On June 18th, the Subcommittee on Select Revenue Measures of the House Committee on Ways and Means held a hearing on the New Markets Tax Credit Program (NMTC). Testifying were Donna J. Gambrell - CDFI Fund, Michael Brostek - GAO, Ron Phillips - CEI, Blondel A. Pinnock - Carver Bank, Joseph Haskins, Jr. – Harbor Bank, William Michael Cunningham – CIR, and James R. Klein - Ohio Community Development Finance Fund. In his opening statement, Chairman Richard E. Neal (D-MA) explained that the Subcommittee on Select Revenue Measures is beginning its hearing process with the Subcommittee on Domestic Monetary Policy and Technology of the Financial Services Committee on issues involving the New Markets Tax Credit program. He pointed to a recent GAO report showing that minority-owned or controlled entities are less successful than non-minority owned or controlled entities in the NMTC application process. He emphasized the importance of the New Markets Tax Credit program as a way to encourage
Showing posts with the label NMTC
- Other Apps
We expect to testify soon before the Committee on Ways and Means of the US House concerning the NEW MARKETS TAX CREDIT PROGRAM and why "Minority Entities Are Less Successful in Obtaining Awards Than Non-Minority Entities." According to a report issued by the Government Accountability Office ( GAO ), "From 2005 through 2008, minority-owned CDEs were successful with about 9 percent of the NMTC applications that they submitted to the CDFI Fund and received about $354 million of the $8.7 billion for which they applied, or about 4 percent. By comparison, non-minority CDEs were successful with about 27 percent of their applications and received $13.2 billion of the $89.7 billion for which they applied, or about 15 percent." We expect that the hearing will be held mid-June, and will note the date and location in a blog post.