New Markets Tax Credit (NMTC)

QAP Vermont

Vermont Awards State Tax Credits for Affordable Homeownership Development

The Vermont Housing Finance Agency (VHFA) Board of Commissioners recently awarded state housing tax credits for five affordable homeownership development projects. Homes receiving tax credits will retain their affordability for future buyers should the owners sell the home in the future.

Member News

Five NH&RA Members Receive New Markets Tax Credit Awards

Congratulations to the NH&RA members that received a New Markets Tax Credit award National Trust Community Investment Corporation, PNC Community Partners, Inc., RBC Community Development, LLC, The Rose Urban Green Fund and USBCDE, LLC.

NH&RA News

New Markets Tax Credit Coalition Publishes Progress Report

The New Markets Tax Credit (NMTC) Coalition has published its latest annual progress report for the NMTC Program.   The 2019 survey findings show that program participants – from investors to community development organizations to the CDFI Fund – continue to improve and refine the program’s efficiency and impact in low-income communities.

congress-capitol

House Dems $1.5 Trillion Infrastructure Package Includes Affordable Housing Provisions

The House Democrats’ recently released infrastructure bill, Moving Forward Act (H.R. 2), includes a myriad of housing provisions. A vote on the legislation is expected before the Fourth of July recess. While the bill is likely to pass the Democrat-led House, it will face greater resistance in the GOP-led Senate. The bill does not include any pay-fors and Republicans are already panning the bill as dead-on-arrival. However, the bill may set an important marker for future infrastructure negotiations. The Trump administration is reportedly drafting a $1 trillion infrastructure package aimed at spurring the economy.

HUD

Former VP Biden Releases Presidential Campaign Housing Plan

Former Vice President and Democratic presidential candidate Joe Biden released his housing plan, which calls for the expansion of LIHTC authority by $10 billion and the permanent authorization and expansion of the New Markets Tax Credit.

General News

Request for Public Comment: CDFI Program, NACA Program and NMTC Program Annual Reports

The Department of the Treasury invites the general public to comment on proposed and/or continuing information collections. Currently, the Community Development Financial Institutions Fund (CDFI Fund) is soliciting comments concerning the Community Development Financial Institutions CDFI Program (CDFI Program), Native American CDFI Assistance Program (NACA Program) and New Markets Tax Credit Program (NMTC Program) Annual Report, including the Awards Management and Information System (AMIS) Compliance and Performance Report (ACPR).

congress-capitol

Democrats $760 Billion Infrastructure Package Calls for Increased LIHTC, HTC, NMTC, PAB and Broadband

Last week House Democrats released a $760 billion infrastructure framework, which calls for strengthening existing infrastructure financing tools, like LIHTC, the New Markets Tax Credit (NMTC) and the Historic Tax Credit (HTC). Specifically, the Moving America and the Environment Framework calls for expanding the three tax credits, as well as expanding the national volume cap for private activity bonds (PAB). The framework also includes $86 billion over five years to pay for the deployment of high-speed broadband in unserved and underserved communities, low-interest financing for broadband deployment and digital equity activities.

Alaska

Senators Introduce Bill to Focus NMTC Allocation on Indian, Native Lands

A bipartisan group of four Senators recently introduced a bill that would require that ten percent of the annual New Markets Tax Credit (NMTC) allocation be made to community development entities (CDEs) for investment in developments in Indian and Native lands

Treasury

NMTC Summary Report and Public Data for FYs 2003-2017

The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) released a Summary Report and data collected on New Markets Tax Credit (NMTC) investments across the nation through fiscal year (FY) 2017. Nearly 70 percent of NMTC investments made through 2017 have been concentrated in single/mixed-use real estate, health care and social assistance, manufacturing, and educational services.

congress-capitol

New Legislation Aims to Close Opportunity Zones “Loopholes”

Representatives Jim Clyburn (D-SC), Alma Adams (D-NC) and Lacy Clay (D-MO) introduced the Opportunity Zone Reform Act (H.R. 5042) which would eliminate Opportunity Zones that are not low-income and allow states to replace those zones with ones that are low-income as defined by the New Markets Tax Credit. The bill also would prohibit investments in […]

General News

CDFI Fund Opens CY 2019 Round of New Markets Tax Credit Program

The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) released the Notice of Allocation Availability (NOAA) for the calendar year (CY) 2019 round of the New Markets Tax Credit Program (NMTC Program). The NOAA makes up to $3.5 billion in tax credit allocation authority available for the CY 2019 round.

Treasury

Community Development Advisory Board Open Meeting: September 23

The Community Development Advisory Board will hold an open meeting on September 23, from 9 am  3 pm EST at the Department of the Treasury. The meeting will be open to the public who may either attend the meeting in-person (the venue will accommodate up to 50 members of the public on a first-come, first-served basis) or view it as a live webcast. W

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