The New Market Tax Credit Program is a powerful incentive designed to encourage private investment into areas that have been deemed as qualified census tracts by the Federal government. Throughout the life of the NMTC Program, the Department of Treasury, through the CDFI Fund, has made 396 awards totaling $21 billion in allocation authority. [Read more…]

Heartland Renaissance Fund (HRF), an Arkansas-based Community Development Entity, announced today that it financed a substantial expansion to a torrefied wood pellet manufacturer, BTH Quitman Hickory, LLC. Heartland utilized $24 million dollars of its New Market Tax Credits (NMTC) to finance the expansion. The new equipment should increase the plant’s capacity and provide additional employment opportunities at its Quitman Mississippi facility. [Read more…]

New Market Tax Credits awarded to Heartland Renaissance Fund are to be used in the renovation of the historic Blass Building in downtown Little Rock. The building will be a mixed-use development containing office space, residential lofts, and restaurants or retail space. Read more about the project here.

The Department of Treasury has just announced that Heartland Renaissance Fund has been selected by the CDFI Fund to receive an allocation of $60 million New Market Tax Credits. This will be Heartland’s fourth NMTC allocation bringing its total NMTC allocations to $200 million. The announcement from the Department of Treasury can be viewed here. [Read more…]

The U.S. Treasury’s Community Development Financial Institutions Fund (CDFI Fund) will announce this afternoon the recipients chosen to receive an allocation through the New Market Tax Credit Program (NMTC). These credits are designed to increase capital investments in low-income communities. [Read more…]

The CDFI Fund gave word today that they will make the 2012 Round of NMTC Allocation Awards in April. In case you missed it, below is their short release: New Markets Tax Credit Program Update This morning President Obama signed the American Taxpayer Relief Act of 2012 which included an extension of the New Markets Tax Credit Program for 2012 and 2013. [Read more…]

At this hour the House of Representatives has just passed HR 8, The American Taxpayer Relief Act, by a vote of 257-167. The bill includes provisions to dodge the fiscal cliff on taxes and postpones for two months the across the board spending reductions required by the Budget Control Act. The package includes extension of New Markets Tax Credits for 2012 and 2013 at $3.5 billion in annual credit authority. [Read more…]

The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced today that the 2012 competition round for New Market Tax Credits was opening. The program, which was created in 2001, is in its tenth round of allocations. This year’s allocation may make up to $5 billion of tax credits available. [Read more…]

The Arkansas School for Mathematics, Science, & Arts is constructing a new student life complex that will include a residence hall for 250 students, dining hall, student lounge, and nursing office. [Read more…]

If you’re interested in knowing where New Market Tax Credit Investments were made in our state, Novogradac & Company has compiled this information (dated through 2010) by state and census tract. [Read more…]

A groundbreaking was held today at Arkansas Baptist College in Little Rock to kick off the renovation and expansion to be completed at the college with the assistance of New Market Tax Credit financing from Heartland Renaissance Fund LLC. The tax credits are being used to renovate Old Main, and to construct new residential facilities, classroom space, and a dining facility. [Read more…]

Heartland Renaissance Fund announced today that it is financing a new business and community center, lodge, and clay shooting recreational complex in Tillar, Arkansas, using New Market Tax Credits. The Delta Conference Center & Resort will host numerous events, including a world-class clay shooting tournament, aiming to attract visitors to the area. [Read more…]