Baucus/Camp Road Show Heads to Philly Where the NMTC has Made a Significant Impact

Senator Baucus and Representative Camp have announced their tax reform “road show” is rolling on to Philadelphia. During their last stop, the two Members of Congress who chair the committees tasked with writing tax reform legislation visited a 125-year-old family business that had received New Markets Tax Credit (NMTC) financing. While the businesses they plan to visit on this stop were not financed by the NMTC, it seems a fitting time to discuss the significant impact the Credit has had in struggling neighborhoods in Philadelphia as well as distressed communities throughout Pennsylvania. The NMTC is a flexible financial tool that encourages private investment in community development in distressed urban neighborhoods and rural communities. The result? Struggling communities experience much-needed economic growth and job creation. In Pennsylvania alone, the NMTC has provided more than $855 million in investments and leveraged an additional $743 million from other sources, which accounts for $1.6 billion in total capital going to businesses and economic development projects in the Commonwealth. These investments in Pennsylvania have directly created 27,698 jobs. Project HOME, a community based no-profit launched in 1988, is just one of many examples of NMTC financing at work in Philadelphia. Project HOME along with the City of Philadelphia and the Commonwealth of Pennsylvania are engaged in a collaborative public/private partnership working to address chronic homelessness by expanding the infrastructure of shelters, transitional housing, and social services available to homeless youth and adults. With $1.9 million in NMTC financing provided by LISC and PNC Bank, and a $7.1 million grant provided by private donors John and Leigh Middleton, Project HOME was able to renovate and expand its health clinic and office space and significantly expand the reach of its supportive services. The Philadelphia project’s goal is to eliminate street homelessness in the city by 2017. If successful, Philadelphia would be the first major U.S. city to do so. Through this effort, 1,200 housing opportunities will be developed, including 1,000 drug- and alcohol-free housing opportunities, and...

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CityLink Center opens in Cincinnati to combat poverty

In November of 2012, Cincinnati leaders gathered for the grand opening of the CityLink Center, a comprehensive social services mall which was built with the help of New Markets Tax Credits.

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Camp and Tiberi plan review of tax extenders in April

Reps. Tiberi (R-OH) and Camp (R-MI) plan to hold a hearing to review individual tax extenders (including the New Markets Tax Credit) in April. The Hill has a story, and you can read their release below: Camp, Tiberi: Review of “Extenders” to Start in April Washington, DC – Today, Ways and Means Committee Chairman Dave Camp (R-MI) and Select Revenue Measures Subcommittee Chairman Pat Tiberi (R-OH) issued the following statement: “Far too many provisions in the tax code are temporary, making it hard for employers to plan, invest and create new jobs for American families. That is one reason why we are committed to comprehensive tax reform. An important part of comprehensive reform is to conduct a thorough review of the various targeted provisions in the Code commonly referred to as ‘tax extenders.’ In 2010, House Republicans led the charge to review these provisions and over 70 (estimated at over $100 billion) were cleaned out of the Code. In 2012, we must again examine these extenders, and the Committee will begin that process after the April recess. We look forward to hearing from interested parties about the merits of these tax policies.” NOTE: The exact date, time, and format of a tax extender hearing has not yet been set and will be formally announced by the Committee at a future date. However, Chairmen Camp and Tiberi expect the date will be in...

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NMTC Morning Update – Senate Colloquy on the Tax Extenders

Yesterday, Senators Reid (D-NV), McConnell (R-KY), and Baucus (D-MT) engaged in a colloquy on the Senate floor where they expressed their support for action on the tax extenders. Senator Hatch (R-UT) also asked for written comments to be appended to the record. The friendly exchange followed a rare moment of bipartisan comity with the passage of the surface transportation bill (S. 1813) by a substantial margin of 74-22. On Tuesday, tax extender provisions were included in several amendments to the bill, but those amendments were ultimately voted down. Read the entire...

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NMTC Morning Update – Extension amendment, CDFI Fund updates, and more

Today, the Senate will vote on an amendment to the surface transportation bill (S. 1813) that includes an extension of the NMTC. Senator Pat Roberts (R-KS) is offering the amendment, which renews many of the tax provisions that expired in 2011 including the NMTC, the R&D credit, and state and local sales tax deductions. It also includes provisions relating to the Keystone pipeline and a federal pay freeze. [Amendment text] The CDFI Fund plans to update its program eligibility criteria based on recently released data from the 2006-2010 American Community Survey. The release of tables detailing NMTC census tract eligibility is tentatively scheduled for May. [CDFI Fund news release] CDFI Fund Director Donna Gambrell’s remarks at the CDFI Coalition Conference in Washington, DC on Wednesday, March 7, 2012. [CDFI Fund News Release] Ball State recently released a study, “The Effect of State-Level Add-On Legislation to the Federal New Market Tax Credit Program”. [NMTC and State Add-ons] The New Mexico Finance Authority (NMFA) is accepting applications through March 30 for awarding low-interest loans for businesses in qualified low-income areas throughout New Mexico. New Markets Tax Credits can provide low cost gap financing to fund projects and business expansions that are more than $5 million. [CNJDigest] SAVE THE DATE: The Annual NMTC Policy Conference is June 6, 2012 in Washington DC. Not a member of the New Markets Tax Credit Coalition? Join...

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