The authorization for the New Markets Tax Credit (NMTC) is set to expire at the end of 2019 and Congress has begun working on a plan for extending this valuable community development tool. The House and Senate are each pursuing their own paths to extend the NMTC.

The U.S. Department of Treasury's Community Development Financial Institutions Fund (CDFI Fund) announced that 73 community development entities throughout the nation will receive a total of $3.5 billion in New Market Tax Credit awards.