NMTC Supporting Culinary Entrepreneurs

NMTC Supporting Culinary Entrepreneurs

Blog, Case Studies, Featured, Latest News
Kitchen incubators provide shared space for local chefs to grow their restaurants or turn a small food truck business into a bricks and mortar establishment. Below is a collection of stories about how the NMTC has supported culinary entrepreneurs. NMTC Projects Supporting Culinary Training and Entrepreneurship: LA Prep Commercial Kitchen Incubator https://www.youtube.com/watch?v=3xq42grRWnQ&loop=0R House: Baltimore's Emerging Chefs NMTCs Serve Up New Space for Food Business Entrepreneurs FareStart Culinary Academy Puts Homeless on Path to Success Ivy Tech Culinary School BOOM! Health Project Includes Workforce Training Cafe Enterprise Community Partners and Chase financed a mixed-use project in the Bronx that includes, among other things, a café called BOOM!Café, which will double as a community space and workforce training center on the ground floor. BOOM is working with Catalyst Kitchen, an incubator of…
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CDFI Fund Seeking NMTC Application Reviewers

CDFI Fund Seeking NMTC Application Reviewers

Blog, Featured, Latest News
The Community Development Financial Institutions Fund (CDFI Fund) is issuing a call for well-qualified personnel to serve as application Reviewers and Alternate Reviewers for the 2017 application round of the New Markets Tax Credit Program (NMTC Program). The CDFI Fund has contracted with F2 Solutions (F2) to recruit and process applications on a rolling basis for Reviewer and Alternate Reviewer candidates. General Candidate Qualifications/Role: The CDFI Fund and F2 Solutions require Reviewers and Alternate Reviewers to have considerable expertise in community and economic development finance. Specialized knowledge in commercial finance, including: operating business and real estate finance; financing of community-based organizations; pooling of community development loans for sale to secondary markets; and/or financial counseling, particularly for small businesses; or prior experience serving as an NMTC application reviewer. Working independently and…
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Coalition Releases 2017 New Markets Tax Credit (NMTC) Progress Report

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Report highlights NMTC project data from 2016, including 28 healthcare facilities, 26 manufacturers, 15 schools, 14 facilities for youth and families, and 11 incubators WASHINGTON, June 7, 2017 -- The New Markets Tax Credit Coalition today released its 2017 New Markets Tax Credit (NMTC) Progress Report the thirteenth edition of the report—providing a survey of NMTC activities in 2016. As in the past, the report documents the flexibility and impact of the NMTC in meeting the needs of the distressed communities where it is deployed and helping to create jobs and grow business opportunities, from more traditional industry and community sectors to new and cutting-edge technology. Projects which benefitted from the Credit in the past year include rural and urban incubators, small business loan funds, main street tourism, health clinics,…
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Recent NMTC projects in Akron, OH and Bellows Falls, VT

Recent NMTC projects in Akron, OH and Bellows Falls, VT

Blog, Case Studies, Featured, Manufacturing
Chroma Technology, Bellows Falls, VT: The growth of Chroma Technology, a leading manufacturer of optical filters and related products, has far exceed their existing production capacity. Financing from MHIC will increase the company's manufacturing and research and development facility by over 150%. The prosperity of this company is extraordinarily vital to this very low-income community because it is employee-owned and, with profit sharing, most of the employees can earn approximately $100,000/year. This expansion project will result in 28 new hires within the next 5 years. Akron Community Revitalization Fund: Akron, OH The Akron Community Revitalization Loan Fund, which will be overseen by the Development Finance Authority of Summit County (DFA), is designed to provide small loans to help launch projects — everything from rehabbing buildings to opening new businesses —…
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New Markets Tax Credit Talking Points

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The Coalition has internally compiled a list of arguments and talking points in favor of the NMTC, and we figured we'd share them with you on our blog (updated 3/2017) The New Markets Tax Credit (NMTC) was designed to increase the flow of capital to businesses and low income communities by providing a modest tax incentive to private investors. Over the last ten years, the NMTC has proven to be an effective, targeted and cost-efficient financing tool valued by businesses, communities and investors across the country. The NMTC has delivered an unprecedented level of investment to America's low income communities. Between 2003 and 2015, total project investments in NMTC qualified businesses totaled nearly $80 billion, of which 50 percent was generated from sources other than direct NMTC investments. Those NMTC investments…
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Several Senators Ask Treasury Secretary Nominee Mnuchin About the NMTC

Several Senators Ask Treasury Secretary Nominee Mnuchin About the NMTC

Blog, Hearings, Latest News
As is customary, members of the Senate Finance Committee submitted written questions to Treasury Secretary Steven Mnuchin following his confirmation hearing on January 19th. Senators Wyden, Cardin, Cantwell, and Brown probed the Trump Administration's interest in the NMTC in the context of both tax reform and Trump's interest in revitalizing low income urban neighborhoods and rural towns. Mnuchin did not commit one way or the other on the NMTC or other tax credits, as is expected at the beginning of a tax reform process, but rather, promised to review the NMTC and to ensure that tax reform benefits long-distressed communities. Below, find the written questions and Mnuchin's answers.  Senator Ron Wyden During the campaign, the President often expressed his intention to bring jobs and investment back to low income, high unemployment rural communities,…
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Super Round Analysis: Where is the Allocation Targeted?

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Last month, the CDFI Fund awarded $7 billion in NMTC allocation. Where will that allocation be deployed? We have a decent idea, thanks to new data on state targeting from the CDFI Fund. Heatmap of 2015/2016 Allocation Targeting The heatmap above shows where CDEs are targeting their 2015/2016 allocation. But it tells a misleading story, with high population states receiving more NMTC allocation. Rather than adjusting on a per capita basis, instead, I divided targeted amount of NMTC allocation by the number of NMTC eligible census tracts in a state (download the full dataset). That produces this reweighted heatmap. Adjusted Heatmap - States Targeted by 2015/2016 NMTC Allocation Round In the adjusted map, you can see that the top states are Arkansas, Hawaii, Idaho, Montana, Nevada, and Wisconsin. In fact,…
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New Report: NMTC: At Work in Communities Across America

New Report: NMTC: At Work in Communities Across America

Blog, Case Studies, Featured, Latest News, Publications, Uncategorized
Today, the NMTC Coalition is excited to release a new report showcasing NMTC success stories from every state and the District of Columbia. These profiles from each state show the flexibility of the NMTC and demonstrate its ability to drive and leverage capital in investment-starved communities, creating economic opportunities and jobs in our country’s poorest rural communities and urban neighborhoods. Every four years, the Coalition releases this report, which serves as an important tool for educating new Administrations and new Members of Congress. The 2016 edition of the NMTC at Work report features 89 NMTC projects, ranging from rural to urban, from grocery stores, health care centers and community centers to manufacturing businesses and charter schools, as well as many other important projects identified by community leaders. These profiles from…
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