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Demand for New Markets Tax Credits Remains Strong 239 Applications Received Requesting Over $21.3 Billionhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=109Demand for New Markets Tax Credits Remains Strong 239 Applications Received Requesting Over $21.3 Billion<p> <strong>Washington, DC -- </strong>The U.S. Treasury Department's Community Development Financial Institutions (CDFI) Fund announced today that it received a total of 239 applications under the 2008 round of the New Markets Tax Credit (NMTC) Program. These applicants requested an aggregate total of $21,301,795,539 in NTMC allocation authority. A total of $3.5 billion of allocation authority is available this round with no set-aside for the Gulf Opportunity (GO) Zone.</p><p> "I am very pleased to see the level of interest in this important program remains strong," said CDFI Fund Director Donna Gambrell. "The impacts and results of investment in low-income communities due to the New Markets Tax Credit Program have remained constant even in this time of economic slow-down. I look forward to both the announcement next fall of those applicants selected under the 2008 round and to the future impact that these allocatees will have by creating jobs and generating economic growth in our nation's low-income communities."</p><p>The NMTC Program, established by Congress in December of 2000, permits individual and corporate taxpayers to receive a credit against federal income taxes for making qualified equity investments in investment vehicles known as Community Development Entities (CDEs). The credit provided to the investor totals 39 percent of the cost of the investment and is claimed over a seven-year period. Substantially all of the taxpayer's investment must in turn be used by the CDE to make qualified investments in low-income communities. Successful applicants are selected only after a competitive application and rigorous review process that is administered by the CDFI Fund.</p><p>The application deadline was March 5, 2008. The CDFI Fund anticipates announcing the organizations that will receive New Markets Tax Credit allocations in October of 2008.</p><p>Through the first five rounds of the NMTC Program, the CDFI Fund has made 294 awards totaling $16 billion in tax credit allocation authority.</p><p>Additional information can be found on the CDFI Fund’s web site at <a href="http://www.cdfifund.gov/">www.cdfifund.gov</a></p>2008-03-14T04:00:00ZUpdates109
White House Announces New Members to the Community Development Advisory Boardhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=16White House Announces New Members to the Community Development Advisory Board <p>​<strong>Washington, DC -- </strong>Yesterday, the White House announced the intention of President George W. Bush to appoint four new members to the Community Development Advisory Board.</p><p>The purpose of the Community Development Advisory Board is to advise the Director of the Community Development Financial Institutions (CDFI) Fund on the policies of the CDFI Fund regarding activities/programs it administers.</p><p>"We are excited to have the new members of the Community Development Advisory Board appointed," said CDFI Fund Director Donna Gambrell. "Each member brings with them a diverse background in community and economic development and I look forward to receiving their counsel and input as we look to continue to achieve our mission of serving low-income communities and individuals."</p><p>The President intends to appoint the following individuals:</p><p> <span style="text-decoration:underline;">Darlene M. Bramon</span>, of Idaho, to be a Consumer/Public Interest Organization Representative to the Community Development Advisory Board, for the remainder of a four-year term expiring November 27, 2011. Ms. Bramon is a member of the Board of Commissioners of the Idaho Housing and Finance Association and founder of the Wall Street Women of Boise Professional Investment Club.</p><p> <span style="text-decoration:underline;">Terri Ludwig</span>, of Illinois, to be an Insured Depository Institution Representative to the Community Development Advisory Board, for the remainder of a four-year term expiring November 27, 2011. Ms. Ludwig in the President of the Merrill Lynch Community Development Company and the former President and Chief Executive Officer of ACCION New York.</p><p> <span style="text-decoration:underline;">Neal A. McCaleb</span>, of Oklahoma, to be the Native American Tribal Development Representative to the Community Development Advisory Board, for the remainder of a four-year term expiring November 27, 2011. Mr. McCaleb is a member of the Chickasaw Nation. He was the Assistant Secretary for Indian Affairs at the U.S Department of the Interior, the Secretary of Transportation for the Oklahoma Department of Transportation, and the Minority Leader for the Oklahoma House of Representatives.</p><p> <span style="text-decoration:underline;">Edwin Rodriguez</span>, of Florida, to be a Consumer/Public Interest Organization Representative to the Community Development Advisory Board, for the remainder of a four-year term expiring November 27, 2011. Mr. Rodriquez is the President of Connectiv Solutions, the Chair of the Florida A&M University International Business Advisory Council, and a member of both the Florida State Hispanic Chamber of Commerce Board of Directors and the Florida Black Chamber of Commerce Board of Directors. He was the Deputy Secretary of the Florida Department of Management Services.</p><p>Membership of the Community Development Advisory Board is defined by statute. The Board comprises public representatives and private citizens; specifically, the Secretary/Administrator, or his or her designee, from the following Departments/Agencies: Agriculture; Commerce; Housing and Urban Development; Interior; Treasury; and the Small Business Administration. In addition, nine private citizens including: two individuals who are officers of existing community development financial institutions; two individuals who are officers of insured depository institutions; two individuals who are officers of national consumer or public interest organizations; two individuals who have expertise in community development; and one individual who has personal experience and specialized expertise in the unique lending and community development issues confronted by Indian tribes on Indian reservations.</p><p>More information on the Community Development Advisory Board and the CDFI Fund can be found at <a href="http://www.cdfifund.gov/">www.cdfifund.gov</a></p>2008-03-14T04:00:00ZPress Releases16

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