New Markets Tax Credit (NMTC)

The Obama Administration released its FY 2013 budget on February 13, 2012, proposing spending levels for federal departments, agencies, and programs for the fiscal year that begins October 1, 2012. Click here for background on the federal budget process.

Ohio State Senators Bill Beagle (R-Tipp City) and Charleta Tavares (D-Columbus) recently introduced S.B. 327 which would raise the program’s annual cap from $10 million to $50 million, which is expected to spur an additional $500 million in local investment.

NH&RA / NCAHMA is pleased to offer the Power Point Presentations from our recent FHA MAP Market Study & Underwriting Symposium and Affordable Housing Underwriting & Policy Forum, which was held March 28-30 in Washington, DC.

The Community Development Financial Institution (CDFI) Fund posted the industry comments submitted in response to the agency’s request for public comments regarding the New Markets Tax Credit (NMTC) program.

Florida Governor Rick Scott recently signed H.B. 7087 into law which increases the amount of credits available under the state’s New Markets Development Program (NMDP).

The Government Accountability Office (GAO) recently released a report that identifies several tax expenditure programs that contribute to community development, several of which overlap with at least one other tax expenditure program in terms of the areas or activities funded.

The Community Development Financial Institution (CDFI) Fund recently posted a Q&A document that provides guidance on how Community Development Entities may serve certain low-income communities and targeted populations under the New Markets Tax Credit (NMTC) program.

The U.S. House of Representatives Ways and Means Committee Chairman Dave Camp (R-MI) and Select Revenue Measures Subcommittee Chairman Pat Tiberi (R-OH) recently announced they will begin holding hearings on tax extenders in April.

On March 13, the United States Senate voted on several remaining amendments to the Moving Ahead for Progress in the 21st Century, or the MAP-21 Act (S. 1813).

The United States Senate adopted an amendment by unanimous consent to the Moving Ahead for Progress in the 21st Century Act or MAP-21 Act (S. 1813) that would provide a one year extension to the New Markets Tax Credit (NMTC) program.

The Community Development Financial Institution (CDFI) Fund announced its plans to update program eligibility criteria for the New Markets Tax Credit (NMTC) Program to reflect new data from the 2006-2012 American Community Survey (ACS).

NH&RA is pleased to offer the PowerPoint Presentations from our recent 2011 Annual Meeting & New Markets Tax Credit Symposium, which was held February 22-26 at the Breakers Resort in Palm Beach, Fla. In addition, we have included additional conference materials, relevant articles, reports, memos, etc. under the relevant session titles.