The U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) released the 2012 Notice of Allocation Availability (NOAA) for the 2012 round of competition for $5 billion in New Markets Tax Credits, pending Congressional authorization of the New Markets Tax Credit Program.
SECDE Ventures, LLC announced the closing of $18 million in New Markets Tax Credit financing for construction of Resinall Corp's new Hydrogenated Hydrocarbon Resin unit at its manufacturing facility in Hattiesburg, Mississippi. By shifting into this new market and as a result of the NMTC financing, Resinall will preserve 125 manufacturing jobs, and create additional jobs.
This report was prepared by Rapoza Associates for the New Markets Tax Credit Coalition. The New Markets Tax Credit (NMTC) Coalition is a national membership organization that advocates on behalf of the NMTC program. The Coalition is managed by Rapoza Associates, a public interest lobbying, policy analysis, and government relations firm located in Washington, DC that specializes in providing comprehensive legislative and support services to community development organizations, associations and public agencies.
Under a tight deadline to begin construction last year on a solar thermal system for a poultry processing plant, North Carolina-based FLS Energy received construction funds at the end of September, strove to find American-made steel pipe and solar panels to start construction in October, and activated the project’s first two phases in December. The construction timeline put the Prestage Foods project safely within the qualification parameters for a Section 1603 cash grant in lieu of renewable energy investment tax credits (ITCs). Source: Novogradac Journal of Tax Credits, April 2012, Volume III, Issue IV
Local coverage of DV Community Investment's $65 Million New Markets Tax Credit Allocation.
New Orleans, LA - Neil Wolin, U.S. Treasury Deputy Secretary and Donna Gambrell, Director of the Community Development Financial Institutions Fund, announced the 70 Community Development Entities who were selected to receive New Markets Tax Credit allocations in the 9th Round. The New Markets Tax Credit allocations awarded totaled approximately $3.6 billion in tax equity.
The ninth round of New Markets Tax Credit (NMTC) Program Awards will be announced by Deputy Treasury Secretary Neal Wolin, along with Louisiana's U.S. Senator Mary Landrieu and Representative Cedric Richmond at on Thursday, February 23, 2012 2 p.m. CT. Five Louisiana institutions will receive New Markets Tax Credit allocations to invest in local development projects.
Macpherson Energy Company and DTE Energy Services (DTEES) today announced that Kern County's Mt. Poso cogeneration plant is completely converted to run 100 percent biomass fuel instead of coal, and is successfully delivering its full capacity of 44 megawatts of clean, renewable energy to the California grid.
According to the recently released "Historic Rehabilitation Tax Credit Recapture Survey," very low rates of recapture in Historic tax credit (HTC) transactions have been experienced. The report was commissioned by the National Trust for Historic Preservation and produced by Novogradac and Company LLP.