House Bill Would Increase NMTC Focus on Underserved Communities, Indian Country

Friday, July 19, 2019 - 9:00am

Rep. Denny Heck, D-Wash., and nine other members of the House of Representatives introduced legislation that if enacted would direct the Community Development Financial Institutions (CDFI) Fund to perform outreach to underserved low-income communities and to encourage investment in Indian country through the New Markets Tax Credit (NMTC) program. The Aiding Development of Vital Assets in Native Communities and Environments Act of 2019 (H.R. 3664) would require the CDFI Fund to create an outreach program for low-income communities with disproportionally low investment from community development entities (CDEs), including the addition of NMTC application questions that determine whether CDEs intend to invest in Indian country and to the “maximum extent practicable,” ensuring that at least one CDE with a primary mission in Indian country receives allocations each NMTC round.