Greg Pappanastos, President of Argos Real Estate Advisors attended the Reznick Group’s 2012 New Markets Tax Credit Summit from April 30 – May 2 this year. The conference was held at the Loew’s Hotel in Miami Beach, Florida.
The summit is in its 11th year and hosted industry experts from around the country through a series of forums and break-out sessions designed to help developers of NMTC real estate deals locate tax credit partners, learn about the latest strategies for obtaining NMTCs and discuss the latest policy shaping the NMTC program.
The New Markets Tax Credit Program (NMTC Program) was established by Congress in 2000 to spur new or increased investments into operating businesses and real estate projects located in low-income communities. The NMTC Program attracts investment capital to low-income communities by permitting individual and corporate investors to receive a tax credit against their Federal income tax return in exchange for making equity investments in specialized financial institutions called Community Development Entities (CDEs).
NMTCs are made available through the Community Development Financial Institutions Fund (CDFI). Since the NMTC Program’s inception, the CDFI Fund has made 664 awards allocating a total of $33 billion in tax credit authority to CDEs through a competitive application process.