NMTC INTRO - The Beginning

Why don't we cover the basics of the NMTC Program's humble beginnings:

• The New Markets Tax Credits (NMTC) Program was signed into law December 21, 2000 via the Community Renewal Tax Relief Act of 2000
• The NMTC Program is administered by the CDFI Fund which is part of the Department of Treasury.
• The Program was initially written into law with an expiry date of 2007 (we will talk later about the extension of the program and efforts to bring about permanent NMTC legislature).

According to the CDFI Fund, it:

Is authorized to allocate to CDEs the authority to issue to their investors
up to the aggregate amount of $16 billion in equity as to which NMTCs can be
claimed, including $1 billion of special allocation authority to be used for the
recovery and redevelopment of the Gulf Opportunity Zone.
To date, the Fund
has made 233 awards totaling $12.1 billion in allocation authority.

I hope this was helpful & welcome your comments!
Regards,
NaShawndra Jackson-Davis