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New Market Tax Credit News Briefs - February 2023

The Community Development Financial Institutions (CDFI) Fund Dec. 15, 2022, posted an updated calendar year 2022 (CY 2022) new markets tax credit (NMTC) allocation application frequently asked questions (FAQ) document. The updated guidance is in Section I of the FAQs and is in response to questions submitted through the CDFI Fund’s Award Management Information System for a conference call Question & Answer Webinar hosted Dec. 1. The additional guidance includes how applicants should discuss the ways in which their proposed NMTC investments would benefit low-income persons and communities. CY 2022 NMTC allocation applications were due Jan. 26.

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Washington, D.C., Mayor Muriel Bowser signed legislation in December 2022 providing a property tax exemption for real property belonging to qualified active low-income community businesses participating in transactions that qualify for a federal NMTC. B24-0798 requires the city to provide a decision on the exemption within 60 days of receiving an application. The exemption will be effective following a 30-day Congressional review.

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Seawall Development celebrated the soft reopening of Lexington Market in west Baltimore, Maryland, in October 2022. The $45 million redevelopment of a 61,000-square-foot building has history dating back to 1782. The site is primed to add 40 food stalls and a public events space. NMTCs were part of the capital stack.

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The Community Reinvestment Fund USA (CRF) in December 2022 appointed Matthew Roth as its next CEO. Roth will join the nonprofit CDFI March 1 following the retirement of founding CEO Frank Altman. Roth brings more than three decades of experience in community development, joining CRF after an eight-year stint as president at IFF, a Chicago-based CDFI. Altman, who founded CRF in 1988, announced his retirement in July 2022.

Journal Category:

New Markets Tax Credit

Authors:

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