The Community Development Financial Institution (CDFI) Fund posted the industry comments submitted in response to the agency’s request for public comments regarding the New Markets Tax Credit (NMTC) program. Respondents covered issues regarding census tract eligibility and commitment to areas of higher distress, treatment of certain businesses, community accountability, transaction costs, evaluation of financial products and use of other federally subsidized financing in conjunction with NMTCs. NH&RA’s New Markets Tax Credit Steering Committee was one of 19 industry groups to submit comments to the CDFI Fund.
At NH&RA’s Winter New Markets Tax Credit Symposium, held in February at the Breakers Resort in Palm Beach, Florida, a panel provided a technical update of the NMTC program. Among other topics, panelists from this session discussed the major topics found within the comments submitted by the three major NMTC industry groups, NH&RA’s NMTC Steering Committee, Novogradac’s NMTC Working Group, and the New Markets Tax Credit Coalition.