directed to both Real Estate and Non-Real Estate projects. - Financing provided to 8,024 Qualified Active Low-Income Community Businesses (QALICBs). - Over 259 million square feet of commercial real estate constructed or rehabilitated. - $27.6 billion invested in community facility projects. - 17,667 units of affordable housing created. - Over 850,000 jobs created or retained. For more detailed insights, check out the full summary report and data here: https://ow.ly/k3vP50SuNsZ

Have you thought about saving up to £9,000 for your child in a Junior ISA? Junior ISAs are long-term, tax-free savings accounts for children under 18 living in the UK. ✔ Savings limit for the 2024-2025 tax year: £9,000 ✔ You cannot have a Junior ISA if there's a Child Trust Fund— you can ask your provider to transfer it. ✔ Parents/guardians can open & manage, but the money belongs to the child. ✔ At 16, kids can take control; at 18, they can withdraw. Need help making the most of your investments? Get in touch with our team of independent financial advisers 👇 📞 01744 885555 ✉ hello@allisonsfinancial.com 🌐 allisonsfinancial.com/ #AllisonsFinancialPlanning #JuniorISA #JISA #TaxFreeSavings #FinancialPlanning #ChildSavings #InvestingForKids #PersonalFinance #SavingsAccount #Independent #FinancialAdvisers #InvestmentAdvice #LongTermSavings #Rainford #StHelens

Interested in bringing down housing #costs and increasing housing #supply? U.S. Secretary of the U.S. Department of the Treasury Janet L. Yellen has announced new efforts by the Treasury Department to increase the supply of housing, as part of the #Biden Administration’s push to lower costs. Secretary Yellen notes that “Given the scale of the challenge, we must and will continue to do more.” Announcement: https://lnkd.in/eRSeDNHT -A new Treasury program administered by the Community Development Financial Institutions Fund (CDFI Fund) that will provide an additional $100 million over the next three years to support the financing of affordable housing; -A call to action for Federal Home Loan Banks to increase their spending on housing programs; -Provide greater interest rate predictability to state and local housing finance agencies borrowing from the Federal Financing Bank to support new housing development; -A new “How-To Guide” to support state and local governments in using recovery funds provided by Treasury to construct housing; and -An update to the Capital Magnet Fund to provide greater flexibility to CDFIs and non-profits that finance affordable housing. Laurel Blatchford Ellen Lurie Hoffman Geng Ngarmboonanant Anisha Steephen