New Markets Tax Credit (NMTC)

The US House of Representatives passed a $16.8 billion package of tax incentives for state and local governments and small businesses Wednesday, the second measure in the Democrats’ “jobs agenda” to pass the chamber this month.

House Ways and Means Committee Chairman Sander M. Levin (D-MI), recently introduced draft legislation that would make tax-exempt bond-financed properties eligible for the Section 1602 low-income housing tax credit (LIHTC) cash grant exchange program, and allow the new markets tax credit (NMTC) to be used to offset the alternative minimum tax (AMT).

National Housing & Rehabilitation (NH&RA) is pleased to offer digital audio recordings of select panel sessions from the 2010 New Markets Tax Credit Symposium (March 10) and the 2010 NH&RA Annual Meeting (March 11-13) in Miami Beach, Florida.

For a limited time only, you can get ANY single conference session recording FREE with your registration for one of NH&RA’s and/or NCAHMA’s upcoming events!

NH&RA has made available the conference PowerPoint presentations from its 2010 Annual Meeting & NMTC Symposium, held March 10-13 in Miami Beach, Fla.

Treasury Secretary Tim Geithner announced today the Obama Administration’s intention to improve, extend and enhance the New Markets Tax Credit Program. “Distressed communities and their small businesses have a hard time attracting investments even in the best of times,” said Secretary Geithner. “The New Markets Tax Credit helps these communities attract new investors and ensure they stay invested long enough for businesses to overcome obstacles and grow. That’s why the President expanded the New Markets Tax Credit through the Recovery Act last year and why we’re seeking to reform, extend and broaden the reach of these credits going forward.”

On February 1, the White House unveiled a proposed federal budget for Fiscal Year 2011 that calls for overall funding cuts at numerous federal agencies, including at the U.S. Department of Housing and Urban Development (HUD). Fiscal Year 2011 begins October 1st.

Last week, the House Committee on Financial Services held a hearing on “Community Development Financial Institutions (CDFIs): Their Unique Role and Challenges Serving Lower-Income, Under-served and Minority Communities.”

The National Housing & Rehabilitation Association has announced twenty-three finalists in eight categories for the 2009 J. Timothy Anderson Awards for Excellence in Historic Rehabilitation.

NH&RA’s New Markets Tax Credit Council has welcomed Senate Majority Leader Harry Reid’s introduction last week of Extenders legislation, which includes a provision that would renew the federal new markets tax credit program through 2010.

Members of NH&RA’s New Markets Tax Credit Council recently convened to discuss and prioritize topics to address with key representatives of the Community Development Financial Institutions (CDFI) Fund and U.S. Government Accountability Office (GAO).

Senate Majority Leader Harry Reid has announced that he will push jobs legislation that will not include several tax credit extenders included in a draft bill previously circulated by Senators Max Baucus (D-Mont.) and Charles Grassley (R-Neb.), Chairman and Ranking Member of the Senate Finance Committee have released a draft Jobs Bill.

U.S. Treasury Secretary Timothy Geithner and Agriculture Department Secretary Tom Vilsack recently announced details of the Obama Administration’s new Healthy Food Financing Initiative, which is intended to provide a mix of federal tax incentives and funds to help finance the development of supermarkets and other healthy food options in under-served urban and rural communities.