New Markets Tax Credit (NMTC)

The Community Development Financial Institutions (CDFI) Fund today released an amended Notice of Allocation Availability (NOAA) for the 2009 round of the New Markets Tax Credit (NMTC) Program.

Treasury Department’s Community Development Financial Institutions (CDFI) Fund is releasing its implementation plan to award funds from the the American Recovery and Reinvestment Act (Recovery Act). The New Markets Tax Credit portion of the plan provides details on how an additional $1.5 billion in NMTC allocation authority will be provided to applicants who applied for NMTC allocation authority under the 2008 application round.

Please see the following summary of key provisions from the conference report of HR 1: The American Recovery and Reinvestment Act. The House of Representatives and Senate voted in favor of the measure and President Obama signed the measure into law Tuesday, Feb. 17.

NH&RA has made available individual PowerPoint presentations from the recent 2009 Annual Meeting & NMTC Symposium, March 11-15 in Key Largo, Florida.

The Community Development Financial Institutions (CDFI) Fund has created a new section on its Web site providing information about the Fund’s implementation of pertinent portions of the American Recovery and Reinvestment Act of 2009.

The Community Development Financial Institutions (CDFI) Fund has posted on its web site instructions on how potential applicants can access and utilize the online Allocation Application now available for the 2009 competitive funding round for the federal New Markets Tax Credit (NMTC) Program.

Tax Credit Advisor
October 2008
Issue Theme: Historic Rehabilitation

NH&RA’s New Markets Tax Credit Council sent a letter to key congressional leaders urging them to support the New Markets Tax Credit Provisions in the Senate Version of HR: 1The The American Recovery and Reinvestment Act of 2009. The letter addresses expanding NMTC Authority in 2008 and 2009, Alternative Minimum Tax Relief and the carry back of business tax credits.

At press time the Economic Recovery Act was still in conference committee and specific text was not available; however, Congressional leadership has indicated that House a compromise has been agreed upon that will cost about $789 billion. Reports of housing provisions include…

The United State Senate has approved HR1: The American Recovery and Reinvestment Act of 2009 on a vote of 61-37. The Congressional Budget Office reports that the current version of the measure would cost $838 billion over ten years. Only three Republicans voted in favor of the measure. The package now heads to a House-Senate conference to resolve differences between the two versions. A compromise measure is expected towards the end of the week. A summary of the key housing and tax credit related provisions include…

NH&RA New Markets Tax Credit Council is pleased to report that our sources indicate that that House & Senate Conferees have agreed to New Markets Tax Credit provisions from the Senate version of HR1: The American Recovery and Reinvestment Act of 2009.

Over the weekend Senate Democrats and several moderate Republicans negotiated a compromise version of HR1: The American Recovery and Reinvestment Act of 2009 that appears to be poised to pass the United States Senate on Tuesday. A key procedural vote to end debate on the measure passed the Senate on a 61-36 vote Monday evening (February 9).