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FEDERAL NEW MARKETS TAX CREDIT AVAILABLE TO CITIES California Cities are encouraged to become have acted as economic stimuli are the Low familiar with the federal New Market Tax Credit to Income Housing Tax Credit and the Community determine If it can be used to complement their Development Corporations Tax Credit pilot pro- existing urban renewal efforts. In December gram. ;~000, Congress enacted the New Markets Tax Credit (NMTC) as part of the Community Renewal In the spring of 2002, the Community Devel- Tax Relief Act of 2000. The NMTC will spurt opment Financial Institutions (CDFI) Fund of the approximately $15 billion In investments over the Treasury Department of the United States will next seven years to promote economic develop- issue a notice including application requirements ment in rural and urban Iow-income communities, as well as the criteria by which applications will be In ;)002, $2.5 billion in tax credits will be eligible, evaluations. Based on applications, and on a first come, first served basis, the CDFI Fund will allo- The New Markets Tax Credit is designed to help cate credits to qualified Community Development underserved Iow-income communities by offering Entities. investors an attractive tax benefit-39% of an investment over seven years. Tax credits offer an Information on the program Is available on the incentive for [he private investment community to Community Development Financial Institutions put more of its funds where the returns, measured website, www. cdflfund._oov. A detailed article in human capital as well as dollars, are likely to be describing the New Markets Tax Credit program is greatest. Properly targeted, tax credits can available from the League by contacting Aly, stimulate whole industries and~lump-start,job Zimmermann at 916/658-8219. grow'ch. Two prime examples of tax credits that Legislative Bill Action The following are summaries of.just a few of the legislative bills that are currently being acted upon by the League of California Cities. The League encourages you to review the bills and contact the appropriate committees to demonstrate you,. supper~ or o~,~ositio~ ,~," issues that are important to your community. Your assistance is appreciated TRANSPORTATION AND PUBLIC WOR~,, ~ Regional Water Quality Control Boards relative to NPDES and TMDL permits. Allowing an exemption AB 1800 (Kehoe) Motor Vehicles. Persons with from parking restrictions for street sweeping would Disabilities. AB 1800 was amended and passed the result in cities not being able to meet the conditions Assembly Transportation Committee this week. AB of their NPDES permits, which require that debris be 1~0 authorizes a disabled person or disabled removed from gutters so that it does not enter the veteran, displaying special identification disabled storm drain system and creeks. The League is person license plates or a placard, to park in re- stricted zones designated for street sweeping with- working closely with the author and sponsor on additional amendments to protect local agencies, out being issued a parking violation. Although the however we are opposed to AB 1800 as currently League is very sensitive to issues with regards to worded. Staff: Natasha Fooman, Status: AsmFIr, disabled persons and veterans, we have received an Position: Oppose. overwhelming response from cities with regards to this issue as it relates to parking violations and the AB 1839 (Campbell). Indemnity. Public Agency. NPDE$ permits. Unfortunately, AFl 1800 runs counter AB 1839 passed the Assembly Judiciary Committee to the requirements being put in place by the State and is now on the Assembly Floor. Amendments were PAGE 4/PRIORITY FOCUS Visit the League's Official Web Site--www. cacities.org