New Markets Tax Credit : Minority Entities Are Less Successful In Obtaining Awards Than Non-Minority Entities

Author: Michael Brostek
Publisher: DIANE Publishing
Keywords: entities, minority, obtaining, awards, non, successful, markets, credit, new, tax
Number of Pages: 67
Published: 2009-12
ISBN-10: 1437919316
ISBN-13: 9781437919318

Book Description:

The Community Develop. Financial Institutions (CDFI) Fund has awarded $19 bill. in New Markets Tax Credits (NMTC) to encourage invest. in low-income communities. The NMTC allows investors to claim a tax credit in exchange for investing in Community Development Entities (CDE) that reinvest the funds in qualified communities. This report: (1) identifies the number of minority and non-minority CDEs that have applied to the CDFI Fund and received NMTC awards; (2) explains the process by which the CDFI Fund makes NMTC awards; (3) describes challenges that minority and non-minority CDEs face in receiving NMTC awards; and (4) identifies efforts the CDFI Fund are taking to assist minority CDEs in applying for NMTC awards. Illus.

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