$3.5 billion New Market Tax Credit announcement

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MoneyOn June 5, 2014, the U.S. Department of Treasury Community Development Financial Institution Fund (CDFI) announced that 87 Community Development Entities have been selected to receive $3.5 billion in New Market Tax Credit (NMTC) awards. A list of the Community Development Entities, the amounts and principal service area to be served can be found on the CDFI Fund website.

NMTC are an excellent financing tool in rebuilding communities for and with housing authorities, as New Market Tax Credits can be used to fund non-housing amenities. NMTC have been awarded to Housing Authority affiliates and have been utilized at former public housing sites to finance charter schools and community centers. With some creative structuring, NMTC can also be used to fund mixed-use projects that include housing. The NMTC program was established in 2000 to spur new and increased investments into operating businesses and real estate projects in low income communities. Check out the NMTC awards in your area.

 


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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