A year after it was rescued from elimination, the federal New Market Tax Credit program is again facing extinction. Congress must act before the end of the year to save the popular tool for subsidizing investment in underserved communities.
"The premise behind New Market Tax Credits, or NMTCs, is simple: While there is certainly both need and opportunity in underserved communities, there isn’t much capital or private sector money," explains Bill Bradley. "So developers, business leaders and entrepreneurs in these areas — dubbed 'New Markets' — received federal subsidies to encourage more investment."
"In June, senators Jay Rockefeller (D-West Virginia) and Roy Blunt (R-Missouri) introduced legislation to have the program extended permanently. At the moment, however, there’s no sign that it will continue come the new year. Which seems crazy, given both the demand and the program’s success."
FULL STORY: New Market Tax Credits Set to Expire
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Planetizen Federal Action Tracker
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Ohio Forces Data Centers to Prepay for Power
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Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
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Caltrans
City of Fort Worth
Mpact (founded as Rail~Volution)
City of Camden Redevelopment Agency
City of Astoria
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City of Laramie