American Community Renewal and New Markets Empowerment Act

[AI summary unavailable — showing source text] American Community Renewal and New Markets Empowerment Act - Amends the Internal Revenue Code, the National Housing Act, the Small Business Investment Act, the Public Health Service Act and other acts to provide incentives for low- and moderate-income community development. Provides for the designation of and tax incentives for renewal communities. Provides that the designations shall be based on degree of poverty. Provides a credit for computer donations to schools, senior centers, public libraries and other training centers located in a renewal community, empowerment zone, Indian reservation, or a defined low-income community. Provides for the designation of additional empowerment zones and increased empowerment zone tax incentives. Permits a religious organization to receive Federal funding through the Substance Abuse and Mental Health Services Administration. Prohibits funding discrimination against such an organization so long as its program is implemented in a manner consistent with the Establishment Clause of the first amendment to the Constitution. Provides for the transfer of unoccupied and substandard HUD housing to local governments and community development corporations…