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Callen-Lorde Community Health Center announced in mid-January the planned $18.2 million expansion with a new facility in Brooklyn. Primary Care Development Corporation (PCDC) provided $6 million in debt financing and $8 million in federal new markets tax credits (NMTCs). The 25,000-square-foot clinic will be the first development to be funded through the state Community Health Care Revolving Capital Fund. The $19.5 million fund was created last year through a public-private partnership between the state and PCDC, and will provide $2.5 million to Callen-Lorde. The facility is expected to serve an additional 15,000 patients and create 100 full-time jobs.
Legislation was introduced March 12 in both the House of Representatives and the U.S. Senate to reauthorize and make permanent the new markets tax credit (NMTC). The New Markets Tax Credit Extension Act of 2019 would also include an inflation adjustment to the annual NMTC allocation authority and the ability to offset the alternative minimum tax. H.R. 1680 was introduced by Reps. Tom Reed, D-N.Y., Terri Sewell, D-Ala., and 16 other members of the House Ways and Means Committee, while the Senate version, S. 750, was introduced by Sens. Ben Cardin, D-Md., and Roy Blunt, R-Mo. The NMTC is currently authorized through 2019.
The Treasury Department’s second-quarter update to the 2018-2019 Priority Guidance Plan was released April 5. The update includes plans to provide guidance for the low-income housing tax credit average-income test, the use of historic tax credit for disaster relief, regulations to clarify certain rules for the new markets tax credit (NMTC) and guidance on private-activity bonds for affordable housing. The Priority Guidance Plan covers the period from July 1, 2018, through June 30, 2019, and the update includes projects published or released in the quarter ending Dec. 31, 2018. Of the 239 guidance projects in the 2018-2019 Priority Guidance Plan, 44 were completed before the publication of the update, including the first tranche of guidance on the opportunity zones incentive.
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