The Fund received 230 applicants this year requesting a total of $16.2 billion in NMTCs.
Today, the Senate and House have both passed the conference report of HR 1 – the GOP’s tax overhaul plan. The bill is expected to be signed into law by President Trump later this week.
Between 2003 and 2015, NMTC investments generated more than $156 billion in economic activity, creating over 1 million jobs and $6.7 billion in state and local tax revenues.
Congressman Smucker (R-PA) is requesting signatures for a letter urging Speaker Paul Ryan and Chairman Kevin Brady to preserve the Historic Tax Credit (HTC) and make the New Markets Tax Credit (NMTC) permanent. The letter is open to House Republicans and it closes TODAY, Wednesday, November 29th at 7 p.m. Eastern.
The House is prepared for a Thursday floor vote on The Tax Cuts and Jobs Act (H.R. 1), meanwhile, the Senate Committee on Finance is in its third day of markup and a modified chairman’s mark was released by Chairman Orrin Hatch (R-UT) Tuesday night.
The House Ways and Means Committee has released the full text of its Tax Cuts and Jobs Act. The Committee plans to begin markup on the proposed legislation on November 6, with plans for a House floor vote sometime in mid-November. Several changes within the code would drastically change the landscape of affordable housing and community development.
The Department of Treasury’s Community Development Financial Institutions Fund (CDFI Fund) has established a plan for releasing updated program eligibility information based upon Census Bureau data from the 2011-2015 American Community Survey (ACS). Eligibility requirements for the Bank Enterprise Award Program (BEA Program), Community Development Financial Institutions Program (CDFI Program), Native American CDFI Assistance Program […]
As of Wednesday afternoon, it appears Senate Republicans have secured enough votes for their budget resolution.
The Federal Reserve Bank of St. Louis recently launched a new interactive tool, Community Investment Explorer (CIE). CIE aggregates customizable data from the CDFI Program, New Markets Tax Credit Program (NMTC Program) and Low-Income Housing Tax Credit (LIHTC) Program to show geographic comparisons and trends over time. CIE draws on publicly available data from over […]
The report found that over 68% of NMTC investments through 2015 could be classified as either single/mixed-use real estate, health care and social services, manufacturing, and education.
If enacted, areas that experienced federally-declared disasters from 2012 – 2015 would receive additional allocations towards tax credit programs