CDFI Fund Awards $3.5 Billion in NMTCs
On June 5, 2014, the U.S. Department of Treasury’s Community Development Financial Institutions (CDFI) Fund announced its 2013 New Markets Tax Credit (NMTC) awards.
The awards totaled $3.5 billion in tax credit authority. A total of 87 organizations (allocatees) across the country will receive tax credit allocation authority under the calendar year 2013 round of the program. The 87 organizations were chosen from a pool of 310 applicants that requested over $25.9 billion in allocation authority.. They are headquartered in 32 different states and the District of Columbia, and have identified principal service areas that will cover nearly every state in the country and the District of Columbia. A list of the allocatees, and other information on the 2013 NMTC Program, is available here.
“We were delighted to learn that almost $1.8 billion, representing about half of this year’s total allocation, was awarded to CohnReznick clients,” said Gary Perlow, CohnReznick’s NMTC Practice Leader. “We congratulate our clients and all of the outstanding organizations receiving 2013 NMTC awards.”
Since the NMTC Program’s inception in 2000, over $31.1 billion of NMTC transactions have been reported through the end of fiscal year 2012. Nearly three-quarters of these were made in severely distressed communities according to Dennis Nolan, Acting Director of the Community Development Financial Institutions Fund. Nolan said: “The New Markets Tax Credit Program is clearly targeting economic development in communities that critically need financing to help create new businesses, affordable housing, and jobs.”
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