New Markets Tax Credit (NMTC)

U.S. Treasury Secretary Timothy Geithner will be joined by Community Development Financial Institutions (CDFI) Fund Director Donna Gambrell to announce the 2009 New Markets Tax Credits (NMTC) Program awards on Friday, October 30 in Chicago.

NH&RA’s NMTC Council’s Steering Committee responded to the Community Development Financial Institution (CDFI) Fund’s request for comments on its allocation application for the federal New Markets Tax Credit Program, in preparation for the 2010 funding round. The Council’s letter focused primarily on issues pertaining to Related Party Equity Investments.

NH&RA is pleased to announce that it has extended its early registration for the 2009 Fall Developers Forum, November 2-3, 2009 at the Taj Hotel in Boston. Register by Wednesday, September 30 and save $100 off your conference registration fee.

The U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund is soliciting comments from the public with regards to the Certification of Material Events Form for Community Development Entities (CDE), Community Development Financial Institutions (CDFI) and New Markets Tax Credit (NMTC) program participants.

If you missed NH&RA’s 2009 New Markets Tax Credit Symposium, July 29 in Woodstock, Vermont, you can still purchase conference materials and audio recordings of the entire day!

Sen. Jay Rockefeller (D-W.V.) has introduced legislation (S. 1583) that would extend the New Markets Tax Credit for five years and provide $5 billion in annual NMTC allocation authority.

If you missed the 2009 Summer Institute in Woodstock, VT you can still purchase conference materials and video and/or audio recordings of select sessions.

The Community Development Financial Institutions (CDFI) Fund is currently soliciting public comments on the proposed New Markets Tax Credit Program (NMTC) Allocation Application.

Thanks to everyone that made the 2009 Summer Institute a great success! We were blown away by all of the compliments about the quality of the program and networking. I especially want to thank all the great speakers! Its not every day that so many industry leaders and innovators can come together to share ideas and innovations. In such a tough business environment it was inspirational to see how our members are creating new opportunities to close transactions. If you didn’t make out to Vermont here are a few things that you missed…

The National Housing & Rehabilitation Association is pleased to announce that it has made available the PowerPoint presentations displayed during the recent 2009 Summer Institute & Pre-Conference Symposium on New Markets Tax Credits, held July 29 – August 1, 2009 in Woodstock, Vermont.

Leaders of the House Ways and Means Subcommittee on Select Revenue Measures and the House Financial Services Subcommittee on Domestic Monetary Policy and Technology held a joint hearing yesterday to receive testimony from key government officials and industry leaders with regards to a recent report published by the Government Accountability Office (GAO), which states that minority-based Community Development Entities (CDE) are less likely to be successful in obtaining funding allocations under the New Markets Tax Credit Program.

According to a report released recently by the Government Accountability Office (GAO), minority-based Community Development Entities (CDE) were less successful in obtaining federal New Markets Tax Credit (NMTC) allocations from 2005 through 2008.