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New Markets Tax Credit News Briefs - March 2024

The Community Development Financial Institutions Fund announced Jan. 26 that it received applications from 196 community development entities (CDEs) for the calendar year (CY) 2023 round of new markets tax credit (NMTC) allocation. The announcement stated that applicants are headquartered in 44 states as well as the District of Columbia and Puerto Rico. These CDEs requested $14.7 billion in NMTC allocation authority, nearly triple the $5 billion available for the CY 2023 round.

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The National Trust Community Investment Corporation (NTCIC) announced Jan. 24 David G. Clower as its next president and CEO. Clower will depart his role as executive vice president of strategic investments at Raza Development Fund, the latest stop in a decade spanning three decades. Clower marks the third president for NTCIC, succeeding John Leith-Tetrault and Merrill Hoopengardner. Clower assumes the role Feb. 20.

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The Office of the Comptroller of the Currency released a list of 18 Community Reinvestment Act performance evaluations made public in January. Six were outstanding, nine were satisfactory and three were “needs to improve.” The list includes national banks, federal savings associations and insured federal branches of foreign banks.

Journal Category:

New Markets Tax Credit

Authors:

Novogradac

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