News:
2008
December
DEBRIEFING MATERIAL PROVIDED TO UNSUCCESSFUL NMTC APPLICANTS
WASHINGTON, D.C.- December 2, 2008
Community Development Financial Institutions (CDFI) Fund Director Donna Gambrell announced today that debriefing letters are now available for community development entities (CDEs) that applied for new markets tax credits (NMTC) but did not receive an allocation in the last allocation round. Debriefing documents are available via CDEs’ myCDFIFund accounts. “These documents provide the strengths and weaknesses that were identified by the application reviewers, and are very useful tools for applicants wishing to reapply in future rounds,” Gambrell said today during her keynote address at the New Markets Tax Credit Coalition’s 7th Annual Conference.
CDEs interested in applying for the next NMTC allocation round may also wish to register for one of Novogradac & Company’s New Markets Tax Credit Application Workshops on December 16 in Cleveland, Ohio and December 18 in San Francisco, Calif.
The results of the sixth allocation round, as well as the upcoming seventh round of applications, will be among the topics discussed at Novogradac & Company’s New Markets Tax Credit Conference January 29-30 in San Diego, Calif.October
NMTC COALITION URGES ADDITIONAL NMTCS FOR ECONOMIC STIMULUS
WASHINGTON, D.C.- October 27, 2008
In response to reports that Congress will consider new economic stimulus legislation, either in a lame duck session in November or when the new Congress convenes next year, a proposal circulated by the New Markets Tax Credit Coalition calls for additional $1 billion in allocations for qualified 2008 new markets tax credit (NMTC) allocation applications that did not receive awards. The proposal also calls suggests an additional $1.5 billion in allocation authority be provided for the NMTC for 2009, bringing the total to $5 billion. The coalition is encouraging its members to contact their representatives and senators to urge support for additional NMTC volume.
NMTC COALITION ANALYZES ALLOCATION TRENDS
WASHINGTON, D.C.- October 23, 2008
The New Markets Tax Credit (NMTC) Coalition yesterday released analysis of the sixth round of NMTC allocations. The analysis examines aspects of the awards such as demand, geographic distribution and financing activity. The report also compares this round of allocations against previous years’ awards. Click here to read the NMTC Coalition’s analysis.
TREASURY AWARDS $3.5 BILLION IN NEW MARKETS TAX CREDITS
WASHINGTON, D.C.- October 20, 2008
U.S. Treasury Deputy Secretary Robert M. Kimmitt and Community Development Financial Institutions (CDFI) Fund Director Donna Gambrell announced today the 70 organizations selected to receive $3.5 billion in tax credits for use in low-income communities under the 2008 round of the New Markets Tax Credit (NMTC) program. In their announcement this morning, Kimmitt and Gambrell highlighted the work of four local Washington, D.C. organizations receiving NMTCs and on how allocatees are serving rural low-income communities.
The allocatees are headquartered in 29 states and the District of Columbia, but anticipate serving 46 states and the District of Columbia. In the six rounds to date, the CDFI Fund has made 364 awards totaling $19.5 billion in NMTC authority. A complete list of the organizations selected and additional information can be found on the CDFI Fund's web site.
To discuss the allocation awards, join Novogradac & Company LLP at New Markets Tax Credit Investors Conference, October 22-24, in Boston.
CDFI FUND TO ANNOUNCE SIXTH ROUND OF NMTC AWARDS MONDAY
WASHINGTON, D.C.- October 16, 2008
U.S. Treasury Deputy Secretary Robert M. Kimmitt and Community Development Financial Institutions (CDFI) Fund Director Donna Gambrell will announce on Monday $3.5 billion that is being awarded under the 2008 round of the New Markets Tax Credit (NMTC) program. Click here for more information.
To discuss the allocation awards, join Novogradac & Company LLP at New Markets Tax Credit Investors Conference in October 23 and 24 in Boston.
Additional information will also be presented on Tuesday in the Novogradac Report on Tax Credits, a weekly podcast that is available for download at www.novoco.com/podcast.
CDFI FUND ISSUES GUIDANCE ON TARGETED POPULATIONS
WASHINGTON, D.C.- October 6, 2008
The Community Development Financial Institutions (CDFI) Fund last week published guidance with respect to how community development entities (CDEs) may serve certain geographic areas and targeted populations under the New Markets Tax Credit (NMTC) program. Click here for more information.
To discuss this and other developments in the NMTC program, join Novogradac & Company at the New Markets Tax Credit Investors Conference, October 22-24, in Boston.HOUSE APPROVES RESCUE BILL WITH RETC, NMTC, LIHTC PROVISIONS
WASHINGTON, D.C. - October 3, 2008
The House today voted 263 to 171 to approve H.R. 1424, the Emergency Economic Stabilization Act of 2008, as amended by the Senate earlier this week. In addition to addressing concerns of the stability of the economy and financial system, H.R. 1424 extends the production tax credit (PTC) for wind energy for one year, the investment tax credit (ITC) for solar energy projects for eight years and the new markets tax credit (NMTC) for one year. The bill also provides additional low-income housing tax credit (LIHTC) authority for disaster relief in the Midwest as well as in Texas and Louisiana. Click here for a summary of the energy, extenders and disaster tax provisions included in the Emergency Economic Stabilization Act of 2008.
An additional $8 per capita in LIHTC authority is provided for 2008, 2009 and 2010 for the Midwestern Disaster Area. H.R. 1424 also provides an additional $16 per capita in LIHTC authority for 2008, 2009 and 2010 to areas affected by Hurricane Ike, which include Chambers, Galveston, Jefferson and Orange counties in Texas and Calcasieu and Cameron parishes in Louisiana.
The White House has expressed strong support for the bill and President George W. Bush is expected to sign it into law promptly.NMTC, RETC EXTENSIONS ADDED TO FINANCIAL RESCUE BILL
WASHINGTON, D.C.- October 1, 2008
The Senate last night approved a unanimous consent agreement to attach a package of tax extenders to upcoming financial rescue legislation. This previously-passed tax measure would provide a patch for the alternative minimum tax and extend the production tax credit for wind energy for one year, the investment tax credit for solar energy projects for eight years and the new markets tax credit for one year. Reports indicate this move was intended to increase bicameral support for the Emergency Economic Stabilization Act of 2008, which the House rejected on Monday. The Senate is expected to vote this evening on the legislative package consisting of the Emergency Economic Stabilization Act of 2008, an increase in federal coverage of bank deposits to $250,000 and the Senate-passed tax extenders, and a House vote is expected on Thursday.
Background information and analysis of these proposals can be downloaded via the Novogradac Report on Tax Credits, a weekly podcast available online at www.novoco.com/podcast.
To discuss the future of these tax incentives, join Novogradac & Company at the New Markets Tax Credit Investors Conference, October 22-24, in Boston or November 13 - 14 in Washington, D.C. for the Financing Renewable Energy Conference.
September
HOUSE VOTES TO EXTEND NMTC, RETCS
WASHINGTON, D.C.- September 26, 2008
The House today approved H.R. 7060, Renewable Energy and Job Creation Tax Act of 2008, by a vote of 226-166. The measure was introduced yesterday by House Ways and Means Chairman Charles Rangel, D-N.Y. It would extend a number of expiring tax incentives, including the new markets tax credit and renewable energy tax credits. The bill differs from the extension legislation passed earlier this week in the Senate, and those differences remain to be resolved before a final measure can be sent to the White House for approval.
For more information, tune in to the Novogradac Report on Tax Credits, a weekly podcast that provides the latest news in the fields of renewable energy, community development and affordable housing.
To discuss the future of the NMTC program, join Novogradac & Company at the New Markets Tax Credit Investors Conference, October 22-24, in Boston.
SENATE VOTES TO EXTEND NMTC, IRS PROPOSES TARGETED POP. RULE
WASHINGTON, D.C.- September 24, 2008
The Senate yesterday approved by a vote of 93-2 a package of disaster relief measures and tax extenders including a one year extension of the new markets tax credit (NMTC). The $150 billion Senate proposal was a substitute to H.R. 6049, which was a version of tax extenders approved by the House earlier this year. The bill will now be returned to the House for consideration.
To discuss the future of the NMTC program, join Novogradac & Company at the New Markets Tax Credit Investors Conference, October 22-24, in Boston.
IRS PROPOSES RULE FOR TARGETED POPULATIONS
WASHINGTON, D.C.- September 23, 2008
The Treasury Department and Internal Revenue Service (IRS) have released proposed regulations regarding targeted populations under Section 45D(e)(2) of the Internal Revenue Code (IRC). The proposed rule describes how an entity serving certain targeted populations under Section 45D(e)(2) can meet the requirements to be a qualified active low-income community business for the purposes of the new markets tax credit (NMTC). A public hearing on the rule is scheduled for January 22, 2009.
The proposed rule will also be discussed in detail at the New Markets Tax Credit Investors Conference, October 22-24, in Boston.
SENATE MAY CONSIDER TWO-YEAR NMTC EXTENSION THIS WEEK
WASHINGTON, D.C.- September 17, 2008
Senate Finance Committee Chairman Max Baucus, D-Mont., and Ranking Member Chuck Grassley, R-Iowa, yesterday announced an agreement with the Senate's Democratic and Republican leadership to move legislation that includes the $40 billion package of energy tax incentives unveiled last week by Sens. Baucus and Grassley, as well as a patch for the alternative minimum tax (AMT), $7 billion in disaster relief for the Midwest, and two year extensions of expired expiring business tax provisions, including the new markets tax credit (NMTC). Senators may vote this week to replace the current text of H.R. 6049, energy and tax extender legislation approved in the House earlier this year, with the revised tax extenders language.
To discuss the latest developments in the NMTC program, join Novogradac & Company at the Multi Credit Conference, October 1-3 in St. Louis, and the New Markets Tax Credit Investors Conference, October 22-24, in Boston.
TREASURY, IRS RELEASE 2008-2009 PRIORITY GUIDANCE PLAN
WASHINGTON, D.C.- September 11, 2008
The Treasury Department and Internal Revenue Service (IRS) yesterday released the 2008-2009 Priority Guidance Plan, which contains 314 projects that are scheduled for completion from July 2008 through June 2009. The plan includes finalizing the new markets tax credit (NMTC) regulations under Internal Revenue Code §45D that were proposed on August 11, 2008, as well as regulations on how an entity serving targeted populations meets the requirements to be a qualified active low-income community business (QALICB).
CDFI FUND UPDATES CIIS, INSTRUCTIONS FOR FYY 2008 REPORTS
WASHINGTON, D.C.- September 11, 2008
A new version of the Community Investment Impact System (CIIS), called CIIS 6.0, was made available online last month. CIIS is the web-based data collection system that community development entities (CDEs) use to submit institution level reports (ILRs) and transaction level reports (TLRs). The Community Development Financial Institutions (CDFI) Fund issued new instructions for ILRs and TLRs that are to be used by CDEs with fiscal years ending during 2008.
To discuss this and other developments in the world of community development, join Novogradac & Company LLP for the Multi Credit Conference, October 1-3 in St. Louis, and the New Markets Tax Credit Investors Conference, October 22-24, in Boston.
August
IRS ISSUES UPDATED NMTC REGULATIONS
WASHINGTON, D.C.- August 8, 2008
The Internal Revenue Service today released proposed amendments to the new markets tax credit (NMTC) regulations. The proposed regulations revise and clarify rules relating to the reasonable expectations rule, the redemption safe harbor for partnership community development entities (CDEs), and the termination of a partnership CDE under Section 708(b)(1)(B).
The amended regulations will be published in the Federal Register on August 11. Detailed analysis will be provided in the September issue of the Novogradac New Markets Tax Credit Report.
To discuss the latest developments in the NMTC program, join Novogradac & Company at the Multi Credit Conference, October 1-3 in St. Louis, and the New Markets Tax Credit Investors Conference, October 22-24, in Boston.
July
SENATE TO CONSIDER NMTC EXTENSION NEXT WEEK
WASHINGTON, D.C.- July 25, 2008
Senate Finance Committee Chairman Max Baucus, D-Mont., yesterday introduced S. 3335, the Jobs, Energy, Families and Disaster Relief Act, a package of tax extenders that would extend the new markets tax credit (NMTC) for one year. The measure would also extend and expand the production and investment tax credits for renewable energy. Click here for a summary of the bill’s provisions and its estimated revenue effects. The Senate is expected to take up S. 3335 for consideration next week.
June
CDFI FUND WEB SITE REPAIRED, CIIS REPORT DEADLINE EXTENDED
WASHINGTON, D.C.- June 27, 2008
The Community Development Financial Institutions (CDFI) Fund web site, www.cdfifund.gov, has been repaired and access to myCDFIFund accounts has been restored. As a result of the outage, the CIIS reporting deadline has been extended. The CDFI Fund has extended to July 11, 2008 at 11:59 p.m. EDT the deadline to complete the institution level reports (ILRs) and transaction level reports (TLRs) for period-end December 31, 2007 reports. This extension applies only to awardees and allocatees with a fiscal year-end of December 31, 2007.
CDFI FUND WORKING TO RESTORE WEB SITE ACCESS
WASHINGTON, D.C.- June 26, 2008
The Community Development Financial Institutions (CDFI) Fund web site, www.cdfifund.gov, is unavailable due to technical issues. At this time, awardees and allocatees cannot access their myCDFIFund accounts and therefore are unable to access the Community Investment Impact System (CIIS) to complete the institution level reports (ILRs) and transaction level reports (TLRs). Due to these circumstances, the CDFI Fund announced today that it extended the reporting deadline for period end December 31, 2007 reports to July 7, 2008. This extension applies only to awardees and allocatees with a fiscal year end of December 31, 2007.
The CDFI Fund's says its IT staff is addressing the situation and awardees will receive an e-mail notice when the web site and access to myCDFIFund have been restored. Questions should be directed to the CME unit helpdesk at 202-622-6330 or CME@CDFI.treas.gov.
NMTC APPLICANTS REMINDED OF QEI REPORTING DEADLINE
WASHINGTON, D.C.- June 10, 2008
Applicants for new markets tax credits (NMTCs) in the 2008 application round are reminded that pursuant to Section III.A.2.(a) of the 2008 Notice of Allocation Availability (NOAA), a prior NMTC allocatee (or any affiliates thereof) must demonstrate to the Community Development Financial Institutions (CDFI) Fund that it has issued a certain percentage of its qualified equity investments (QEIs) or issued and received a certain percentage of cash and commitments by June 13, 2008 in order to be eligible for a 2008 NMTC allocation. Applicants should also be sure to click the "finalize" button for any QEI information that is listed as "pending" for it to be finalized in the allocation tracking system (ATS).
May
CDFI FUND RELEASES INFORMATION ON NMTC PROJECTS FINANCED THROUGH 2006
WASHINGTON, D.C.- May 29, 2008
Through the fiscal year 2006 reporting period, community development entities (CDEs) disbursed a total of $5,448,054,264 to 1,131 different qualified active low-income community businesses (QALICBs) under the new markets tax credit (NMTC) program, according to data released today by the Community Development Financial Institutions (CDFI) Fund. The CDFI Fund requires all CDEs that receive NMTC allocations to provide annual reports detailing how the NMTC proceeds were invested in low-income communities. Click here for a summary report listing all QALICBs financed by CDEs in FY 2006.
To hear more about this new information, tune in to next week's Novogradac Report on Tax Credits. During the June 3 podcast, Michael J. Novogradac, CPA, will discuss this data as well as recently released information from the Internal Revenue Service about the audit status of the NMTC program.
The latest developments in the NMTC program will also be discussed by industry experts at the 7th Annual New Markets Tax Credit Spring Conference in Washington, D.C., June 12-13.
CDFI FUND REQUESTS QEI, COMMITMENT DOCUMENTATION FROM CERTAIN NMTC APPLICANTS
WASHINGTON, D.C.- May 23, 2008
The compliance and monitoring unit of the Community Development Financial Institutions (CDFI) Fund today sent an advance request for qualified equity investment (QEI) and commitment documentation to certain 2008 new markets tax credit (NMTC) applicants in advance of the June 13, 2008 QEI issuance deadline. This request was sent as part of the CDFI Fund's continuing review of 2008 NMTC applications. Pursuant to Section III.A.2.(a) of the 2008 Notice of Allocation Availability (NOAA), a prior NMTC allocatee (or any affiliates thereof) must demonstrate that it has issued a certain percentage of its QEIs or issued and received a certain percentage of cash and commitments by June 13, 2008 in order to be eligible for a 2008 NMTC allocation. The CDFI Fund says today’s request is intended specifically for those allocatees who have already met the required QEI issuance and commitment requirements. Questions about this documentation request can be sent to the CDFI Fund's compliance and monitoring unit.
WAYS AND MEANS COMMITTEE APPROVES ONE-YEAR NMTC EXTENSION
WASHINGTON, D.C.- May 15, 2008
By a vote of 25-12 the House Ways and Means Committee today approved H.R. 6049, the Energy and Tax Extenders Act of 2008. The bill would extend for one year, through 2009, the new markets tax credit (NMTC), permitting a $3.5 billion maximum annual amount of qualified equity investments. This proposal is estimated to cost $1.315 billion over 10 years. Click here for more information about the bill.
HOUSE WAYS AND MEANS COMMITTEE TO CONSIDER NMTC EXTENSION
WASHINGTON, D.C.- May 14, 2008
The House Ways and Means Committee is scheduled to mark up legislation tomorrow that would extend the New Markets Tax Credit (NMTC) program through 2009. Originally, the Energy and Tax Extenders Act of 2008 focused on only 2007 extenders and did not include programs like the NMTC that are set to expire at the end of this year. However, at a meeting of the committee's Democrats, sources say some members pushed to include certain extensions, including the NMTC, through 2009 at a cost of approximately $5 billion. Ways and Means Republicans are scheduled to caucus on the additions today.
More information on this legislation and the mark-up session will be posted on this web site as it becomes available.
WAYS AND MEANS TO CONSIDER ONE-YEAR EXTENDER PACKAGE
WASHINGTON, D.C.- May 8, 2008
At a press conference yesterday, House Ways and Means Committee Chairman Charles Rangel, D-N.Y., said his committee will consider a tax extenders bill next week. Media reports indicate the bill will include a one-year extension of some renewable energy tax provisions, and the New Markets Tax Credit (NMTC) Coalition reports that the proposal will also extend the NMTC for one year. Rangel told reporters that the package would be fully paid for but has not yet released details on the revenue offset provisions.
GOP SENATORS URGE APPROVAL FOR EXTENDERS PACKAGE WITHOUT OFFSETS
WASHINGTON, D.C.- May 1, 2008
A group of 42 Senators this week sent a letter to Senate Finance Committee Chairman Max Baucus, D-Mont., and Ranking Member Charles Grassley, R-Iowa, expressing their support for the Alternative Minimum Tax and Extenders Tax Relief Act of 2008, which Baucus and Grassley introduced on April 17, and urging that it be enacted without revenue offsets. In addition to increasing the AMT exemption and allowing nonrefundable personal credits against AMT, the measure would provide a one-year extension of the new markets tax credit (NMTC).
April
SENS. BAUCUS, D-MONT., AND GRASSLEY, R-IOWA, TO INTRODUCE LEGISLATION TO EXTEND NMTC
WASHINGTON, D.C.- April 17, 2008
U.S. Senate Finance Committee Chairman Max Baucus, D-Mont., and Ranking Member Charles Grassley, R-Iowa, today unveiled plans to introduce a bill that would extend through 2009 the New Markets Tax Credit (NMTC) program, which is set to expire December 31, 2008. The bill, which could be read by the Committee as soon as April 28, would also increase the alternative minimum tax (AMT) exemption and allow nonrefundable personal credits against AMT. Additionally, the legislation would make provisions to a series of energy tax credit programs, including an extension of the 30 percent investment tax credit for solar energy property and qualified fuel cell property, as well as the 10 percent investment tax credit for microturbines for one year (through 2009). It also includes an increase of $400 million to the Clean Renewable Energy Bonds (CREBs) program for bonds issued after December 31, 2008.
This and other pertinent legislation will be discussed at Novogradac & Company LLP's Expanding Tax Credit Horizons: Historic, New Markets, Low-Income Housing and Green Building Innovations conference, to be held April 22--24 in Cleveland, Ohio and the firm's Financing Renewable Energy Conference, May 1-2 in San Francisco, Calif.
NTMC PROGRAM RECOGNIZED IN GOVERNMENT AWARDS COMPETITION<
WASHINGTON, D.C.- April 15, 2008
The U.S. Department of the Treasury’s New Markets Tax Credit (NMTC) program was named today as one of the top 50 programs that will advance to the final stages of competition for the 2008 Innovations in American Government Award. The NMTC program was chosen from approximately 1,000 programs representing all levels of government across the nation that applied for this award. Through its annual awards competition, the Innovations in American Government Program highlights exemplary models of governments’ innovative performance. Click here for more information.
The NMTC program will be discussed at the 7th Annual New Markets Tax Credit Spring Conference June 12 - 13 in Washington, D.C.
TREASURY INVITES COMMENTS ON EXISTING NMTC REGULATIONS
WASHINGTON, D.C.- April 14, 2008
The Department of the Treasury and Internal Revenue Service (IRS) last week invited comments concerning existing final regulation, REG-119436-01 (TD 9171), New Markets Tax Credits. These regulations finalize the rules relating to the new markets tax credit under section 45D and replace the temporary regulations which expired on December 23, 2004. There are no changes proposed to the existing regulation. Written comments should be received on or before June 9, 2008 to be assured of consideration.
NMTC regulations and other timely topics will be discussed at Novogradac & Company LLP’s 7th Annual New Markets Tax Credit Spring Conference June 12 - 13 in Washington, D.C.
BILL EXTENDS NMTC ELIGIBILITY TO CDES IN U.S. TERRITORIES
WASHINGTON, D.C.- April 10, 2008
Rep. Madeleine Z. Bordallo, the delegate from Guam to the House of Representatives, yesterday introduced a measure to amend the Internal Revenue Code to extend eligibility under the new markets tax credit (NMTC) for community development entities (CDEs) created or organized in American Samoa, the Commonwealth of the Northern Mariana Islands, Guam, Puerto Rico, and the Virgin Islands. The legislation, H.R. 5742, was referred to the House Committee on Ways and Means upon its introduction.
March
CDFI FUND RECEIVES 239 NMTC APPLICATIONS IN SIXTH ROUND
WASHINGTON, D.C.- March 14, 2008
The Community Development Financial Institutions (CDFI) Fund announced today that it received a total of 239 applications under the 2008 round of the new markets tax credit (NMTC) program. Through the first five rounds of the NMTC program, the CDFI Fund has made 294 awards totaling $16 billion in tax credit allocation authority. The CDFI Fund reports that applicants in the sixth round requested an aggregate total of $21,301,795,539 in NTMC allocation authority. A total of $3.5 billion of allocation authority is available this round.
The application deadline was March 5, 2008. The CDFI Fund anticipates announcing the sixth round of NMTC allocations in October of 2008. Additional information can be found on the CDFI Fund’s web site at www.cdfifund.gov.
NMTC APPLICATIONS DUE TOMORROW
WASHINGTON, D.C.- March 4, 2008
Entities that wish to apply for new markets tax credit (NMTC) allocations in the 2008 round are reminded that in addition to submitting allocation applications by 5 p.m. (ET) on March 5, 2008, applicants for the 2008 round must meet additional remaining deadlines in order to be eligible for an allocation. The signature page and attachments for the electronic application must be must be mailed to the Bureau of Public Debt and postmarked on or before March 7, 2008. More information about these submission requirements can be found in Question #13 in the 2008 NMTC Allocation Application Q&A. In addition, previous allocatees must meet the necessary qualified equity investment (QEI) issuance thresholds as detailed in Section III of the 2008 Notice of Allocation Availability.
February
BUSH SIGNS ECONOMIC STIMULUS MEASURE
WASHINGTON, D.C.- February 13, 2008
President George W. Bush today signed the Economic Stimulus Act of 2008, calling it a "booster shot" for the American economy. The package includes tax rebate checks for individuals, incentives for business investment, and an increase in conforming and Federal Housing Administration (FHA) loan limits.
One of the incentives for business investment would allow businesses to deduct 50 percent of the cost of qualifying property placed in service in 2008. Under this provision, owners of a low-income housing tax credit (LIHTC) property placed in service in 2008 may be able to deduct up to 50 percent of the cost of personal property and land improvements. Click here for Novogradac & Company LLP's analysis of the availability of the bonus depreciation for LIHTC properties.
The economic stimulus package and its provisions, as well as the possibility that additional stimulus legislation could be introduced, will a topic of discussion at Novogradac & Company LLP's upcoming conferences.
CDFI FUND SEEKS TO FILL VACANT POSITIONS
Washington, D.C. — February 11, 2008
The U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund is currently seeking to fill several vacancies with individuals wanting to join a team of dedicated professionals. The CDFI Fund's mission is to expand the capacity of specialized, community-based financial institutions to provide credit, capital and financial services to underserved low-income populations and communities. Click here to view the current list of vacant positions. The CDFI Fund says it expects to post several more vacancies later this week.
CDFI FUND LISTS NMTC-ELIGIBLE, NON-METRO CENSUS TRACTS
Washington, D.C. — February 7, 2008
As part of its efforts to ensure that non-metropolitan counties receive a proportional allocation qualified equity investments (QEIs) under the new markets tax credit (NMTC) program, the Community Development Financial Institutions (CDFI) Fund published a list identifying 6,488 NMTC-eligible census tracts located in non-metropolitan counties. The CDFI Fund says these census tracts qualify for NMTC investments because they have a poverty rate of at least 20 percent and/or a median family income that is at or below 80 percent of the applicable area median family income. Click here to download the list.
CDFI FUND UPDATES NMTC APPLICATION Q&A DOCUMENT
Washington, D.C. — February 6, 2008
The Community Development Financial Institutions (CDFI) Fund has released updated guidance for new markets tax credit (NMTC) applicants. The current version of the 2008 NMTC Allocation Application Q&A Document revises and updates the Q&A document originally published on December 21, 2007. Modifications were made to Q&A numbers 7, 12, 29, 40 and 41. In addition, two new Q&As, numbers 35 and 44, have been added. Click here for more information.
ADMINISTRATION PROPOSES EXTENDING NMTC FOR ONE YEAR
Washington, D.C. — February 4, 2008
In the fiscal year (FY) 2009 proposed budget released today, the Bush Administration proposes extending the new markets tax credit (NMTC) for one year by authorizing a maximum of $3.5 billion of total equity investments for calendar year 2009.
January
SENATE COMMITTEE MARKS UP STIMULUS, CONSIDERS NMTC PROVISION
Washington, D.C. — January 30, 2008
The Senate Finance Committee meets today to mark up the Economic Stimulus Act of 2008 and will consider an amendment offered by Sens. Jay Rockefeller, D-W.V., and Olympia Snowe, R-Maine, to include in the stimulus package an additional $1 billion in new markets tax credit (NMTC) authority in 2008. The additional NMTCs would be allocated to qualified applications that were submitted in 2007 but did not receive awards because of overwhelming demand. In the 2007 allocation application round, more than 250 community development entities (CDEs) applied for approximately $28 billion in NMTCs, more than seven times the amount of credits available. A total of 61 CDEs received allocations totaling $3.9 billion.
IRS TO HEAR COMMENTS ON REPORTABLE TRANSACTIONS RULE
Washington, D.C. — January 18, 2008
The Internal Revenue Service (IRS) will hold a hearing regarding a proposed rule relating to the disclosure of reportable transactions under sections 6011 and 6111 of the Internal Revenue Code. These regulations propose to add the patented transactions category of reportable transaction to the regulations under Sec. 1.6011-4. The regulations also include conforming changes to the rules relating to the disclosure of reportable transactions by material advisors under section 6111. The public hearing is being held at 10 a.m. on February 21 in the auditorium of the Internal Revenue Building at 1111 Constitution Avenue, NW., Washington, D.C.
CDFI FUND SEEKS REVIEWERS FOR NMTC APPLICATIONS
Washington, D.C. — January 16, 2008
The Community Development Financial Institutions (CDFI) Fund is seeking reviewers to assist in its review of applications received under the New Markets Tax Credit (NMTC) program for the sixth round of allocation applications. Working in teams but reading each application independently and without consultation, reviewers will evaluate the applications using the CDFI Fund's established review criteria, including such factors as prior performance of the applicant in funding eligible activities; raising and managing investor funds; capacity, skills and experience of the management team; proposed deployment of allocated tax credit authority; and community impact of the expected investments. The review process for the 2008 application round will begin in early April; individuals interested in participating in the review process must submit a questionnaire and resume to the CDFI Fund by February 15, 2008 to ensure consideration for the 2008 round NMTC review session. Click here for more information.
CDFI FUND TO HOST NMTC APPLICATION WORKSHOPS
Washington, D.C. — January 4, 2008
The U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund will conduct six live application workshops and one webcast workshop for those interested in learning how to apply for the sixth round of competition for tax credits on $3.5 billion of equity investments under the New Markets Tax Credit (NMTC) program. To attend a live workshop, participants must register online.
The CDFI Fund's 2008 NMTC program application workshops are scheduled for 9:00 a.m. – 12:00 p.m. local time for the following dates and locations:
In addition to these in-person sessions, a 2008 NMTC program application workshop will be provided as a webcast that will be broadcast live at 1 p.m. (EST) on January 16. A link to the webcast will be made available on the CDFI Fund's web site the morning of Jan. 16. Advance registration is not required.