New Markets Tax Credit (NMTC)

ICAST’s IRA & BIL Instant Benefit Estimate Calculator is now available on NH&RA’s website under the Resources section.

National Housing & Rehabilitation (NH&RA) is pleased to offer digital audio recordings of select panel sessions from the 2010 New Markets Tax Credit Symposium (March 10) and the 2010 NH&RA Annual Meeting (March 11-13) in Miami Beach, Florida.

For a limited time only, you can get ANY single conference session recording FREE with your registration for one of NH&RA’s and/or NCAHMA’s upcoming events!

NH&RA has made available the conference PowerPoint presentations from its 2010 Annual Meeting & NMTC Symposium, held March 10-13 in Miami Beach, Fla.

Treasury Secretary Tim Geithner announced today the Obama Administration’s intention to improve, extend and enhance the New Markets Tax Credit Program. “Distressed communities and their small businesses have a hard time attracting investments even in the best of times,” said Secretary Geithner. “The New Markets Tax Credit helps these communities attract new investors and ensure they stay invested long enough for businesses to overcome obstacles and grow. That’s why the President expanded the New Markets Tax Credit through the Recovery Act last year and why we’re seeking to reform, extend and broaden the reach of these credits going forward.”

On February 1, the White House unveiled a proposed federal budget for Fiscal Year 2011 that calls for overall funding cuts at numerous federal agencies, including at the U.S. Department of Housing and Urban Development (HUD). Fiscal Year 2011 begins October 1st.

Last week, the House Committee on Financial Services held a hearing on “Community Development Financial Institutions (CDFIs): Their Unique Role and Challenges Serving Lower-Income, Under-served and Minority Communities.”

The National Housing & Rehabilitation Association has announced twenty-three finalists in eight categories for the 2009 J. Timothy Anderson Awards for Excellence in Historic Rehabilitation.

NH&RA’s New Markets Tax Credit Council has welcomed Senate Majority Leader Harry Reid’s introduction last week of Extenders legislation, which includes a provision that would renew the federal new markets tax credit program through 2010.

Members of NH&RA’s New Markets Tax Credit Council recently convened to discuss and prioritize topics to address with key representatives of the Community Development Financial Institutions (CDFI) Fund and U.S. Government Accountability Office (GAO).

Senate Majority Leader Harry Reid has announced that he will push jobs legislation that will not include several tax credit extenders included in a draft bill previously circulated by Senators Max Baucus (D-Mont.) and Charles Grassley (R-Neb.), Chairman and Ranking Member of the Senate Finance Committee have released a draft Jobs Bill.

U.S. Treasury Secretary Timothy Geithner and Agriculture Department Secretary Tom Vilsack recently announced details of the Obama Administration’s new Healthy Food Financing Initiative, which is intended to provide a mix of federal tax incentives and funds to help finance the development of supermarkets and other healthy food options in under-served urban and rural communities.

The United States Senate voted, 70-28, today (Wednesday, 2/24)to pass Senator Harry Reid’s (D-Nev.) Jobs Bill. The $85 billion bipartisan jobs proposal was negotiated by the Finance Committee chairman, Max Baucus, D-Mont., and the committee’s top Republican, Charles E. Grassley of Iowa.

The Community Development Financial Institutions (CDFI) Fund recently announced that it is soliciting comments from the public concerning the CDFI Fund’s Quarterly New Markets Report (QNMR) for New Markets Tax Credit (NMTC) allocatees under the American Recovery and Reinvestment Act of 2009 (ARRA).