This 2012 NMTC Progress Report was prepared by 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 eighth annual NMTC Progress Report and like previous reports is designed to inform policymakers and practitioners on the success of the New Markets Tax Credit in spurring revitalization in urban and rural communities across America. To accomplish this, there are two sections to this report. The first section highlights findings from the Coalition’s annual survey of CDEs with NMTC allocations. The survey collected data from CDEs on their progress raising capital and making loans and investments in calendar year 2011. The second section of this report includes a series of stories from the field that illustrate how CDEs are using the NMTC to channel a variety of investment products to a range of businesses in low income communities. The stories describe the reach of the NMTC into both urban and rural areas. This year, the Coalition profiled CDEs working in Massachusetts, Washington, Pennsylvania, and Montana and focused on manufacturing businesses financed with the Credit.