Congress authorized tax credits to raise up to $15 billion in community development investment funds under the Community Renewal Tax Relief Act of 2000. The U.S. Treasury’s Community Development Financial Institutions Fund competitively allocates tax credits to for-profit community development entities. The first competition awarded $975 million in tax credits, supporting up to $2.5 billion in investments, to 66 winners out of 346 applicants. Phoenix won the largest award; its $66.3 million in tax credits will support investments up to $170 million.

Blackerby Associates Resources:

• Business X-Form: The Journal of Business Transformation, vol. 1, no. 2, May 2003, Special Issue: New Markets Tax Credits. A special report summarizing major points of the Phoenix NMTC program.
  PDF 383 KB. Requires Acrobat Reader.



• Preliminary Application Form. Get in line early! Describe your project and begin a dialog about how your project can benefit from NMTC investment. Download this fill-in form, fill in all the blanks, save it, and attach it to an e-mail to Blackerby Associates.
  To download file, right-click on link and select "Save Target As..." (IE) or "Save Link As..." (Netscape). PDF 188 KB. Requires Acrobat Reader.



• Map of Phoenix Low Income Community. In this map, the dark areas are the Census tracts that make up the area in which New Markets Tax Credit investments can be applied. In these areas, either median family income is 80% or less of the metro area income, or the poverty rate is 20% or higher.
  PDF 230 KB. Requires Acrobat Reader.



• NMTC 2002 Competiton Allocatees. Spreadsheet showing allocations for 2002, announced March 14, 2003. This spreadsheet allows users to conduct their own analyses. Note tabs for summaries by service area type and by state.
  To download file, right-click on link and select "Save Target As..." (IE) or "Save Link As..." (Netscape). XLS 29 KB.



• New Markets Tax Credit Program: Implications for Arizona Technology Companies. (April 18, 2003) Preliminary report on Phoenix New Markets Tax Credit program describing how funds flow.
  PDF 406 KB. Requires Acrobat Reader.



• Local firm smoothes out tax credit process (April 29, 2003). Announcement of availablility of a Blackerby Associates report on New Markets Tax Credits.
  PDF 516 KB. Requires Acrobat Reader.

Links to Other Resources

• "Tax credits a new venture," Arizona Republic (July 22, 2003). Newspaper article summarizes the New Markets Tax Credit program, with quotations from Phillip Blackerby of Blackerby Associates.



• 2003 NMTC Notice of Allocation Availability, Federal Register (July 18, 2003). Official announcement of the second round of competition for New Market Tax Credits to raise up to $3.5 billion in community development investments. Applications are due September 30, 2003.
  PDF 59 KB. Requires Acrobat Reader.



• City of Phoenix NMTC Web Site.



• City of Phoenix main web site.



• Community Development Financial Institutions Fund, a branch of the U.S. Department of the Treasury



• IRS General Overview of the New Markets Tax Credit Program (1 p.) Includes key Federal Register references.



• IRS Form 8874. Investors attach this form to your tax return to claim your New Markets Tax Credits. Includes instructions. (Also Fill-in form.)



• IRS guidance regarding use of borrowed funds to make qualified equity investments in Community Development Enterprises.



• Novogradac & Company LLP, San Francisco CPA firm with tax credits experience.