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New Markets Tax Credit Connection - Summer 2013


Summer 2013

The Unwind – The Investor's Perspective
In the third of a three-part series that discusses unwinds for different parties involved in a New Markets Tax Credit (NMTC) transaction, we review the unwind from the perspective of the leading NMTC investor in the country, U.S. Bancorp Community Development Corporation, the community development subsidiary of U.S. Bank.

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What Does the New Allocation Mean for You?
On July 24, the CDFI Fund released the Notice of Allocation Availability (NOAA) for the 2013 and 2014 NMTC application rounds. The calendar year 2013 $3.5 billion was approved by Congress and the CDFI Fund is also including the $5 billion that is requested in the President’s 2014 Budget.

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Hurricane Sandy Legislation
A bipartisan coalition from the House of Representatives introduced legislation to provide additional tax relief to those affected by Hurricane Sandy. The bill would allow for, among other things, a special allocation of $250,000,000 of NMTC investment authority to be used in Hurricane Sandy disaster areas.

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New Allocation Agreement Disclosure Statement Requirements
On the heels of the latest announcement of NMTC awards, the CDFI Fund released the template of the Allocation Agreement to be used for the latest round of awards.

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In Case You Missed It: 2013 Annual New Markets Tax Credit Summit Recap
Please view the 2013 event recap page, which includes conference videos, summaries of several key presentations, and a photo gallery with memorable moments from our James Bond-themed Networking Extravaganza.

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NMTC Coalition Corner
In June, Senators Jay Rockefeller (D-W.Va.) and Roy Blunt (R-Mo.) introduced legislation to provide a permanent extension for the NMTC. The New Markets Tax Credit Act of 2013 (S. 1133) would extend the Credit indefinitely by making it a permanent part of the Internal Revenue Code, and enhance the potential impact of the Credit by increasing the annual NMTC allocation.

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