Posts Tagged ‘Community Development Finance Institution’

Congress Extends New Markets Tax Credit: $7 Billion Over Two Years


The tax credit community can breath a sigh of relief and look forward to a better New Year with the news that President Obama signed legislation on a number of tax extender provisions including the New Markets Tax Credit. H.R. 8, the American Taxpayer Relief Act of 2012  extends NMTC for two years, allocating $3.5 [...]

The NMTC Story Continues: H.R. 2655 Supports $5 Billion Annual Allocation


Congressional members on both sides of the aisle support a renewal of the New Markets Tax Credit (NMTC) program.  House Resolution 2655 currently has 86 cosponsors and proposes to extend the credit through 2016 with a $5 billion annual allocation. The demand for program, however, far exceeds this allocation. The Community Development Financial Institutions (CDFI) [...]

Finance Fund CEO, James R. Klein, To Serve on the New Markets Tax Credit Coalition Executive Committee


James Klein, Finance Fund CEO, has been elected to a seat on the Executive Committee of the New Markets Tax Credit Coalition (NMTCC). The 48-seat board is comprised of members from leading organizations that utilize NMTC, lending institutions, investors, and business professionals. Klein’s duties include advising on policy and regulatory issues that affect the use [...]

Finance Fund Welcomes Ohio General Assembly leaders to special open house highlighting Ohio community development


On Wed., April 21, we proudly hosted several state legislators, community leaders and Finance Fund project partners at the Capital Club in downtown Columbus. It was an excellent opportunity to share how Finance Fund has positively impacted some of the state’s most distressed communities. We highlighted four partnership “success stories,” including Ohio Basic Minerals in [...]

Treasury Continues to Support NMTC Program


On February 19th I participated in a conference call in which senior Treasury officials provided remarks preceding a press release and fact sheet further supporting the inclusion of a New Markets Tax Credit program extension for 2010 & 2011 in the President’s proposed budget. “As part of the Administration’s strategy to restore prosperity and create [...]

$50 Million to Finance Fund : New Markets Tax Credits Announced Today


This is a pretty important day in the history of Finance Fund. We learned this morning that we have been awarded $50 million in New Markets Tax Credits from the CDFI Fund in the U.S. Department of Treasury. The funding will be used to offer low-interest financing for projects that revitalize both urban and rural low-income [...]

Community Banks Invited to Invest Now


Editor’s Note:  This post is from Valerie Heiby, our Director of Development. We have all heard how market conditions and increased competition have affected the health of Ohio’s community banking sector and the quality and availability of banking products and services. But in this economy, it’s imperative to find new ways to do business. Investing [...]

A D.C. Visit


I begin today with two days at the Novogradic New Markets Tax Credit Conference talking about current hot button issues in the industry. The most prevalent is the recently release GAO report “Minority Entities Are Less Successful in Obtaining Awards Than Non-Minority Entities” that attempts to identify reasons for the lack of success. I have [...]

A Market Assessment.


Every few years Finance Fund has taken an informal look at the “Low Income Community” market by soliciting input from groups of stakeholders and using the information to inform strategies, work planning, and product development. The drive is to always play to what the market needs and tailor resource offerings around that center. With the [...]

How about some solutions with the theater?


Media around the world is focused on the U.S bail out. I know this as a fact, sitting in a hotel room in Venice hearing CNN, CNBC, BBC, & SKY News spend significant time on bonuses paid with stimulus money. In the Congress we now have hearings on who knew what about who all of [...]

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