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News Now

Washington
New Market Tax Credit still a popular program
WASHINGTON (6/10/10)--The U.S. Treasury's Community Development Financial Institutions (CDFI) Fund on Wednesday announced that it has received 250 separate applications for portions of the $5 billion in funds that are being made available during the 2010 round of its New Market Tax Credit (NMTC). Credit unions and other financial institution requested a combined total of over $23 billion in funds. The Treasury announced the first round of the 2010 NMTC program in April. In a release, CDFI Fund Director Donna Gambrell said that she is “very pleased to see demand for the New Markets Tax Credit continue to rise in light of the challenges that the current economic climate presents for underserved communities." “The sustained increase in the number of applications indicates how important the New Markets Tax Credit is for attracting new investment and promoting job creation and economic recovery in distressed communities,” Gambrell added. Organizations that have received the NMTC credits, which are awarded through a competitive application process, have raised $15.8 billion in equity investments since the program began in 2002, according to the CDFI Fund. Credit unions are among those eligible to participate in the NMTC, which seeks to spur the investment of new private sector capital into low-income communities by permitting individual or corporate taxpayers to receive a credit against federal income taxes for making Qualified Equity Investments. Those investments must be made in designated Community Development Entities. The list of applicants that will receive funds through NMTC allocations should be announced this December, the CDFI release said. For the full release, use the resource link.
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