New Markets Tax Credit (NMTC)

congress-capitol

New Markets Tax Credits Included In Stimulus Compromise

NH&RA New Markets Tax Credit Council is pleased to report that our sources indicate that that House & Senate Conferees have agreed to New Markets Tax Credit provisions from the Senate version of HR1: The American Recovery and Reinvestment Act of 2009.

congress-capitol

Senate Stimulus Compromise Includes LIHTC, NMTC, CEFAH and Other Housing Provisions; Passes Key Procedural Vote

Over the weekend Senate Democrats and several moderate Republicans negotiated a compromise version of HR1: The American Recovery and Reinvestment Act of 2009 that appears to be poised to pass the United States Senate on Tuesday. A key procedural vote to end debate on the measure passed the Senate on a 61-36 vote Monday evening (February 9).

NH&RA News

$4.1 Billion in NMTCs Awarded to 63 CDEs Including $600 Million for Hurricane Relief

Tax Credit Advisor June, 2006: A total of $4.1 billion in federal New Markets Tax Credits have been awarded in an unusual allocation round that combined $3.5 billion in regular NMTCs and $600 million in tax credits designated for areas hard-hit by Hurricane Katrina.

NH&RA News

CDFI Fund Issues Alert on 2009 NMTC Funding Round

The Community Development Financial Institutions (CDFI) Fund has issued a new informational alert pertaining to the 2009 allocation funding round for the federal new markets tax credit (NMTC) program. The deadline to apply for an allocation is April 8, 2009.

NH&RA News

Senate Finance Committee Draft Economic Stimulus Bill Contains Tax Credit Provisions

The U.S. Senate Finance Committee on January 23 released a draft of its own version of the tax component of the economic stimulus bill (the “Chairman’s Mark”) that the committee is scheduled to mark up on January 27. The House Appropriations and Ways and Means Committees have already marked up and approved the spending and tax portions of the House version of the stimulus bill (American Recovery and Reinvestment Act of 2009). The full House could vote on the package next week.

NH&RA News

CDFI Fund Opens Seventh Round of New Markets Tax Credit Program

The Community Development Financial Institutions (CDFI) Fund recently announced the opening of its seventh competitive funding round for approximately $3.5 billion in New Markets Tax Credits in 2009.

NH&RA News

CDFI Fund Director Delivers Address on New Markets Tax Credits

CDFI Fund Director Director Donna Gambrell recently delivered a wide ranging address on the New Markets Tax Credit program at the December 2 meeting of the New Markets Tax Credit Coalition. Director Gambrell discussed two NMTC case-studies and provided a summary of the 2008 NMTC Allocation Round.

NH&RA News

Alabama Schedules HOME & Housing Credit 2009 Application Workshop

Alabama has scheduled HOME & Housing Credit 2009 Application Workshops on February 8 in Montgomery.

NH&RA News

CDFI Fund to Hold Informational Conference Calls on CDFI Certification

The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) will be conducting a series of conference calls regarding CDFI Certification. These calls will serve as a forum for potential certification applicants to ask questions of CDFI Fund staff about becoming a certified CDFI. CDFI certification allows applicants to apply for Financial Assistance through the CDFI Program as well as apply for New Markets Tax Credits.

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