Tax Credit Advisor ““ November 2010 — For the new markets tax credit (NMTC) industry, all eyes are on Washington, wondering whether or when Congress will enact legislation to reauthorize the program, which lapsed on December 31, 2009. “The biggest issue facing the industry now is extension,” says Marc Hirshman, a senior executive of U.S. Bancorp Community Development Corporation, which purchases new markets tax credits for St. Louis-based U.S. Bank, the largest NMTC investor. Program supporters hope that Congress will pass legislation to continue the program in the lame-duck session that begins in mid-November. In most respects, conditions in the NMTC program are much like a year ago: no program extension; a small number of major investors; a shortage of conventional leveraged debt; and conservative underwriting. But in some respects there have been some changes and new trends. Read More…
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