Dudley Ventures

February 21, 2012 - The ninth round of New Markets Tax Credit (NMTC) Program Awards will be announced by Deputy Treasury Secretary Neal Wolin, along with Louisiana's U.S. Senator Mary Landrieu and Representative Cedric Richmond at on Thursday, February 23, 2012 2 p.m. CT. Five Louisiana institutions will receive New Markets Tax Credit allocations to invest in local development projects.

For more information, please visit http://www.cdfifund.gov.

February 16, 2012 - According to the recently released "Historic Rehabilitation Tax Credit Recapture Survey," very low rates of recapture in Historic tax credit (HTC) transactions have been experienced. The report was commissioned by the National Trust for Historic Preservation and produced by Novogradac and Company LLP. By surveying of a group of historic tax credit investors that have made significant investments; the study determined the frequency and amount of recapture that investors have experienced with the HTC. Survey respondents report experiencing a historic tax credit recapture rate of less than three-quarters of one percent over the past 10 years. These results are further supported by an analysis of the information obtained from the Internal Revenue Service, which reflects an annual historic tax credit recapture rate of 0.07 percent for 2008.

HRV is proud to announce that it has been recognized by the Novogradac Community Development Foundation (NCDF) for its vision and outstanding contributions in the field of community development. Jazz @ Walter Circle was named as an Honorable Mention in the Metro QLICI of the Year category and serves as a sterling example of how community prosperity can be achieved and strengthened through the New Markets Tax Credit program.

A new era for an iconic Fayetteville property began after the last of the weekend guests checked out of the Cosmopolitan Hotel on Nov. 13. Their exit allowed work to begin on a massive makeover of the 15-story project at 70 N. East Ave. With a $7.1 million building permit in hand, new owners are transforming the 30-year-old high-rise into The Chancellor.

The U.S. Department of the Treasury's Community Development Financial Institutions Fund released data collected on projects financed in low-income communities across the nation through 2010. The CDFI Fund requires all Community Development Entities awarded New Markets Tax Credit allocations to submit an annual report detailing how they invested Qualified Equity Investment proceeds in low-income communities. Through 2010, $20.9 Billion has been invested in 3,060 qualified active low-income community businesses (QALICBs) that financed a variety of projects including, among others, charter schools, health care facilities, child care providers, supermarkets, restaurants, and museums.

Click here for a summary report listing all QALICBs financed by CDEs through 2010.

The once-grand former headquarters of the Studebaker Corp. automobile empire is being stripped down to its original walls and floors, in preparation for future reuse.

The New Markets Tax Credit Extension Act of 2011 was introduced on July 26, 2011 by Pennsylvania Congressman Jim Gerlach along with five co-sponsors.

The New Markets Tax Credit Extension Act of 2011 would extend the New Markets Tax Credit (NMTC) program for five years with $5 billion in annual credit allocation authority. It also includes an Alternative Minimum Tax (AMT) provision that would provide relief for NMTC investments and put the NMTC on par with other tax credit programs that currently provide AMT relief.

Rep. Gerlach has circulated a letter to Members of Congress asking them to sign on as co-sponsors of the NMTC extender bill. Contact your state's representatives today and ask them to join the bill as a co-sponsor. To join, representatives should contact Lori Prater with Rep. Gerlach (lori.prater@mail.house.gov, 202-225-4315) or Kara Getz with Rep. Neal (kara.getz@mail.house.gov, 202-225-0547).

Please see the link below to sign a letter in support of Senate Bill 996 / House Bill 2655, the New Markets Tax Credit Extension Act of 2011.

http://org2.democracyinaction.org/o/5172/p/dia/action/public/?action_KEY=7066

For more information on the extension campaign, please visit the NMTC Coalition's website http://www.nmtccoaltion.org

May, 2011 - The U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) released today its 2011 Notice of Allocation Availability (NOAA) which officially opens the 2011 round of competition for $3.5 billion in tax credits under the New Markets Tax Credit Program (NMTC Program).

Dudley Ventures Community Investment, LLC received a $35,000,000 allocation in the 2010 NMTC round.

The New Markets Tax Credit Extension Act of 2011 (S. 966) was introduced on May 11 by a bi-partisan group of Senators led by Senators Jay Rockefeller (D, WVA) and Olympia Snowe (R, ME). The bill is also supported by Sens. Bingaman( D, NM), Brown (R,MA), Kerry (D,MA), Leahy (D,VT) and Schumer (D,NY).

S. 996 extends the New Markets Tax Credit through 2016 at $5 billion in annual credit authority. The bill also provides an exemption from the Alternative Minimum Tax (AMT) for investors in the Credit.

To read the bill please click here.

For more information on the Credit and the extension campaign please visit the NMTC Coalition’s website www.nmtccoaltion.org

We are pleased to announce that DV Community Investment received its first New Markets Tax Credit allocation in the amount of $35,000,000 during the 2010 Round of NMTC program funding.

CDFI Fund Director Donna Gambrell to Announce $3.5 Billion in National Awards for Economic Development and Community Revitalization - Thursday, February 24th 11am ET.

Mr. James D. Howard, Jr. proudly participated as one the judges for the Novogradac Journal of Tax Credits (JTC) JTC Developments of Distinction awards on December 3, 2010 which honored the winners at a special awards breakfast held in Las Vegas, Nev. The JTC Developments of Distinction awards honor outstanding achievement in the development of tax credit housing, historic rehabilitation and renewable energy. The awards recognized low-income housing tax credit (LIHTC) projects in six categories: those that had a major impact on their community; those that demonstrated financial innovation; and those that overcame significant obstacles in their development, as well as historic tax credit projects that demonstrated meaningful community impact and renewable energy tax credit projects that responded to community needs for jobs and reduced energy footprints.

Downtown Baton Rouge's revitalized urban district and three of its restored historic buildings, including the Kress Welch Levy Project, were named as Great Places in Louisiana.

The once troubled Valencia Business Park will soon provide basic services that have long been needed, and which redevelopment of the area has always been intended to provide. Bishop George McKinney's partnership with Dudley Ventures proposes to turn 4.3 acres of the Valencia Business Park into a 130,000-square-foot development with a grocery store, drug store, fast food restaurant, space for community events and a parking structure.

This New Markets Tax Credit 2010 Progress Report was prepared by Rapoza Associates for the New Markets Tax Credit Coalition, a national membership organization of Community Development Entities (CDEs) and investors organized to advocate on behalf of the New Markets Tax Credit (NMTC). This is the Coalition's sixth annual NMTC progress report and, as previous reports, is designed to inform policymakers and practitioners on the Credit and how it is working to generate investment and economic activity in low income communities.

Since 1982, the Arizona Preservation Foundation and Arizona State Historic Preservation Office (a division of Arizona State Parks) have partnered to present the Governor's Heritage Preservation Awards. These awards recognize people, organizations, and projects that represent outstanding achievements in preserving Arizona's prehistoric and historic resources.

This study examines the background and evolution of the federal historic tax credit (HTC) in the United States; presents quantitative and qualitative information regarding the economic and other benefits of the federal HTC (e.g., providing affordable housing and spurring downtown revitalization); and explores ways in which the current federal HTC-a strong program in its own right-can be more flexibly applied in the future so as to realize yet greater production and ensuing benefits.

The Historic Tax Credit Coalition and Rutgers University released a study today that highlights the cumulative economic impacts of the federal historic tax credit (HTC) over the past three decades. Enacted by Congress in 1981 as part of an economic stimulus package, the federal HTC provides a 20% income tax credit for the rehabilitation of certified income-producing historic properties.

A REVEALING NEW REPORT by Ernst & Young LLP quantifies the sharp decline in federal low-income housing tax credit (LIHTC) equity investment in the recent past, and suggests that passage of a legislative "carryback" proposal would likely boost future investment significantly.

Dudley Ventures new corporate headquarters att 22 East Jackson in Phoenix's Warehouse District was recently featured on the Downtown Phoenix Historic Building & Warehouse Tour, hosted by Phoenix Mayor Phil Gordon.

The approximately $80 million reconstruction project is the result of widespread local support and a complex financial transaction that utilized the federal and Louisiana state new markets tax credits, five separate community development entities (CDEs), reimbursement funds from the Federal Emergency Management Agency (FEMA), and other resources.