According to a report released recently by the Government Accountability Office (GAO), minority-based Community Development Entities (CDE) were less successful in obtaining federal New Markets Tax Credit (NMTC) allocations from 2005 through 2008. The Report (GAO-09-536) states that non-minority CDEs received 27 percent of the NMTC allocations and 15 percent of the dollar amounts for which they applied, while minority CDEs received 9 percent and 4 percent, respectively. The report describes the NMTC awards process and identifies challenges faced by minority and non-minority CDEs in applying for NMTC allocations. read more…