Search
 

Behind This Year's NMTC Award Round

WASHINGTON, DC—The Treasury Department announced it would distribute $3.5 billion of New Market Tax Credits to organizations across the country. In this UPDATE we take a closer look at the program and the 85 Community Development Entities that were selected.

By Sule Aygoren | Updated on April 25, 2013

WASHINGTON, DC—The US Department of the Treasury yesterday announced it would distribute $3.5 billion of New Market Tax Credits to 85 Community Development Entities throughout the US, in its tenth round of allocations. To date, the Community Development Financial Institutions Fund has made 749 allocation awards totaling $36.5 billion in tax credit authority, including $3 billion in Recovery Act awards and $1 billion that was specifically set aside for recovery and redevelopment in the wake of Hurricane Katrina.

As GlobeSt.com reported this morning, Treasury assistant secretary for financial institutions Cyrus Amir-Mokri, US Senator Charles E. Schumer (D-NY) and CDFI Fund director Donna J. Gambrell made the announcement. The Fund distributed the NMTCs to the CDEs, which are spread through 28 states and the District of Columbia. The CDEs will provide services in a wide range of local and state areas as well as on the national level.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.