Community Development Banking List
07-13-2011, 01:08 PM
Original message from: Terri.Preston@bakertilly.com
If you have a passion for supporting the creation of jobs in the distressed areas of our nation, please consider what business owners you know who might sign on to the letter in the link below. Please also consider contacting your Congressmen to let them know that the New Markets Tax Credits program is an opportunity that means a great deal to the people in our nation. For more information check out the New Markets Tax Credit Coalition on Facebook or on line www.nmtccoalition.org<http://www.nmtccoalition.org> ('http://www.nmtccoalition.org>')
Just a few fun facts you will find on their website:
* NMTC Investments through 2009 totaled $15.5 billion and total costs for projects financed by NMTC came to $49.5 billion;
* The preponderance of activity - over 89% - is in extremely distressed communities. Over 61% of investments are in communities with unemployment rates at least 1.5 times the national average, 57% are in communities with poverty rates exceeding 30% and 60% of the investments are in places where median incomes are at or below 60% of area median.
* Between 2003 and 2009 NMTC leveraged over $10 in private investment for every $1 of cost to the government.
* More than 70% of Real Estate businesses are one of three industry types: Community Facilities such as community schools or health centers; Industrial/Manufacturing/Commercial such as a manufacturer of laser alignment tools or a seafood processing plant; or Mixed-Use such as ground level retail with office or housing above; and
* Based on federal Recovery Act standards, the $50 billion generated by NMTC projects retained or created an estimated 500,000 jobs
Well over 3,000 businesses across the country have benefitted from NMTC financing but we need help in getting Congress$B!G(Bs attention if we would like to extend this program and its ability to make the types of impacts noted above at a time when our nation so clearly needs this kind of job generation - and this means getting businesses and people to step forward and support the NMTC by signing the Coalition$B!G(Bs letter urging Congress to support the New Markets Tax Credit Extension Act of 2011.
Signing a business onto the NMTC support letter is easy. Simply direct your business supporters to the link below where they can view the Coalition$B!G(Bs letter and if inclined they can sign on electronically - by providing their name, the name of their business, and the city and state in which the business is located. They will also be asked for their email address so we can send them a final copy of the sign-on letter.
Link to the NMTC sign on letter $B"*(B http://org2.democracyinaction.org/o/5172/p/dia/action/public/?action_KEY=7066 ('http://org2.democracyinaction.org/o/5172/p/dia/action/public/?action_KEY=7066')
As Congress and the White House continue negotiations over federal spending - including tax expenditures such as New Markets - it is critical that we mobilize all NMTC supporters and particularly the businesses in low-income communities that have directly benefitted from the NMTC and the financing and support that you and your colleagues in the NMTC industry provide.
The New Markets Tax Credit Extension Act of 2011 (S. 996) was introduced by U.S. Senators John Rockefeller (D-WV) and Olympia Snowe (R-ME) in May 2011. This legislation extends the NMTC program for 5 years with $5 billion in annual Credit allocations.
The deadline for signing the letter is Friday, July 15th so please make your effort to contact the businesses you know and to reach as many people as you can. Let$B!G(Bs start making a difference by being heard.
Thank you.
Pursuant to the rules of professional conduct set forth in Circular 230, as promulgated by the United States Department of the Treasury, nothing contained in this communication was intended or written to be used by any taxpayer for the purpose of avoiding penalties that may be imposed on the taxpayer by the Internal Revenue Service, and it cannot be used by any taxpayer for such purpose. No one, without our express prior written permission, may use or refer to any tax advice in this communication in promoting, marketing, or recommending a partnership or other entity, investment plan or arrangement to any other party. Baker Tilly Virchow Krause, LLP Confidentiality Notice: This message is being sent by Baker Tilly Virchow Krause, LLP. It is intended exclusively for the individuals and entities to which it is addressed. This communication, including any attachments, may contain information that is proprietary, privileged, confidential, including information that is protected under the HIPAA privacy rules, or otherwise legally exempt from disclosure. If you are not the named addressee, you are not authorized to read, print, retain, copy or disseminate this message or any part of it. If you have received this message in error, please notify the sender immediately by email and delete all copies of this message. This message is protected by applicable legal privileges and is confidential.
If you have a passion for supporting the creation of jobs in the distressed areas of our nation, please consider what business owners you know who might sign on to the letter in the link below. Please also consider contacting your Congressmen to let them know that the New Markets Tax Credits program is an opportunity that means a great deal to the people in our nation. For more information check out the New Markets Tax Credit Coalition on Facebook or on line www.nmtccoalition.org<http://www.nmtccoalition.org> ('http://www.nmtccoalition.org>')
Just a few fun facts you will find on their website:
* NMTC Investments through 2009 totaled $15.5 billion and total costs for projects financed by NMTC came to $49.5 billion;
* The preponderance of activity - over 89% - is in extremely distressed communities. Over 61% of investments are in communities with unemployment rates at least 1.5 times the national average, 57% are in communities with poverty rates exceeding 30% and 60% of the investments are in places where median incomes are at or below 60% of area median.
* Between 2003 and 2009 NMTC leveraged over $10 in private investment for every $1 of cost to the government.
* More than 70% of Real Estate businesses are one of three industry types: Community Facilities such as community schools or health centers; Industrial/Manufacturing/Commercial such as a manufacturer of laser alignment tools or a seafood processing plant; or Mixed-Use such as ground level retail with office or housing above; and
* Based on federal Recovery Act standards, the $50 billion generated by NMTC projects retained or created an estimated 500,000 jobs
Well over 3,000 businesses across the country have benefitted from NMTC financing but we need help in getting Congress$B!G(Bs attention if we would like to extend this program and its ability to make the types of impacts noted above at a time when our nation so clearly needs this kind of job generation - and this means getting businesses and people to step forward and support the NMTC by signing the Coalition$B!G(Bs letter urging Congress to support the New Markets Tax Credit Extension Act of 2011.
Signing a business onto the NMTC support letter is easy. Simply direct your business supporters to the link below where they can view the Coalition$B!G(Bs letter and if inclined they can sign on electronically - by providing their name, the name of their business, and the city and state in which the business is located. They will also be asked for their email address so we can send them a final copy of the sign-on letter.
Link to the NMTC sign on letter $B"*(B http://org2.democracyinaction.org/o/5172/p/dia/action/public/?action_KEY=7066 ('http://org2.democracyinaction.org/o/5172/p/dia/action/public/?action_KEY=7066')
As Congress and the White House continue negotiations over federal spending - including tax expenditures such as New Markets - it is critical that we mobilize all NMTC supporters and particularly the businesses in low-income communities that have directly benefitted from the NMTC and the financing and support that you and your colleagues in the NMTC industry provide.
The New Markets Tax Credit Extension Act of 2011 (S. 996) was introduced by U.S. Senators John Rockefeller (D-WV) and Olympia Snowe (R-ME) in May 2011. This legislation extends the NMTC program for 5 years with $5 billion in annual Credit allocations.
The deadline for signing the letter is Friday, July 15th so please make your effort to contact the businesses you know and to reach as many people as you can. Let$B!G(Bs start making a difference by being heard.
Thank you.
Pursuant to the rules of professional conduct set forth in Circular 230, as promulgated by the United States Department of the Treasury, nothing contained in this communication was intended or written to be used by any taxpayer for the purpose of avoiding penalties that may be imposed on the taxpayer by the Internal Revenue Service, and it cannot be used by any taxpayer for such purpose. No one, without our express prior written permission, may use or refer to any tax advice in this communication in promoting, marketing, or recommending a partnership or other entity, investment plan or arrangement to any other party. Baker Tilly Virchow Krause, LLP Confidentiality Notice: This message is being sent by Baker Tilly Virchow Krause, LLP. It is intended exclusively for the individuals and entities to which it is addressed. This communication, including any attachments, may contain information that is proprietary, privileged, confidential, including information that is protected under the HIPAA privacy rules, or otherwise legally exempt from disclosure. If you are not the named addressee, you are not authorized to read, print, retain, copy or disseminate this message or any part of it. If you have received this message in error, please notify the sender immediately by email and delete all copies of this message. This message is protected by applicable legal privileges and is confidential.