Twenty-Seven House Republicans Send NMTC/HTC Support Letter to Brady and Ryan

Blog, Case Studies, Latest News
Late last week, Congressman Smucker (R-PA) took the lead on a letter urging Speaker Paul Ryan and Chairman Kevin Brady to preserve the Historic Tax Credit (HTC) and make the New Markets Tax Credit (NMTC) permanent. The letter was open to House Republicans and 26 of his colleagues signed on. Here is the full list: Don Young (R-AK) Bradley Byrne (R-AL) Ted Yoho (R-FL) Adam Kinzinger (R-IL) Susan Brooks (R-IN) Ralph Abraham (R-LA) Bruce Poliquin (R-ME) Fred Upton (R-MI) Ann Wagner (R-MO) John Fason (R-NY) Steve Chabot (R-OH) Bob Gibbs (R-OH) Bill Johnson (R-OH) David Joyce (R-OH) Steve Stivers (R-OH) Michael Turner (R-OH) Brad Wenstrup (R-OH) Lou Barletta (R-PA) Ryan Costello (R-PA) Brian Fitzpatrick (R-PA) Lloyd Smucker (R-PA) Glenn Thompson (R-PA) Louie Gohmert (R-TX) Barbara Comstock (R-VA) Mike Gallagher (R-WI)…
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Congressman Smucker (R-PA) Circulates NMTC/HTC Support Letter to Speaker Ryan and Chairman Brady

Congressman Smucker (R-PA) Circulates NMTC/HTC Support Letter to Speaker Ryan and Chairman Brady

Blog, Latest News
URGENT: Contact House Republicans and Urge Them to Sign the Smucker Letter Congressman Smucker (R-PA) is requesting signatures for a letter urging Speaker Paul Ryan and Chairman Kevin Brady to preserve the Historic Tax Credit (HTC) and make the New Markets Tax Credit (NMTC) permanent. The letter is open to House Republicans and it closes Wednesday, November 29th, so please reach out to Republican offices as soon as possible and and ask them to sign on to Congressman Smucker's letter. Thus far, the letter has been signed by Reps. Glenn Thompson (R-PA), Bob Gibbs (R-OH), Barbara Comstock (R-VA), and Lou Barletta (R-PA). We are suggesting that you target House Republicans who cosponsored of H.R. 1098. Representatives who want to sign on to the letter can contact Andrew Robreno with Congressman…
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CDFI Fund Releases Updated NMTC Eligibility Data

Blog, Income, Latest News, Poverty
Today, the CDFI Fund released updated census tract eligibility data for the NMTC program. The eligibility update utilizes data from the 2011-2015 American Community Survey (ACS). Detailed guidance will be posted soon on the CDFI Fund website. CDFI Fund News Release Eligibility Changes: There are about 73,000 census tracts nationwide, of which 31,640 are eligible based on poverty, income, or high out-migration. The eligibility changes remove a total of 4,517 previously eligible census tracts, but add 6,050 newly eligible census tracts, for a net gain of 1,533 eligible tracts. The graphic below shows eligibility changes:   [caption id="attachment_9620" align="aligncenter" width="1200"] Click image to enlarge[/caption] We will have an interactive map soon, but in the meantime, here are a couple of cities: [caption id="attachment_9622" align="aligncenter" width="1077"] New Orleans[/caption] [caption id="attachment_9621" align="aligncenter"…
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Helping Meet Housing Needs After Katrina

Helping Meet Housing Needs After Katrina

Blog, Case Studies, Disaster Assistance, Disaster Relief, Featured, Go-Zone
After Katrina and Rita, the New Markets Tax Credit (NMTC) served an important role in rebuilding community facilities including hospitals and schools, helping businesses replace damaged furniture and equipment, and bringing life back to devastated areas. Disasters isolate low-income areas that already lag far behind affluent communities in the availability of basic services like healthcare as well as the physical infrastructure needed to grow businesses and create economic opportunity. The construction of facilities and infrastructure is important, but economic recovery is difficult - if not impossible - if residents have no where to live. Katrina and Rita collectively displaced 1.3 million people and caused severe or major damage to tens of thousands of owner-occupied homes in areas struggling with high poverty and unemployment before the storm. The NMTC played an…
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Independent Report Finds NMTC Program Meets, Exceeds Program Objectives

Independent Report Finds NMTC Program Meets, Exceeds Program Objectives

Blog, Featured, Latest News
In-depth analysis of the New Markets Tax Credit finds projects sampled are in full compliance, with most projects far exceeding requirements for economic distress and CDFI Fund mandates Washington, D.C. – The NMTC Coalition was pleased to see a new independent report commissioned by the U.S. Department of the Treasury’s CDFI Fund to evaluate the operation and outcomes of the New Markets Tax Credit (NMTC) program. The purpose of the NMTC is to provide an incentive for private sector investment in economically distressed rural and urban communities. The report was conducted by Summit Consulting, LLC, a specialized analytics advisory firm comprised of economists, econometricians, and research scientists that assist federal agencies, financial institutions, and litigators in modeling risk, evaluating program performance, and predicting future performance. [pdf-embedder url="http://nmtccoalition.org/wp-content/uploads/Summit-Compliance-Review-of-New-Markets-Tax-Credit-Program-August-.pdf" title="Summit - Compliance…
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New Markets Tax Credit Jumpstarting Rural Manufacturing

New Markets Tax Credit Jumpstarting Rural Manufacturing

Blog, Featured, Latest News, Manufacturing, Rural
The most popular use of the NMTC in rural America is to support the manufacturing sector. NMTC financing typically goes to business expansions, new equipment and facilities, and working capital. Between 2003 and 2014, the NMTC financed 223 rural manufacturing projects totaling $4.8 billion. Below are a few of their stories: [huzzaz id="nmtc-manufacturing-stories" vpp="8"] Map of Selected Rural Manufacturing Projects
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Rep. Tim Ryan (Ohio) on public private partnerships

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"The reality for those of us on the ground who are doing economic development and trying to grow jobs in areas that are pretty tough areas to get investment to come into, it's a balance of both. It's a public-private partnership. There's a port authority involved. But you may need some historic tax credits. You may need new market tax credits. You may need a small business loan to help put the deal together." Rep. Tim Ryan (D-Ohio) in an interview with Fox Business today
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NMTC Coalition Submits Testimony to Senate Finance Committee

Uncategorized
Last month, Senate Finance Committee Chairman Orrin Hatch (R-UT) called for public comments on tax reform. Yesterday, the Coalition submitted its recommendations, which called for the retention and expansion of the NMTC and provided the Committee with the latest facts and figures on the NMTC. The testimony also provided the Committee with information on how the NMTC might fit into a reformed tax code. Read the testimony.
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NMTC Supporting Culinary Entrepreneurs

NMTC Supporting Culinary Entrepreneurs

Blog, Case Studies, Featured, Latest News
Kitchen incubators provide shared space for local chefs to grow their restaurants or turn a small food truck business into a bricks and mortar establishment. Below is a collection of stories about how the NMTC has supported culinary entrepreneurs. NMTC Projects Supporting Culinary Training and Entrepreneurship: LA Prep Commercial Kitchen Incubator https://www.youtube.com/watch?v=3xq42grRWnQ&loop=0R House: Baltimore's Emerging Chefs NMTCs Serve Up New Space for Food Business Entrepreneurs FareStart Culinary Academy Puts Homeless on Path to Success Ivy Tech Culinary School BOOM! Health Project Includes Workforce Training Cafe Enterprise Community Partners and Chase financed a mixed-use project in the Bronx that includes, among other things, a café called BOOM!Café, which will double as a community space and workforce training center on the ground floor. BOOM is working with Catalyst Kitchen, an incubator of…
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