The New Markets Tax Credit in Baltimore
Federal community development spending, as a share of GDP, has fallen by over 75 percent over the past 30+ years. Gap financing programs like CDGB have been cut significantly. As a consequence, it has become more and more difficult for communities like Baltimore, MD to financing improvements like community centers, healthcare clinics, and mixed-use facilities with affordable housing.
In light of these cuts, over the past decade, the New Markets Tax Credit has been one of the most important tools for community leaders looking to build new schools, rehabilitating long vacant buildings, and create jobs for residents of low income communities. Since 2003, the NMTC has delivered more than $2 billion in financing to 52 Baltimore businesses, community facilities, and service providers.