Now that the NOAA (Notice of Allocation Availability) has been published for the seventh annual round of the New Markets Tax Credits program, we and our tax credit industry colleagues share optimism amidst concern in the current economic environment. Tax credit investors require profits to claim the credits, and profits at many of the industry’s biggest investors have fallen precipitously. Some of the biggest industry participants are out of the market altogether.
We are encouraged, however, to see that the 2008 allocation round may be enhanced retroactively by $1.5 billion, and the 2009 round may be enhanced by $1.5 billion as well. This demonstrates the government’s confidence in the program, in which Community Development Entities have raised $12.6 billion in equity since its inception in 2002.
We support the NMTC program wholeheartedly, as even a relatively moderate allocation (by program standards) of $11 million in NMTCs has proven to be strong fertilizer for projects in some of the most economically underserved areas of South Los Angeles, namely the Bethany Square project. Bethany Square and other projects in the immediate area will only succeed with the kind of private investment enhancement that NMTCs provide.
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