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.

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.

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.

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.

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

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.