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Changes to the 2018 NMTC Application

Changes to the 2018 NMTC Application

Application, Blog, Latest News
On Wednesday, the CDFI Fund opened the Calendar Year 2018 Round New Markets Tax Credit application. There are some significant differences between the 2017 and 2018 application. The Coalition compared the text of two applications and created a red-lined Word Document for your reference. If you are a member of the Coalition, you should have received it in a Policy Bulletin yesterday. If not, shoot us an email and we'll get it to you. Below are some of the most significant changes in the application organized by section. Executive Summary/Intro/Assurances: Assurances and Certifications: The applicant has 1,000 characters to explain why they checked a "false" box on any of the assurances and certifications. Part I: Business Strategy Projected Business Activities: Much of the project pipeline narrative moves into Table A5.…
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The NMTC, Business Financing, and Entrepreneurship

The NMTC, Business Financing, and Entrepreneurship

Blog, Case Studies, Featured, Latest News, NMTC Success Stories
By Paul Anderson Today, the White House released its annual Economic Report of the President. The report included a sidebar on "Distressed Communities and the Tax Cuts and Jobs Act that mentions the New Markets Tax Credit (see right) and then later goes on to describe the Invest in Opportunity Act (IOA). While the IOA and New Markets Tax Credit (NMTC) target many of the same census tracts, no question that the NMTC and the IOA serve different but complementary purposes. Opportunity Funds will make equity investments in businesses. Community Development Entities mostly use the NMTC to provide debt to businesses and community facilities. That's why we are so excited see these programs working side by side.  We appreciate the White House highlighting the NMTC's success, but I do feel the…
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Treasury’s CDFI Fund Announces 2017 NMTC Awards

Treasury’s CDFI Fund Announces 2017 NMTC Awards

Blog, Latest News
WASHINGTON, D.C. – The U.S. Department of the Treasury’s CDFI Fund announced the Calendar Year 2017 New Markets Tax Credit (NMTC) allocation awards today. The CDFI Fund awarded $3.5 billion to 73 Community Development Entities (CDEs) from around the country. “The federal New Markets Tax Credit is a unique and flexible community development tool with a successful track record, attracting investment capital and boosting economic activity in low-income areas,” said Bob Rapoza, spokesman for the NMTC Coalition. “In fact, the NMTC has leveraged an unprecedented level of investment to low-income communities—generating about $82 billion in total capital investment through public-private partnerships that created more than one million jobs.” The CDFI Fund indicated 230 CDEs applied for allocations for a total demand of nearly $16.2 billion in credits. Only 73 applications…
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Community Development Leaders Gathered in Washington, DC as Congress Decided Fate of NMTC in Tax Overhaul

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NMTC Coalition Annual Conference attendees successfully pushed for the preservation of the largest federal incentive for investment in low-income communities Last week, the New Markets Tax Credit (NMTC) Coalition  held its New Markets Tax Credit Annual Conference in Washington, D.C. The event featured a newly released report on the NMTC’s economic impact, keynotes from NMTC champions Senator Roy Blunt (R-MO) and Representative Tom Reed (R-NY), as well as remarks from the Treasury Department’s Community Development Financial Institutions (CDFI) Fund Director Annie Donovan and City of Dayton, Ohio Commissioner Christopher Shaw. [caption id="attachment_10042" align="aligncenter" width="1800"] Keynote Speakers (from left to right): Rep. Reed, CDFI Fund Director Donovan, Sen. Blunt, Commissioner Shaw[/caption] The NMTC Coalition’s Board President Robert Davenport, emceed the event.  A longtime NMTC practitioner and past president of the National…
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NMTC Preserved, Thank You to Congressional Supporters

NMTC Preserved, Thank You to Congressional Supporters

Blog, Latest News
Instead of repealing the New Markets Tax Credit (NMTC), as was proposed by the House version of the Tax Cuts and Jobs Act, Republican conferees agreed late last week to preserve the NMTC's existing authorization through 2019. Thank you to the following House and Senate Republicans who went on the record in support of the NMTC during the tax reform debate, either by cosponsoring the New Markets Tax Credit Extension Act of 2017 (H.R. 1098/S. 384) or signing a letter by Rep. Lloyd Smucker in support of preserving the NMTC. House Republicans Rep. Don Young (R-AK-01) Rep. Bradley Byrne (R-AL-01) Rep. David Valadao (R-CA-21) Rep. Ted Yoho (R-FL-03) Rep. Bill Posey (R-FL-08) Rep. Gus Bilirakis (R-FL-12) Rep. Dennis Ross (R-FL-15) Rep. Vern Buchanan  (R-FL-16) Rep. Tom Rooney (R-FL-17) Rep. Mario…
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New Markets Tax Credit Report Details Major Investment to America’s Struggling Rural and Urban Communities

Blog, Latest News, Publications
Data shows the NMTC financed 5,000 projects created over one million jobs all while generating enough revenue to more than pay for its cost to the federal government  Washington, D.C. – Today, the New Markets Tax Credit Coalition published a new report on the economic impact of the New Markets Tax Credit (NMTC) from 2003 to 2015. This is the third edition of the NMTC Economic Impact Report, which is authored by Rapoza Associates on behalf of the NMTC Coalition.  The report analyzed U.S. Department of Treasury data and survey data from 5,000 projects financed by the Credit. “The report documents the success of NMTC investments, which resulted in the creation of more than one million jobs , increased access to health and childcare facilities, created more  business opportunities, and…
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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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New Treasury Data Analysis Confirms New Markets Tax Credit Generated Over One Million Jobs in America’s Most Distressed Rural and Urban Communities

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Today, the New Markets Tax Credit (NMTC) Coalition provided an updated analysis of U.S. Department of Treasury data on the investment and creation of jobs in low-income communities nationwide. This data indicates that between 2003 and 2015, NMTC financing resulted in over one million jobs in low-income rural towns and urban neighborhoods—areas struggling with lagging economies and high rates of unemployment. The Coalition published new federal NMTC impact data by state on its website, which will be featured in a larger report on the economic impact of the credit that is to be released in December. Established in 2000 in the Community Renewal Tax Relief Act (P.L.106-554), the NMTC is the product a bipartisan effort to stimulate investment and economic growth in low-income urban neighborhoods and rural communities. The NMTC…
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