New Markets Tax Credit: Minority Entities Are Less Successful in Obtaining Awards Than Non-Minority Entities

Download or read book New Markets Tax Credit: Minority Entities Are Less Successful in Obtaining Awards Than Non-Minority Entities written by Michael Brostek and published by DIANE Publishing. This book was released on 2009-12 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Community Development Financial Institutions (CDFI) Fund has awarded $21 billion of the $26 billion in New Markets Tax Credits (NMTC) to Community Development Entities (CDE) between 2001 and 2009. CDEs use the NMTC to make qualified investments in low-income communities. This testimony: (1) identifies the number of minority and non-minority CDEs that applied to the CDFI Fund and received NMTC awards; (2) explains the process by which the CDFI Fund makes awards and summarizes application scores; (3) describes challenges minority and non-minority CDEs face in applying for and receiving awards and; (4) identifies efforts the CDFI Fund and others have taken to assist minority CDEs in applying for awards. Tables.