New Markets Tax Credit Broadcast

Information by State  Print version

The New Markets Tax Credit (NMTC) Program enables taxpayers to receive credits against Federal income taxes for making up to $15 billion in investments in designated Community Development Entities (CDEs). The CDEs use these massive revenues to invest in low-income communities, including the Renewal Communities (RCs), Empowerment Zones (EZs) and Enterprise Communities (ECs) designated by HUD.

NMTCs are allocated annually to CDEs under a competitive process. The CDEs sell the tax credits to investors in exchange for stock or a capital interest in the CDEs. To qualify as a CDE, an organization must have a mission of serving, or providing investment capital for, low-income persons or low-income communities, such as the RCs, EZs and ECs.

On August 4, 2005 the Treasury CDFI Fund and HUD co-hosted a satellite broadcast detailing the value of the NMTC program to investors and to businesses in America's distressed urban and rural communities, including the Renewal Communities and Empowerment Zones. This broadcast offers background information on the NMTC program, discussion on how it can generate profits for investors and vital development in RCs, EZs, and other distressed communities, and details on applying for CDE designation and New Markets Tax Credit allocations.

Please visit http://www.hud.gov/webcasts/archives/cdfinewmrkts.cfm to view this broadcast. For more information on the New Markets Tax Credit program, please visit the website of Treasury's Community Development Financial Institutions Fund at www.cdfifund.gov.