Country / Language

CDFI Fund Awards $3.5 Billion in NMTC Authority


6/15/15

On June 15, 2015, the U.S. Department of Treasury’s Community Development Financial Institutions (CDFI) Fund announced the recipients of its 2014 New Markets Tax Credit (NMTC) awards.
 
The awards totaled $3.5 billion in tax credit authority. A total of 76 organizations (allocatees) will receive tax credit allocation authority under the calendar year 2014 round of the program. The 76 organizations were chosen from a pool of 263 applicants that had requested more than $19 billion in allocation authority. The organizations are headquartered in 27 different states and the District of Columbia, and have identified principal service areas that will cover every state in the country and the District of Columbia. A list of the allocatees, and other information on the 2014 NMTC Program, is available here.
 
“We applaud all of the organizations that were awarded NMTC allocations today and we look forward to seeing how these organizations will utilize their allocations to positively impact the low-income communities they serve,” said Scott Szeliga, a partner and NMTC Practice Leader at CohnReznick. “We especially want to congratulate all CohnReznick clients who received over $1.3 billion in awards today.”
 
Since the NMTC Program’s inception in 2000, more than $43 billion in tax credit authority has been awarded to Community Development Entities through the NMTC Program and nearly 600,000 jobs are estimated to have been created or retained. “Over its 15-year history, the New Markets Tax Credit Program has successfully fostered competition for private sector investment into low-income communities that lack access to the capital needed to support and grow businesses, create jobs, and sustain healthy local economies,” said Annie Donovan, Director of the CDFI Fund. “The investments made possible by today’s awards will have significant impact nationwide." 
 
Contact
To learn more about CohnReznick’s services on behalf of the NMTC Program, visit our NMTC Resource Center or contact Scott Szeliga, partner, or Ira Weinstein, principal, at 410-783-4900.
 

This has been prepared for information purposes and general guidance only and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its members, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it. 

 

Search Our People

Search Our People

Look ahead. Gain insight. Imagine more. Is your business ready to break through?

View our new TV commercial..

Industry Outlooks

Industry Outlooks

Gain insight into what is ahead for the Commercial Real Estate, Technology and Middle Market Private Equity industries.

READ MORE

Learn about our upcoming events.

READ MORE

Working With Us

Working With Us

What makes CohnReznick different from others in our profession? And what should our clients come to expect when working with us? The answer is The CohnReznick Advantage. Contact us to learn how we can out the CohnReznick Advantage to work for your business.


People

The value of an organization is determined by the skills and qualities of its leaders. With more than 280 partners serving clients nationwide, CohnReznick is renowned for the diverse experiences, knowledge and backgrounds of its leadership.

Learn More

Services

We align our services in three segments: Accounting and Assurance, Tax, and Advisory. This approach allows us to provide holistic solutions to complex business problems and to seize upon opportunities requiring an integrated approach.

Learn More

Industries

Accounting and tax issues different significantly based on an organization's industry. We provide clients with expertise in nearly two dozen industries – we know the opportunities, the obstacles, the competitive landscape.

Learn more

Insights

CohnReznick professionals are thought leaders in their industries. Clients benefit from relevant and timely economic, legislative and industry insights that can keep them a step ahead of competition.

Learn More

Global Reach

Our involvement in the Nexia International network of firms enables us assist our clients wherever they do business-providing local expertise and connections wherever they needed. Nexia is comprised of 20,000 professionals operating in over 100 countries.

Learn More