Guest post by Kermit Billups, Greenline Ventures The New Markets Tax Credit (NMTC) is one of the most efficient community economic development tools for low-income communities that I have encountered in my 35 years of investment banking. I currently have the privilege of serving as the President of the NMTC Coalition, a national membership organization founded in 1998 to advocate on behalf of the NMTC program. The NMTC has leveraged an unprecedented level of investment to both rural and urban low-income communities, generating over $90 billion in total capital investment through public-private partnerships and creating more than one million jobs ...
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WASHINGTON, D.C. (May 23, 2019)– The U.S. Department of the Treasury’s announced the Calendar Year . The CDFI Fund awarded $3.5 billion to 73 Community Development Entities (CDEs) from 35 states, Puerto Rico, and the District of Columbia. “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 over $90 billion in total capital investment through public-private partnerships that ...
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FOR IMMEDIATE RELEASE ​​​​​​ March 12, 2019 Contact: Ayrianne Parks [email protected] (202) 393-5225 Bipartisan Call to Make Permanent the Federal Tax Credit that Leverages Private Investment in Economically Distressed Communities, Expands Businesses and Creates Jobs Washington, D.C. March 12, 2019 – Legislation was introduced in the House and Senate to secure the future of the New Markets Tax Credit (NMTC). Congresswoman Terri Sewell (D-AL) and Congressman Tom Reed (R-NY), introduced the House bill. In the Senate, the bill was introduced by Senators Roy Blunt (R-MO) and Ben Cardin (D-MD). The bills, both titled The New Markets Tax Credit Extension Act ...
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Coalition gathers NMTC stakeholders for a policy conference, releases new state statistics WASHINGTON, D.C. (December 18, 2018) — The held its Annual Conference on December 12 and 13 in Washington, D.C. The event featured members of Congress as keynote speakers, and panels on timely community development matters. Attendees were also provided with insights from the Treasury Department and the release of . NMTC Coalition President opened the conference, welcoming speakers and guests. The experienced NMTC practitioner and Greenline Ventures EVP highlighted recent successes and looked to the future of the NMTC Coalition. Keynote speakers at the conference included U.S. Reps ...
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Today, on World Habitat Day, we’re highlighting many of the Habitat for Humanity projects financed by the New Markets Tax Credit. The credit has supported thousands of affordable, single-family houses – often in areas recovering from disasters. Omaha Habitat for Humanity Habitat for Humanity of St. Louis The Housing Partnership Network Uses $40M in NMTC to close the gap between community development and affordable homes In late 2016, the Housing Partnership Network (HPN) received $40M in NMTC to invest in revitalizing neighborhoods overrun with vacant and foreclosed properties. In a program known for its awardees’ focus on community, commercial and ...
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Last week, three members of Congress cosponsored the New Markets Tax Credit Extension Act of 2019 (H.R. 1680): Garrett Graves (R-LA), Andy Barr (R-KY), and David Price (D-NC). Below, I’ve highlighted of the NMTC projects in their districts. Garrett Graves (R-LA) Baton Rouge, LAAmerican Door and Hardware The NMTC supported $1.47M in financing for a commercial door, frame, and hardware supplier. Baton Rouge, LAMoran Printing, Inc.In 2010, Moran received NMTC financing. Since that investment, the company has grown substantially, and it now employs 132 people. Napoleonville, LAGame Equipment GAME Equipment is an agricultural machinery manufacturer and distributor located in rural ...
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As part of our celebration of the 25th Anniversary of the CDFI Fund, we thought it would be interesting to highlight a few of the earliest NMTC projects ...
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The CDFI Fund was authorized by Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. The act created a new agency providing funding to individual CDFIs and their partners through a competitive application process. Several years later, the New Markets Tax Credit was authorized as part of the Community Renewal Tax Relief Act of 2000. Today, the CDFI Fund manages a half dozen programs. CDFI Fund awardees and allocatees deliver over $10 billion dollars of annual community development activity benefiting low-income communities and families. Please join the NMTC Coalition in celebrating 25 years of the CDFI Fund. Use the hashtag ...
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The NMTC has delivered over $1 billion in financing to 40 community development projects in Georgia’s Fifth Congressional District, represented by Civil Rights legend John Lewis. We thought we would take a moment and highlight a few. Chris 180 Center of Excellence This project consists of several components: new construction of a building which will allow CHRIS 180 to expand its behavioral health clinical training program; renovations at an existing drop-in facility to integrate primary medical and dental services; and the acquisition and rehabilitation of five houses which provide a supportive, therapeutic family environment for children while preparing for adoption ...
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Yesterday, the CDFI Fund released the 2019 NMTC Application for $3.5 billion in NMTC allocation authority ...
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$3 million expansion increases access to medical, dental and behavioral health services to support the area’s growing health care needs August 9, 2019. CONTACTS: Rachel Vliem, Press Secretary, Office of U.S. Senator Mike Enzi, 202-224-3424; Richard Brannan, Director of Wind River Family & Community Health Care, 307-856-9281; Dave Glaser, President, MoFi, 406-529-3352; Mark Evans, VP of Commercial Lending, First Interstate Bank, 307-856-2211 RIVERTON, WY—U.S. Senator Mike Enzi joined Northern Arapaho tribal leaders, city officials, financing partner MoFi, and community members at today’s unveiling of the newly expanded Wind River Family & Community Health Care in Riverton. The grand re-opening event ...
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