The NMTC Coalition has released the 2023 New Markets Tax Credit Progress Report. The Progress Report highlights the many impactful outcomes created by the New Markets Tax Credit, spotlighting the prior year's successful projects and outlining the ongoing needs faced by low-income communities throughout the United States.
Exciting news from the NMTC Coalition as they applaud Representatives Claudia Tenney (R-NY) and Terri Sewell (D-AL) for introducing the New Markets Tax Credit (NMTC) Extension Act of 2023. The bipartisan effort aims to provide much-needed resources to low-income and marginalized communities through the establishment of NMTC as a permanent part of the tax code. The legislation permanently extends the NMTC at $5 billion in annual credit authority and adjusts that amount for inflation in future years. The NMTC has a clear track record of creating jobs and bringing much-needed economic development to underserved areas.
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced today that it received 197 applications for the calendar year (CY) 2022 round of the New Markets Tax Credit Program (NMTC Program). The NMTC Program advances economic development in economically distressed communities by making tax credit allocations available to Community Development Entities (CDEs) for targeted investments in eligible areas.
Read the latest from Jim Howard on #NMTCs and the impactful Momeni & Sons warehouse and distribution facility financed in Adairsville, Georgia. Jim Howard and Rick Kraemer will be speaking at the Bank Director’s Acquire or Be Acquired Conference in Phoenix, AZ on January 30th. New Markets Tax Credit Investment: A Unique Value Proposition Learn how some of the largest financial institutions utilize New Markets Tax Credit investments to reduce federal tax and enhance earnings, while at the same time supporting CRA and ESG initiatives.
Baltimore, MD - Treasurer of the United States Chief Lynn Malerba, joined by U.S. Senators Benjamin L. Cardin and Chris Van Hollen, U.S. Representative Kweisi Mfume, and Community Development Financial Institutions Fund (CDFI Fund) Director Jodie Harris, today announced more than $5 billion in New Markets Tax Credit (NMTC) awards nationwide. Speaking at the recently redeveloped Lexington Market, Treasurer Chief Malerba announced the selection of 107 organizations across the country to receive NMTC allocation awards, made through the calendar year (CY) 2021 round of the NMTC Program.
MEMPHIS, Tenn. (WMC) - A rich history was preserved and revitalized 5 years ago this week. Many Memphians know the 14-story building when they drive down North Parkway and North Watkins. Crosstown Concourse is like a beacon for this part of the city. Saturday was Crosstown Concourse’s “Splashdown,” an event for parents and their kids to close out the summer with fun in the sun, bubbles too.
Juanita Easterling, 39, of Avon, shares a connection with her employees that most bosses don’t. Easterling, an Indianapolis native who has worked in manufacturing since college, now works for Goodwill of Central & Southern Indiana as the plant manager of Cook Medical’s brand-new $15 million medical manufacturing facility on the northeast side of Indianapolis. Goodwill staffs and manages the facility, which produces medical devices for Cook.
CINCINNATI — When DePaul Cristo Rey’s students walk across the stage on May 31, all of them will have plenty to celebrate. They made it through three disruptive years of high school, transitioned through online learning, saw their work study go remote, lost out on countless hands-on opportunities, and yet through it all, every student found a way to end their high school experience the way they hoped. All 69 graduating seniors were accepted to four-year universities, the eighth consecutive class from DPCR to do so.
Lauderdale Community Hospital will construct a new, state of the art facility to replace an obsolete hospital in rural Ripley, Tennessee. The project will provide significantly improved facilities for patients and staff with the latest medical equipment, plus a significantly more efficient layout. More than $22MM is being invested in the facility to improve and expand services including: Emergency Cardiac and Pulmonary Rehab, Surgery Services, Radiology, Laboratory, Physical Rehabilitation, Acute Care, and Respiratory Therapy. DVCI is proud to have provided $9,000,000 in #NMTC allocation to this impactful rural hospital. Additional NMTC allocation was provided by CCG COMMUNITY PARTNERS LLC ($6,000,000) and Hope Enterprise Corporation ($8,000,000).