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2015 New Markets Tax Credit Summit: Bright Lights, Big Ideas

Second Quarter 2015


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Set against a stunning representation of the Miami skyline at twilight, CohnReznick held its 14th Annual New Markets Tax Credit Summit on May 11-13, 2015 at the beautiful Loews Hotel in Miami Beach. Now regarded by many as the premier conference and networking event supporting the NMTC Program, nearly 600 people gathered to discuss the latest trends, legislative issues, business strategies, and future of the industry.

Bob Ibanez, CDFI Fund Program Manager for the NMTC and Bank Enterprise Award Programs, was tapped to deliver the keynote address on Day 1 of the event. A pre-conference half-day educational forum had preceded this and, for the first time, both a 101 workshop (for NMTC novices) and a new 202 workshop (for those with more experience) were held concurrently.

Bob Moss (CohnReznick), Bob Rapoza (Rapoza Associates) and Daniel Marsh (National Development Council) discussed the current status of legislation pertaining to the NMTC. Led by representatives of both the House and Senate, the New Markets Tax Credit Extension Act of 2015 proposes to permanently extend the NMTC, increase allocation authority to $5 billion annually, and exempt NMTC investments from the alternative minimum tax. Attendees were encouraged to contact their representatives and senators and urge them to co-sponsor The New Markets Tax Credit Extension Act, H.R. 855 /S.591.

Other agenda items for the summit included an overview of other programs offered by the CDFI Fund in addition to the NMTC Program. Moderated by Scott Szeliga, CohnReznick partner and NMTC industry practice leader, these programs include the CDFI Bond Guarantee Program and the Capital Magnet Fund, among others. Other CohnReznick practice professionals were on hand to moderate panel discussions. These included Marshall Phillips ( Case Study: Twinning the HTC and the NMTC), Beth Mullen (Community Development Beyond the NMTC), Adam Kleeman (Investor Roundtable) and Ira Weinstein(CDE Metrics and Measures).

There was also a very special tribute video from friends of David Reznick. As many of you know, David, who passed away earlier this year, championed support of low-income communities and was a pioneer in affordable housing. David was also a regular attendee at many of CohnReznick’s previous NMTC summits.

As always, the success of the 2015 NMTC Summit was due to the exceptional panelists and guest speakers who were kind enough to share their time and their insights during the event. We couldn’t have done it without them, and we thank them again for taking part.

Finally, in true NMTC Summit fashion, attendees were treated to a grand opening night networking extravaganza. Hosted poolside at the Loews Hotel, “Bright Lights, Big City” was a celebration of all that Miami has to offer. NMTC Summit guests donned their best “casual whites” to sample the cuisine, the cocktails, the music, and the sights that are uniquely Miami. It was a splendid evening and a highlight among highlights of a very special and important summit.

See you next year!

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.
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