Community Development Digest

New Markets Tax Credits

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New Markets Tax Credit Awards Going to 120 CDFIs

The Community Development Financial Institutions Fund announces that 120 CDFIs nationwide will receive a total of $7 billion in New Markets Tax Credit awards. This is the largest single award round since the New Markets Tax Credit Program was created in 2001.

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Agency Offers Fixes for New Market Tax Credit Program

A new report from the Government Accountability Office recommends better guidance and data collection for the Treasury Department’s New Market Tax Credit program.

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Influential Organization to Oversee Tax Credits

Those looking for funding to revitalize their communities should be aware of efforts at the Local Initiatives Support Corp. and Primary Care Development Corp.

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NMTCs Help Close ‘Grocer Gap’ in Underserved Neighborhoods

In New Jersey, the lack of access to healthy food in many low-income communities has contributed to significant costs from both a taxpayer and human capital perspective. Studies have shown that obesity rates in New Jersey are over 35% higher for individuals earning less than $15,000 compared to those earning $50,000 or above.

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Fate of NMTCs and Other Tax Credits Remains Uncertain

Advocates for certain tax breaks, including the New Markets Tax Credit program, are concerned that many of them won't be reinstated before they expire on Dec. 31. The bipartisan budget deal recently negotiated to fund the federal government for the next two years, but it doesn't touch the tax code...

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Community College Buildings Financed by NMTCs

Spartanburg Community College opens a new downtown campus this week in Spartanburg, SC. The two-year community college serves Cherokee, Spartanburg, and Union Counties in northwestern South Carolina.

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New Markets Tax Credit Funding Available in Indiana

The program provides capital for investments in qualified low-income communities or businesses that serve low-income residents. Nonprofits sell the credit to an investor through a leveraged financial model. Nonprofits can expect that up to 18% of the project's cost can be offset with the NMTC program.

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NMTC Program Opens with $8.5 Billion Available

The Treasury's Community Development Financial Institutions Fund (CDFI Fund) releases its Notice of Allocation Availability (NOAA) opening the CY 2013 and 2014 New Markets Tax Credit Program (NMTC). A total of $8.5 billion in tax credit authority is available.   The CDFI Fund plans to com...

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NMTCs Help Health Facility Expand in Montana

A community health center in Havre, MT will receive more than $7 million in financing to help expand its facilities and services to patients. The project received additional New Markets Tax Credits funding through Montana Community Development Corp., U.S. Bancorp Community Development Corp., and others.

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Data Show New Market Tax Credit Impact

Nearly $30 billion in New Markets Tax Credits (NMTCs) have been invested in low-income communities from 2003 through 2011, according to new data from the Community Development Financial Institutions (CDFI) Fund.

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