New Market Tax Credits

Created by Congress in 2000 as a tool to stimulate economic development in low-income communities, the New Markets Tax Credit (NMTC) program is the premier government program supporting community development, as well as an invaluable City First community resource.  Since 2003, City First has used this large-scale, flexible financing tool to achieve $370 million in tax credit authority through five rounds of competition, and generate an additional $233 million in private financing to recipient development projects.  

The innovation and efficiency of the NMTC Program propelled it into the ranks of the government’s top 50 programs in 2008.  Administered by the Community Development Financial Institutions (CDFI) Fund of the U.S. Department of the Treasury, NMTC offers City First the capacity to subsidize large projects by leveraging multiple sources of debt and investing equity that permanently attaches to the project. 

Using NMTC, City First has financed significant economic development projects, helping to transform neighborhoods and communities throughout the Washington, DC region and beyond. Through the NMTC program, which surpasses commercial lending limits, City First has facilitated investments of up to $25 million each in high impact projects with substantial, long-term benefits to low-income communities. Most NMTC customers are nonprofit organizations that build, own, and occupy their facilities, ranging from health clinics to charter schools and from recreation and educational facilities to arts and performance venues.

 

NOTICE OF EXPIRATION OF THE TEMPORARY FULL FDIC INSURANCE COVERAGE FOR NONINTEREST-BEARING TRANSACTION ACCOUNTS

By operation of federal law, beginning January 1, 2013, funds deposited in a noninterest-bearing transaction account (including an Interest on Lawyer Trust Account) no longer will receive unlimited deposit insurance coverage by the Federal Deposit Insurance Corporation (FDIC). Beginning January 1, 2013, all of a depositor's accounts at an insured depository institution, including all noninterest-bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000), for each deposit insurance ownership category.

For more information about FDIC insurance coverage of noninterest-bearing transaction accounts, visit http://www.fdic.gov/deposit/deposits/unlimited/expiration.html

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