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New Round Of Competition For NMTC Opens,
by Mike Godfrey, Tax-News.com, Washington
Thursday, December 20, 2007
The US Department of the Treasury on Tuesday announced the opening of the sixth
round of competition for tax credits on $3.5 billion of equity investments under
the New Markets Tax Credit (NMTC) Program.
The NMTC Program seeks to attract private-sector capital investment into the
nation's urban and rural low-income areas, in order to help finance community
development projects, stimulate economic growth and create jobs.
"I am very impressed with how this program is making significant impact
in low-income communities across the nation," observed CDFI Fund Director
Donna Gambrell. She continued:
"Capital is being raised and invested into projects many thought of as
just a dream – from critically needed community facilities and charter
schools to grocery stores and other businesses."
To date, the organizations awarded tax credits on $12.1 billion in equity investments
in the first four rounds have already raised $8.84 billion in equity from investors.
Through fiscal year 2006, these allocatees reported deploying a total of $5.45
billion in qualified loans and investments in low-income communities across
the nation.
Since the program's inception, these allocatees have reported:
Developing or rehabilitating over 46 million square feet of commercial real
estate;
Creating 146,000 full-time construction jobs;
Creating or maintaining 20,000 full-time jobs through loans or investments
supporting businesses operating in low-income communities; and
Providing Financial Counseling and other related services to 1,200 businesses.
This year's NMTC allocation round will include an emphasis on placing investments
in under-served rural communities. The allocation application deadline is March
5, 2008.
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