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.

While tax credit equity remains the biggest industry concern, debt financing is also elusive for many developers. 2010 promises to be a challenging year–originations are down, underwriting standards are only becoming stricter and, with then end of the TCAP program and declining state budgets, gap financing will become even more difficult to obtain. NH&RA can help!

The Community Development Financial Institutions (CDFI) Fund recently released debriefing materials for Community Development Entities (CDEs) that applied for but did not receive an allocation of New Markets Tax Credits (NMTC) during the most recent funding round.

During its November 16 meeting, the CDFI Fund’s Advisory Board discussed current estimated timelines for program awards and announcements.

Top members of the United States Senate Committee on Small Business and Entrepreneurship recently hosted a roundtable discussion on the 2009 expiring federal tax provisions that have been critical to small business growth and stability.

On November 18, the Department of Treasury and Small Business Administration jointly hosted a forum on small business financing.

The U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund has posted the comments submitted in response to its request for public comment related to the New Markets Tax Credit (NMTC) Program allocation application.

The U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund has posted the comments submitted in response to its request for public comment related to the New Markets Tax Credit (NMTC) Program allocation application.

On behalf of Enterprise Community Partners, Inc. and Local Initiatives Support Corporation (LISC), the accounting firm Ernst & Young (E&Y) has conducted a major survey entitled “Low-Income Housing Tax Credit Investment Survey” to provide an understanding of the current market environment for the LIHTC as well as investor motivations and investor responses to potential legislative enhancements to the LIHTC Program.

The Community Development Financial Institutions (CDFI) Fund recently announced approximately $5 billion in funding to 90 organizations through the New Markets Tax Credit (NMTC) Program, including approximately $1.5 billion provided through the American Recovery and Reinvestment Act (ARRA).

U.S. Treasury Secretary Timothy Geithner will be joined by Community Development Financial Institutions (CDFI) Fund Director Donna Gambrell to announce the 2009 New Markets Tax Credits (NMTC) Program awards on Friday, October 30 in Chicago.

NH&RA’s NMTC Council’s Steering Committee responded to the Community Development Financial Institution (CDFI) Fund’s request for comments on its allocation application for the federal New Markets Tax Credit Program, in preparation for the 2010 funding round. The Council’s letter focused primarily on issues pertaining to Related Party Equity Investments.

NH&RA is pleased to announce that it has extended its early registration for the 2009 Fall Developers Forum, November 2-3, 2009 at the Taj Hotel in Boston. Register by Wednesday, September 30 and save $100 off your conference registration fee.