American Community Renewal and New Markets Empowerment Act

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.

Authorizes the licensing of community development entities as America's Private Investment Companies which shall promote community and economic development in low-income communities.

Establishes a new markets tax credit with respect to specified qualified low-income community investments.

Establishes a New Markets Capital Venture Program to encourage venture capital investment in smaller enterprises located in low- and moderate-income urban and rural areas.

Provides for bond volume cap and low-income housing credit increases.

Provides for the establishment of Individual Development Accounts and Individual Development Account Programs to provide for the accumulation of assets in low-income communities to used to promote education, homeownership, family, community, and business development.

Requires the Federal Government, or a State or local government, to consider a religious organization's assistance program on the same basis as other nongovernmental organizations in the distribution of Federal funds so long as the religious organization's assistance program provides assistance in a manner consistent with the Establishment Clause of the first amendment to the Constitution.