The Dating Game: What Makes a QALICB Attractive to a CDE? In the most recent New Markets Tax Credit (NMTC) application round more than three hundred Community Development Entities (CDEs) submitted applications to the CDFI Fund. The number of applicants and the amount of allocation requested, over $26.5 billion, is an indicator of the demand for the NMTC amongst investors and the need for financing amongst low-income community businesses. With only $3.5 billion in allocation authority available to be awarded by the CDFI Fund, competition is keen amongst low-income community businesses seeking CDE financing. What makes a QALICB attractive to a CDE?  Read More
State NMTC Program Update As states have searched for ways to spur economic and community development within their borders some have adopted their own New Markets Tax Credit (NMTC) Programs. State NMTC programs typically piggyback off of the federal NMTC rules with slight variations. With access to financing still a challenge in this economy, developers have sought out non-traditional financing in order to complete their projects. One of the avenues used to close the financing gap has been the addition of state NMTCs to the deal. The following is a summary of recently enacted or proposed NMTC programs at the state level. Read More
Preservation and Education Thrive in New Orleans’ Musicians’ Village Musicians’ Village, a cornerstone of New Orleans Area Habitat for Humanity’s (NOAHH) post-Katrina rebuilding effort, was designed to both construct a community and preserve a culture. Conceived in 2006 by New Orlean natives Harry Connick, Jr. and Branford Marsalis, New Orleans Habitat’s Musicians’ Village has successfully established a community for the city’s several generations of musicians and other families. All together, the community has provided 72 single-family homes and 10 elder-friendly duplex units for the city’s displaced musicians. Read More
NMTC Coalition Corner NMTC Coalition Joins the Chorus of Calling for Tax Extenders in 2011
The NMTC Coalition submits this article just 24 hours after the members of the Joint Select Committee on Deficit Reduction, commonly referred to as the Super Committee, announced that they could not reach agreement on a $1.2 trillion deficit-reduction plan by the November 23 deadline set by the Budget Control Act. Read More
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