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New Markets Tax Credit News Briefs – August 2018

The New Markets Tax Credit (NMTC) program created $5.8 billion in total project investment and 60,000 jobs in 2017, according to the 2018 New Markets Tax Credit Progress Report, released mid-June by the New Markets Tax Credit Coalition. The annual report included information from 89 community development entities, covering 81 percent of NMTC activity in 2017. The report stated that 83 percent of NMTC projects in 2017 were in severely distressed communities, which far exceeds the statutory requirements. The report is available at www.newmarketscredits.com.

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The CDFI Fund announced June 15 a 90-day blackout period for submitting new CDFI certification applications. Applications will not be accepted between Aug. 1 and Oct. 31. This blackout period was implemented to allow the CDFI Fund to administer critical system updates that affect the CDFI Certification process. The CDFI Fund will resume accepting new CDFI certification application submissions Nov. 1. 

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The University Hospitals Rainbow Center for Women and Children in Cleveland opened its doors to new patients July 9. PNC provided a $7.1 million NMTC investment, as well as a $708,000 gift. According to its website, University Hospitals serves the needs of patients through an integrated network of 18 hospitals, more than 40 outpatient health centers and 200 physician offices throughout northern Ohio. The $26 million development is a 40,000-square-foot, three-story facility.

Journal Category:

New Markets Tax Credit

Authors:

Novogradac

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