NMTC News Roundup for June 14th 2017

NMTC News Roundup for June 14th 2017

Blog, Featured, Latest News
Below are some recent news stories on the NMTC: New Mexico’s Homewise Get’s Multimillion-dollar Allocation Final Funding Comes Together for One of Tampa’s Most Anticipated Development Projects Mascoma Community Development Closes on $5 Million Financing for the National Comedy Center Kroger to Open New Store in Downtown Cincinnati The following members of the House and Senate that have recently cosponsored the NMTC Extension Act of 2017: H.R. 1098: Rep. Fudge, Marcia L. [D-OH-11] 06/07/2017 Rep. Comstock, Barbara [R-VA-10] 06/07/2017 Rep. Chabot, Steve [R-OH-1] 06/08/2017 Rep. Nolan, Richard M. [D-MN-8] 06/08/2017 Rep. Abraham, Ralph Lee [R-LA-5] 06/08/2017 Rep. Holding, George [R-NC-2] 06/12/2017 Rep. O'Halleran, Tom [D-AZ-1] 06/13/2017
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NMTC Supporting Culinary Entrepreneurs

NMTC Supporting Culinary Entrepreneurs

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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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CDFI Fund Seeking NMTC Application Reviewers

CDFI Fund Seeking NMTC Application Reviewers

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The Community Development Financial Institutions Fund (CDFI Fund) is issuing a call for well-qualified personnel to serve as application Reviewers and Alternate Reviewers for the 2017 application round of the New Markets Tax Credit Program (NMTC Program). The CDFI Fund has contracted with F2 Solutions (F2) to recruit and process applications on a rolling basis for Reviewer and Alternate Reviewer candidates. General Candidate Qualifications/Role: The CDFI Fund and F2 Solutions require Reviewers and Alternate Reviewers to have considerable expertise in community and economic development finance. Specialized knowledge in commercial finance, including: operating business and real estate finance; financing of community-based organizations; pooling of community development loans for sale to secondary markets; and/or financial counseling, particularly for small businesses; or prior experience serving as an NMTC application reviewer. Working independently and…
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Coalition Releases 2017 New Markets Tax Credit (NMTC) Progress Report

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Report highlights NMTC project data from 2016, including 28 healthcare facilities, 26 manufacturers, 15 schools, 14 facilities for youth and families, and 11 incubators WASHINGTON, June 7, 2017 -- The New Markets Tax Credit Coalition today released its 2017 New Markets Tax Credit (NMTC) Progress Report the thirteenth edition of the report—providing a survey of NMTC activities in 2016. As in the past, the report documents the flexibility and impact of the NMTC in meeting the needs of the distressed communities where it is deployed and helping to create jobs and grow business opportunities, from more traditional industry and community sectors to new and cutting-edge technology. Projects which benefitted from the Credit in the past year include rural and urban incubators, small business loan funds, main street tourism, health clinics,…
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U.S. Sen. Steven Daines Sees the NMTC at Work during Tour of New Universal Athletic Headquarters in Bozeman

U.S. Sen. Steven Daines Sees the NMTC at Work during Tour of New Universal Athletic Headquarters in Bozeman

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BOZEMAN, Mont. – U.S. Senator Steven Daines toured the new corporate headquarters of Universal Athletic Services on Monday. Senator Daines was also joined by Bozeman Mayor Carson Taylor and Bozeman Director of Economic Development Brit Fontenot for a press conference following the tour that was hosted by Universal Athletic Services and Montana & Idaho Community Development Corporation. The purchase and rehabilitation of the new facility was made possible through the use of the New Markets Tax Credit (NMTC) Program, a federal program operated by the CDFI Fund at the U.S. Treasury that provides critical financing  to rural and urban communities in Montana, and nationwide. In 2015, Montana & Idaho Community Development Corporation provided a NMTC allocation to fill a financing gap, allowing the athletic apparel company to proceed with its…
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New Markets Tax Credit Talking Points

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The Coalition has internally compiled a list of arguments and talking points in favor of the NMTC, and we figured we'd share them with you on our blog (updated 3/2017) The New Markets Tax Credit (NMTC) was designed to increase the flow of capital to businesses and low income communities by providing a modest tax incentive to private investors. Over the last ten years, the NMTC has proven to be an effective, targeted and cost-efficient financing tool valued by businesses, communities and investors across the country. The NMTC has delivered an unprecedented level of investment to America's low income communities. Between 2003 and 2015, total project investments in NMTC qualified businesses totaled nearly $80 billion, of which 50 percent was generated from sources other than direct NMTC investments. Those NMTC investments…
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Several Senators Ask Treasury Secretary Nominee Mnuchin About the NMTC

Several Senators Ask Treasury Secretary Nominee Mnuchin About the NMTC

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As is customary, members of the Senate Finance Committee submitted written questions to Treasury Secretary Steven Mnuchin following his confirmation hearing on January 19th. Senators Wyden, Cardin, Cantwell, and Brown probed the Trump Administration's interest in the NMTC in the context of both tax reform and Trump's interest in revitalizing low income urban neighborhoods and rural towns. Mnuchin did not commit one way or the other on the NMTC or other tax credits, as is expected at the beginning of a tax reform process, but rather, promised to review the NMTC and to ensure that tax reform benefits long-distressed communities. Below, find the written questions and Mnuchin's answers.  Senator Ron Wyden During the campaign, the President often expressed his intention to bring jobs and investment back to low income, high unemployment rural communities,…
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Super Round Analysis: Where is the Allocation Targeted?

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Last month, the CDFI Fund awarded $7 billion in NMTC allocation. Where will that allocation be deployed? We have a decent idea, thanks to new data on state targeting from the CDFI Fund. Heatmap of 2015/2016 Allocation Targeting The heatmap above shows where CDEs are targeting their 2015/2016 allocation. But it tells a misleading story, with high population states receiving more NMTC allocation. Rather than adjusting on a per capita basis, instead, I divided targeted amount of NMTC allocation by the number of NMTC eligible census tracts in a state (download the full dataset). That produces this reweighted heatmap. Adjusted Heatmap - States Targeted by 2015/2016 NMTC Allocation Round In the adjusted map, you can see that the top states are Arkansas, Hawaii, Idaho, Montana, Nevada, and Wisconsin. In fact,…
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