New Markets Tax Credit (NMTC)

CDFI announced the next round of the New Markets Tax Credit Program (NMTC Program) will make $10 billion in Allocation Authority available, and the round will span calendar years (CYs) 2024 and 2025.

The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced $5 billion in New Markets Tax Credits that will spur investment and economic growth in low-income urban and rural communities nationwide.

Pravina Raghavan was announced as director of the Community Development Financial Institutions (CDFI) Fund, beginning immediately.

In a new blog post, Brad Elphick and Peter Lawrence with Novogradac explain the recently released Organization of Economic Cooperation Development (OECD) guidance on the Global Minimum Tax (GMT).

A blog post from Bad Elphick with Novogradac explains the recent Financial Accounting Standards Board (FASB) Accounting Standards update, which makes investing in New Markets Tax Credits (NMTCs), Historic Tax Credits (HTCs), Renewable Energy Tax Credits (RETCS) and any new tax credits created in the future more attractive to investors.

The Senate Committee on Banking, Housing and Urban Affairs held a nomination hearing for Dr. Jared Bernstein to be chairman of the Council of Economic Advisers and Solomon Greene to be an assistant secretary of Policy Development & Research at HUD and David Uejio to be assistant secretary for Fair Housing and Equal Opportunity at HUD.

Representatives Claudia Tenney (R-NY) and Terri Sewell (D-AL) introduced the New Markets Tax Credit Extension Act (H.R. 2539) in the U.S. House of Representatives.

The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announces that it received 197 applications for the calendar year (CY) 2022 round of the New Markets Tax Credit Program (NMTC Program).

The Community Development Financial Institutions Fund (CDFI Fund) posted an updated calendar year (CY) 2022 New Markets Tax Credit Program (NMTC Program) Allocation Application Frequently Asked Questions (FAQs) document.

The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) released the Notice of Allocation Availability (NOAA) for the calendar year (CY) 2022 round of the New Markets Tax Credit (NMTC) Program.

The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced that it received 199 applications under the calendar year (CY) 2021 round of the New Markets Tax Credit Program (NMTC Program).

The Community Development Financial Institutions Fund released a Request for Proposal related to a procurement that is part of a broader effort to increase New Markets Tax Credit investment in Federal Indian Reservations, Off-Reservation Trust Lands, Hawaiian Home Lands and Alaskan Native Village Statistical Areas.