New Markets Tax Credits - Housing Forum. michael ross... · 2015. 5. 12. · Legislative Report:...
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New Markets Tax Credits An opportunity for your business
Transcript of New Markets Tax Credits - Housing Forum. michael ross... · 2015. 5. 12. · Legislative Report:...
New Markets Tax Credits An opportunity for your business
Legislative Report: NMTC Status
Expired December 31, 2014
2014 awards ($3.5 billion) will be announced in May or June
If the tax reform effort fails this year, NMTC must be
extended before the end of 2015
The next application round should open this summer, regardless of the status of an extension
President’s FY2016 Budget
Makes the NMTC permanent
Provides $5 billion in annual allocation authority
NMTC Awards to Local CDEs Community Development Entity City Type Amount
Commonwealth Cornerstone Group Harrisburg Statewide $226,000,000
National Community Capital Association Lancaster National $15,000,000
Northside Community Development Fund Philadelphia Local $6,500,000
Opportunity Finance Network Philadelphia National $15,000,000
PIDC Regional Development Corp. Pittsburgh Local $148,000,000
Pittsburgh Urban Initiatives Pittsburgh local $118,000,000
PNC Bank Pittsburgh National $243,000,000
Readings Future Reading Local $15,000,000
The Reinvestment Fund Pittsburgh National $408,419,753
Sovereign Community Development Co. Pittsburgh Multi-State $94,000,000
National Economic Impact (2003-2012)
NMTC Coalition’s December 2014 Economic Impact Report
$31 billion in NMTC financing to 3,800 projects totaling $63 billion in project costs
Nearly 750,000 jobs (457,487 construction jobs and 286,781 full-time equivalent jobs)
Jobs and economic activity pay for the cost of the program
$1.06 billion in NMTC financing went to 110 projects
8,107 construction jobs 8,370 full-time jobs Source: A Decade of
the NMTC (2014, NMTC Coalition)
Arts, 9.6% CDE, 2.5%
Community Services, 7.1%
Contractor, 0.1%
Education, 3.2%
Food Manufacturing,
1.0%
Grocery, 12.8%
Health, 7.4%
Hotel, 3.7%
Housing, 0.2% Manufacturing, 3.4%
Mixed-Use, 31.6%
Office, 2.4%
Restaurant, 0.0% Retail, 10.1%
Science/Research/Technology, 3.0%
Transportation/Warehousing, 1.8%
PA projects by industry (2003-2012)
NMTC Eligibility Statewide Harrisburg
NMTC Projects
Statewide Harrisburg
More Information
Michael Ross Director, the Valued Advisor Fund, LLC Partner, Baker Tilly Virchow Krause, LLP Email: [email protected] Phone: 608-240-2354
