New Markets Tax Credit News Briefs - January 2021
President-elect Joe Biden Nov. 30. 2020, formally nominated Janet Yellen to be his Secretary of the Treasury. Yellen, the chairwoman of the Federal Reserve from 2014-2018, would be the 78th Treasury Secretary and first woman to hold the position if confirmed by the U.S. Senate. The Treasury Secretary oversees the Internal Revenue Service (IRS), which administers the low-income housing tax credit (LIHTC), opportunity zones incentive, renewable energy tax credits and–in partnership with National Park Service and State Historic Preservation Offices–the historic tax credit, as well as the Community Development Financial Institutions Fund, which administers the new markets tax credit (NMTC) incentive.
The Chicago Mayor’s office announced Nov. 23, 2020, that a vacant building in North Lawndale will be redeveloped to become the new campus for the North Lawndale Employment Network. The development received a $2.5 million Neighborhood Opportunity Fund grant from the city and $1.1 million in new markets tax credits. The development is expected to create 13 new jobs and 41 existing jobs will be consolidated on the site.