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New Markets Tax Credit Connection – Second Quarter 2015


Second Quarter 2015

CDFI Fund Awards $3.5 Billion in NMTC Authority
 
On June 15, 2015, the CDFI Fund announced the recipients of its 2014 New Markets Tax Credit (NMTC) awards. The award announcement reflected the highly competitive nature of the NMTC award application process, with only 29% of applying organizations receiving awards. Approximately 30% of the awardees are also certified Community Development Financial Institutions (CDFIs) or subsidiaries of certified CDFIs.
 
 
The 2014 NMTC Awards and Next Steps for an Extension
 
With the announcement of awards by the CDFI Fund on June 15, 2015, Bob Moss, National Director of Governmental Affairs, notes that we are reminded that we need to activate our advocacy efforts even more and press lawmaker’s for a permanent extension to retain this valuable financing tool. After last year’s disastrous extenders bill, the clock is ticking to get lawmakers to sign onto legislation introduced in the Senate and House, S. 591 and H.R. 855.
 
 
CDFI Fund – New Reporting Requirements
 
The CDFI Fund recently introduced two new reports as part of the Community Investment Impact System (CIIS). Overviews of these reports – the Sub-CDE Dissolution Report and the QEI Closeout Report – are provided in this article.
 
 
Case Study: Revitalizing a Former Massachusetts Industrial Hub
 
The recently completed Enterprise Building project, located in the central business district of one of Massachusetts’ historic industrial hubs – the City of Brockton,  is an example of the extraordinary outcomes the NMTC Program can generate within distressed low-income communities in New England.
 
 
2015 New Markets Tax Credit Summit: Bright Lights, Big Ideas
 
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 800 people gathered to discuss the latest trends, legislative issues, business strategies, and future of the industry.
 
 

Any advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues. Nor is it sufficient to avoid tax-related penalties. 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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