September 28, 2020

Volume X, Number 272

September 28, 2020

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$3.5 Billion in New Markets Tax Credit Allocations Announced

The US Department of the Treasury's Community Development Financial Institutions Fund announced awards of $3.5 billion in New Markets Tax Credit authority to 73 community development entities (CDEs). The 73 CDEs receiving awards were selected from a pool of 214 applicants and are headquartered in 35 states, the District of Columbia, and Puerto Rico. 

The New Markets Tax Credit Program incentivizes private investment in low income communities. “This program is an important driver of economic and community development projects that create jobs and provide other positive impacts to low income communities," said Alan Lange, Managing Director of MuniStrategies. MuniStrategies has received five NMTC awards totaling $253 million, including a $55 million award in this round.

A list of the 73 CDEs receiving awards can be found here.

© 2020 Jones Walker LLPNational Law Review, Volume IX, Number 144


About this Author

Aileen Thomas, Banking Attorney, Jones Walker Law Firm

Aileen Thomas is a partner in the firm's Business & Commercial Transactions Practice Group in the Jackson office and a member of the firm's board of directors. As a bond attorney, Ms. Thomas regularly serves as bond, underwriter, and trustee counsel for a myriad of clients, including non-profit and public hospitals, institutions of higher learning, local school districts, and national and regional investment banking firms. In addition to her public finance practice, Ms. Thomas assists clients with large economic development and expansion projects, and is actively...

Jonathan Katz Federal Tax Attorney Jones Walker

Mr. Katz is a partner in the firm's Tax & Estates Practice Group. Mr. Katz' practice focuses predominately on federal taxation, with a particular focus in federal and state new markets tax credit and historic rehabilitation tax credit transactions. In addition to his tax credit practice, his federal tax practice includes estate planning and administration, federal alcohol excise tax compliance, nonprofit formation and compliance, S corporation compliance, and business organizations.  

In his tax credit practice, Mr. Katz represents institutional investors, project developers, lenders, community development entities (CDEs), and nonprofit organizations in projects that utilize a combination of various tax credits and other financing sources to fund industrial projects, operating businesses, mixed-use, commercial and residential real estate developments, and hotels. He also has significant experience financing public and quasi-public facilities with various state and federal tax incentives. Mr. Katz has represented investors, CDEs, and project developers in more than 60 federal and state new markets tax credit and historic rehabilitation tax credit transactions.