New Markets Tax Credit (NMTC)

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.

The House of Representatives has passed tax extenders legislation (HR 4213) on a vote of 241-181. The measure now awaits consideration in the U.S. Senate. Key provisions include…

The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) will be conducting a series of conference calls regarding CDFI Certification. These calls will serve as a forum for potential certification applicants to ask questions of CDFI Fund staff about becoming a certified CDFI.

NH&RA is pleased to announce that CDFI Fund Director Donna J. Gambrell will deliver the Keynote Address at NH&RA’s Winter New Markets Tax Credit Symposium, March 10 at the Ritz-Carlton South Beach, Miami Beach, Florida.

While tax credit equity remains the biggest industry concern, debt financing is also elusive for many developers. 2010 promises to be a challenging year–originations are down, underwriting standards are only becoming stricter and, with then end of the TCAP program and declining state budgets, gap financing will become even more difficult to obtain. NH&RA can help!

The Community Development Financial Institutions (CDFI) Fund recently released debriefing materials for Community Development Entities (CDEs) that applied for but did not receive an allocation of New Markets Tax Credits (NMTC) during the most recent funding round.

During its November 16 meeting, the CDFI Fund’s Advisory Board discussed current estimated timelines for program awards and announcements.

Top members of the United States Senate Committee on Small Business and Entrepreneurship recently hosted a roundtable discussion on the 2009 expiring federal tax provisions that have been critical to small business growth and stability.

On November 18, the Department of Treasury and Small Business Administration jointly hosted a forum on small business financing.

The U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund has posted the comments submitted in response to its request for public comment related to the New Markets Tax Credit (NMTC) Program allocation application.

The U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund has posted the comments submitted in response to its request for public comment related to the New Markets Tax Credit (NMTC) Program allocation application.

On behalf of Enterprise Community Partners, Inc. and Local Initiatives Support Corporation (LISC), the accounting firm Ernst & Young (E&Y) has conducted a major survey entitled “Low-Income Housing Tax Credit Investment Survey” to provide an understanding of the current market environment for the LIHTC as well as investor motivations and investor responses to potential legislative enhancements to the LIHTC Program.