Treasury Announced $5 Billion in New Markets Tax Credit Awards to Revitalize Low-Income and Distressed Communities

U.S. Department of the Treasury

Treasurer of the United States Chief Lynn Malerba, joined by U.S. Senators Benjamin L. Cardin and Chris Van Hollen, U.S. Representative Kweisi Mfume, and Community Development Financial Institutions Fund (CDFI Fund) Director Jodie Harris, today announced more than $5 billion in New Markets Tax Credit (NMTC) awards nationwide. Speaking at the recently redeveloped Lexington Market, Treasurer Chief Malerba announced the selection of 107 organizations across the country to receive NMTC allocation awards, made through the calendar year (CY) 2021 round of the NMTC Program.

“Twenty years ago, the Treasury Department announced the first New Markets Tax Credit awards, and for many economic development projects across the country since then, the New Markets Tax Credit has been a vitally important piece of the puzzle,” Treasurer Chief Malerba, said. “This program has created or retained hundreds of thousands of jobs and spurred economic growth in many low-income communities across our country. It is important that Congress sustain these investments over time by making the New Markets Tax Credit Program permanent.”

Treasury’s announcement was made today at the new Lexington Market building, home to the longest continuously operating public market in the nation, located in the heart of Baltimore City. Previous NMTC awards were used to finance the $45 million dollar transformation that has resulted in the construction of the new public market building and a block-long public plaza. 

“Lexington Market demonstrates what can be accomplished when projects in low-income communities can access needed financing for initiatives that will help revitalize them,” said Director Harris. “We often associate the New Markets Tax Credit with new buildings, but just as frequently, the tax credit allows for a new use of an existing property. The Lexington Market project will breathe new life into this neighborhood by making fresh food available to residents, build local businesses and wealth, and provide a community gathering place”. . .

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Know Which of the 571 Rules Mandated by SBA’s New Servicing and Liquidation SOP 5057 are Important!

Coleman Webinar 10/4

Did you know SBA uses the word “must” 571 times in the new 5057 3?

SBA warns lenders on page two of the new SOP: SBA will treat any contemplated Loan Action…that is in conflict with the use of the word “must” in this SOP as an exception to the policy.

Lenders must service and liquidate their SBA Loans in a commercially reasonable manner that is free of conflicts of interest and Preferences and consistent with the Loan Authorization, Prudent Servicing, and/or Prudent Liquidation practices 

Taught by SBA SOP guru Lance Sexton, he will sort through the new SOP and give you and your staff his real-world insights into what is important and what exactly must be done to comply with SBA’s expectations of how you service your loan portfolio.. . .Download the registration form.

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SBA Lending Conference Schedule 2023-2024

NADCO NOW’23 – November 13-17, 2023 – New Orleans, LA, New Orleans Marriott

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The early bird registration rate runs through November 30, 2023, and ranges from $399 to $749. The regular rate then goes through February 15, 2024, and ranges from $399 to $799. The late rate starts on February 16, 2024, and ranges from $399 to $899.

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