New Markets Tax Credit (NMTC)

The U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund recently released the Notice of Guarantee Authority (NOGA) opening the FY 2013 application period for the CDFI Bond Guarantee Program.

Senators Roy Blunt (R-MO) and Jay Rockefeller (D-WV) recently introduced a measure to make permanent the New Markets Tax Credit (NMTC) program. The NMTC program was recently extended in the fiscal cliff deal but is set to expire at the end of 2013.

The New Markets Tax Credit (NMTC) Coalition recently released its annual 2013 NMTC Progress Report, which examines the NMTC activity and progress for most Community Development Entity (CDE) raising capital and making loans and investments in calendar year 2012.

The Community Development Financial Institutions Fund has released additional guidance regarding Treasury Decision (TD) 9600 issued by the Internal Revenue Service on September 28, 2012. The TD 9600 Frequently Asked Questions (FAQ) document covers programmatic and reporting changes to the New Markets Tax Credit Program regarding small business investments necessitated by the revised regulations. The guidance addresses the following questions…

A bipartisan coalition of U.S. lawmakers recently introduced the Hurricane Sandy Tax Relief Act of 2013 (H.R.2137) to provide tax relief for victims of Hurricane Sandy in areas designated as federal disaster areas by the president.

The Louisiana House of Representatives recently approved H.B. 726 by a vote of 66-33, a measure to create a state New Markets Jobs Tax Credit to provide incentives for private businesses to invest in low-income rural and “emerging urban” communities.

The Senate Finance Committee has released a tax reform option paper about economic and community development provisions. The document is the sixth in a series of papers compiling tax reform options that Finance Committee members may wish to consider as they work towards reforming our nation’s tax system.

The Missouri State Senate recently passed S.B. 112, a measure which would make changes to the State’s new markets tax credit (NMTC) program.

Senators Charles Schumer (D-NY) and Robert Menendez (D-NJ) recently announced they are set to introduce the Hurricane Sandy and National Disaster Tax Relief Act of 2012. In addition, the Obama Administration recently sent a $60.4 billion supplemental spending request to Congress that details means for responding to Hurricane Sandy.

The NH&RA Advocacy Archive was created to provide a one-stop-shop for NH&RA members who are interested in advocating to elected officials to support key affordable housing and tax credit programs. We have collected a variety of documents, reports, templates and best practices that should be helpful in this effort. Please note this is a work in progress–check back often as we add additional resources.

Conference materials are now available for the 2013 NCHMA Multifamily Housing Exchange and NH&RA’s New Markets Tax Credit Symposium, which took place in Washington, DC April 2-4.

The Urban Land Institute will hold a seminar entitled “Understanding and Utilizing New Markets Tax Credits in Your Development Deal” on Wednesday, April 17 from 1:00 to 4:00 pm in Washington, DC. NH&RA is a sponsor of the event.