New Markets Tax Credit News Briefs - September 2017

Monday, September 11, 2017

The Community Development Financial Institutions (CDFI) Fund announced Aug. 8 that 230 community development entities (CDEs) requested $16.2 billion in new markets tax credit (NMTC) authority in the 2017 round of the NMTC program. The $16.2 billion in requests is more than four times the $3.5 billion in NMTC authority available in the round, but is the lowest amount requested in the 14 rounds since the NMTC program began. CDEs that issued the requests are headquartered in 42 states, the District of Columbia, Puerto Rico and Guam.

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The application for the fiscal year 2017 round of the Capital Magnet Fund is available in the CDFI Fund’s awards management information system (AMIS). This announcement came from the CDFI Fund Aug. 8. Applications are due Aug. 31 by 5 p.m. ET, and there is $119.5 million in awards available. In order to complete the application, applicants must have submitted a valid SF-424 through Grants.gov by July 28. 

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Pennsylvania Gov. Tom Wolf announced July 27 that Commonwealth Cornerstone Group (CCG) completed a $9 million NMTC financing transaction for the development of the Eastern Tower Community Center project in Philadelphia. Philadelphia Chinatown Development Corporation’s (PCDC) mixed-use development, planned in collaboration with co-developer JNA Capital, will provide community, event and public recreation space in the neighborhood. The 20-story building will include 45,000 square feet on the ground to fifth floors, with the upper floors to eventually include 150 residential apartments. In addition to the community and recreation center, the commercial space is expected to include a convenience store, a restaurant, a coffee and tea shop, a preschool and a medical practice. The development is expected to support 371 full-time construction jobs, with 52 new full-time positions to be created and 19 retained. 

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