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New Markets Tax Credit News Briefs - May 2021

Mississippi Gov. Tate Reeves signed a bill March 17 to extend the sunset date of the state new markets tax credit (NMTC) incentive by three years, to July 1, 2024. H.B. 499 makes no other changes to the state NMTC incentive, which has an annual cap of $15 million, a transaction cap of $10 million and was set to expire July 1, 2021.

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The Community Development Financial Institutions (CDFI) Fund announced March 12 that it is extending the deadline to submit annual certification and data collection reports and compliance reports for organizations with a reporting deadline between March 28-31. Those reports are now due April 30. The deadline is extended to provide CDFIs with additional time to apply for assistance open through the CDFI Program, Native CDFI Assistance Program, CDFI Rapid Response program and the Emergency Capital Investment program.

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Nonprofit lender MoFi announced March 11 that it will be providing NMTCs for the redevelopment of a prominent building in downtown Helena, Montana. The development will be transformed into a mixed office and retail space. Valley Bank in Helena, Montana, will provide NMTC equity as well as debt financing.

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Northern Trust announced March 18 that it has provided a total of $13.2 million in low-income housing tax credit and NMTC equity to Colorado Coalition for the Homeless for the development of the Stout Street Recuperative Care Facility and Renaissance Legacy lofts. The development will provide 75 medical respite beds for people experiencing homelessness with acute medical or behavioral conditions who are hospitalized and cannot be safely discharged due to their health.

Journal Category:

New Markets Tax Credit

Authors:

Novogradac

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