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Representatives Chabot (R-OH) and Stivers (R-OH) Collecting Signatures on NMTC Extension Letter

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House Freshmen Republicans Reps. Stivers (R-OH) and Chabot (R-OH) are inviting other House Republican Freshmen to sign on to a letter addressed to the House leadership that calls for extension of New Markets Tax Credit. The letter does not specify a dollar amount for credit authority but does request an extension at least through 2012. Download the letter If you are in touch with House Republican Freshman, please ask them to sign on to this letter (whether or not they are co-sponsors). Refer them to Jesse Walls with Rep. Stivers (jesse.walls@mail.house.gov), who is the contact person. List of House Republican Freshmen
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Toolkit for In-District Advocacy

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When it comes to influencing Congress, the most successful advocates are those who have made a conscious decision to build and sustain strong personal relationships with their Senators and Representatives. That process works best when it starts at home. By taking advantage of the times when your Senators and Representatives are at home, you can create in-district opportunities to strengthen your relationships with them. Senators and Representatives are often in their districts every Friday through Monday, and for several weeks during the year. In this toolkit, you will find three actions that can jumpstart the process of building a relationship with your Senators and Representatives at home. Those activities are: Inviting your Senators and Representatives to visit your organization or your projects and learn why the work that you do…
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Borden & Remington – Fall River, MA

Borden & Remington – Fall River, MA

Case Studies
FACTS AND FIGURES CDEs: Rockland Trust Community Development Corporation Investor: Rockland Trust Company Community Profile: 23% poverty rate  Median income 42% of AMI  Unemployment rate 1.64 times the national average Project Highlights: Total project cost: $2.475 million NMTC financing: $2.25 million Renovated a 70,000 square foot historic building Created 25 new full-time jobs and 75 construction jobs TRANSFORMING A 19TH CENTURY MILL TO HOUSE A WIND TURBINE MANUFACTURER [dropcap style="font-size: 60px; color: #9b9b9b;"] F [/dropcap]ounded in 1837, Borden & Remington is the oldest privately-owned chemical distributor in the country. Borden & Remington is located in Fall River, Massachusetts, a community on the southeastern coast of Massachusetts that was once the home of a vibrant textile industry and now faces one of the most challenged economies in the state. Borden & Remington works with textile processing…
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Highlights from Hearing on Tax Extenders

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Below is a highlight reel from the last Friday's House Ways and Means Committee, Select Revenue Subcommittee hearing on the tax extenders. The hearing was the second in a series focused expiring or expired tax credits or preferences. As with the Subcommittee hearing on April 26, 2012, there was strong support for NMTC. In fact, most of the hearing focused on the success of the Credit and the importance of NMTC financing in creating jobs and business opportunities in economically distressed communities.
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NMTC 2012 Progress Report

NMTC 2012 Progress Report

Publications
[caption id="attachment_1826" align="alignright" width="300"] Download the NMTC 2012 Progress Report[/caption]This 2012 NMTC Progress Report was prepared by the New Markets Tax Credit Coalition, a national membership organization of Community Development Entities (CDEs) and investors organized to advocate on behalf of the New Markets Tax Credit (NMTC). This is the Coalition’s eighth annual NMTC Progress Report and like previous reports is designed to inform policymakers and practitioners on the success of the New Markets Tax Credit in spurring revitalization in urban and rural communities across America. To accomplish this, there are two sections to this report. The first section highlights findings from the Coalition’s annual survey of CDEs with NMTC allocations. The survey collected data from CDEs on their progress raising capital and making loans and investments in calendar year 2011.…
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New Report Report on New Markets Tax Credit

New Report Report on New Markets Tax Credit

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[caption id="attachment_1535" align="alignright" width="238"] Download[/caption] New Markets Tax Credit (NMTC) Creating Manufacturing Jobs in Areas with High Unemployment; Awaiting Congressional Approval to Continue Washington, DC, June 6, 2012 -- A report issued today by a coalition of community development organizations and financial institutions details how an expired federal tax credit, awaiting congressional action, has spurred private investment in economically distressed communities to finance a wide range of businesses, create jobs, and jump start local economies. The New Markets Tax Credit (NMTC) was enacted in 2000 in an effort to stimulate private investment and economic growth in low income communities that lack access to the patient capital needed to support and grow businesses and create jobs. It does so by offering a modest incentive on investments made in economically distressed communities with…
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About the Coalition

About the Coalition

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The New Markets Tax Credit (NMTC) Coalition is a national membership organization founded in 1998 to advocate on behalf of the NMTC program. The Coalition, which now includes more than 150 members, is managed by Rapoza Associates, a public interest lobbying, policy analysis and government relations firm located in Washington, DC that specializes in providing comprehensive legislative and support services to community development organizations, associations and public agencies. The Coalition serves its members in the following capacities: Worked with the Clinton Administration to design the Credit and lobbied Congress for its enactment; Collaborated with the Bush Administration to launch the program including the original rules, regulations and application; Build bipartisan Congressional support for the Credit as an efficient market-based incentive for community revitalization; Lobbied successfully for four extensions of NMTC…
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Brockton Neighborhood Health Center

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Learn about Reznick Reznick Group's role in the NMTC financing of this low-income community health center. In addition to serving the healthcare needs of Brockton, Mass. residents, it is also the largest employer in the city. This video was created by the Reznick Group. Find them on the web at www.reznickgroup.com.
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The Top Ten Things You Should Know about the New Markets Tax Credit

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Between 2003 and 2012, investments in NMTC businesses totaled $63 billion, of which 50% was generated from sources other than NMTC direct investments; Between 2003 and 2012, NMTC investments generated 750,000 jobs; Between 2003 and 2012, NMTC investments generated over 120 million square feet of manufacturing, retail, and community space in low income communities; Between 2003 and 2012, the NMTC cost the federal government about $8 billion in lost revenue to generate $63 billion in investment in NMTC businesses - a leverage of approximately 8 to 1; 100 percent of all NMTC investments were made in low income communities with poverty rates of at least 20% or median incomes at or below 80% of the area median; Over 72 percent of all NMTC investments were made in communities with severe…
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Written Testimony for Select Revenue Hearing on Tax Extenders

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On April 26, 2012, the House Select Revenue Subcommittee held a members hearing on the tax extenders. As we reported earlier, several members of Congress expressed their support for the New Markets Tax Credit. [Video] The New Markets Tax Credit Coalition, along with several members of the Coalition, submitted written testimony to the committee. Below, find copies of testimony from: New Markets Tax Credit Coalition Coastal Enterprises, Inc Community Reinvestment Fund Local Initiatives Support Coalition National Development Council
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