Ways and Means Committee Members Call on CDFI Fund to Ensure Native Access to NMTCs
A bipartisan group of House Ways and Means Committee members submitted a letter this week calling on the Community Development Financial Institutions (CDFI) Fund to ensure Native communities have fair access to the new markets tax credit (NMTC). The 10 members–including committee chairman Richard Neal, D-Mass.–pointed out that the most recent round of NMTC allocations did not provide any credits to community development entities (CDEs) that commit 100 percent of their activities to assisting Native communities. Applications for the calendar year 2020 round of NMTC allocations are due Nov. 16.
The 2020 round and how the CDFI Fund makes allocation decisions will be among the topics at the virtual Novogradac 2020 New Markets Tax Credit Fall Conference, Oct. 29-30.