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Helping Meet Housing Needs After Katrina

Helping Meet Housing Needs After Katrina

Blog, Case Studies, Disaster Assistance, Disaster Relief, Featured, Go-Zone
After Katrina and Rita, the New Markets Tax Credit (NMTC) served an important role in rebuilding community facilities including hospitals and schools, helping businesses replace damaged furniture and equipment, and bringing life back to devastated areas. Disasters isolate low-income areas that already lag far behind affluent communities in the availability of basic services like healthcare as well as the physical infrastructure needed to grow businesses and create economic opportunity. The construction of facilities and infrastructure is important, but economic recovery is difficult - if not impossible - if residents have no where to live. Katrina and Rita collectively displaced 1.3 million people and caused severe or major damage to tens of thousands of owner-occupied homes in areas struggling with high poverty and unemployment before the storm. The NMTC played an…
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Independent Report Finds NMTC Program Meets, Exceeds Program Objectives

Independent Report Finds NMTC Program Meets, Exceeds Program Objectives

Blog, Featured, Latest News
In-depth analysis of the New Markets Tax Credit finds projects sampled are in full compliance, with most projects far exceeding requirements for economic distress and CDFI Fund mandates Washington, D.C. – The NMTC Coalition was pleased to see a new independent report commissioned by the U.S. Department of the Treasury’s CDFI Fund to evaluate the operation and outcomes of the New Markets Tax Credit (NMTC) program. The purpose of the NMTC is to provide an incentive for private sector investment in economically distressed rural and urban communities. The report was conducted by Summit Consulting, LLC, a specialized analytics advisory firm comprised of economists, econometricians, and research scientists that assist federal agencies, financial institutions, and litigators in modeling risk, evaluating program performance, and predicting future performance. [pdf-embedder url="http://nmtccoalition.org/wp-content/uploads/Summit-Compliance-Review-of-New-Markets-Tax-Credit-Program-August-.pdf" title="Summit - Compliance…
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New Markets Tax Credit Jumpstarting Rural Manufacturing

New Markets Tax Credit Jumpstarting Rural Manufacturing

Blog, Featured, Latest News, Manufacturing, Rural
The most popular use of the NMTC in rural America is to support the manufacturing sector. NMTC financing typically goes to business expansions, new equipment and facilities, and working capital. Between 2003 and 2014, the NMTC financed 223 rural manufacturing projects totaling $4.8 billion. Below are a few of their stories: [huzzaz id="nmtc-manufacturing-stories" vpp="8"] Map of Selected Rural Manufacturing Projects
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Rep. Tim Ryan (Ohio) on public private partnerships

Blog, Featured, Latest News
"The reality for those of us on the ground who are doing economic development and trying to grow jobs in areas that are pretty tough areas to get investment to come into, it's a balance of both. It's a public-private partnership. There's a port authority involved. But you may need some historic tax credits. You may need new market tax credits. You may need a small business loan to help put the deal together." Rep. Tim Ryan (D-Ohio) in an interview with Fox Business today
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New Markets Tax Credit is a Big Deal for Strained Rural American Communities

Blog
New Markets Tax Credit Coalition Report Highlights Data on NMTC Impact on Jobs and Investment in Rural Communities JULY 25,2017–WASHINGTON, D.C. –The New Markets Tax Credit (NMTC) Coalition, representing 150 finance and community development experts and practitioners nationwide, released a report today detailing an unprecedented level of private investment in rural communities around the United States. The NMTC has helped rural communities increase healthcare access, financing 107 rural healthcare facilities or clinics, totaling nearly $800 million in project costs between 2003 and 2014. “The New Markets Tax Credit has a long track record of delivering capital to our country’s most economically distressed urban and rural communities. In recent years, the credit’s rural impact has been especially important with increasingly diminished economic opportunity due to inadequate access to capital, depressing those…
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NMTC Coalition Submits Testimony to Senate Finance Committee

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Last month, Senate Finance Committee Chairman Orrin Hatch (R-UT) called for public comments on tax reform. Yesterday, the Coalition submitted its recommendations, which called for the retention and expansion of the NMTC and provided the Committee with the latest facts and figures on the NMTC. The testimony also provided the Committee with information on how the NMTC might fit into a reformed tax code. Read the testimony.
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NMTC News Roundup for June 14th 2017

NMTC News Roundup for June 14th 2017

Blog, Featured, Latest News
Below are some recent news stories on the NMTC: New Mexico’s Homewise Get’s Multimillion-dollar Allocation Final Funding Comes Together for One of Tampa’s Most Anticipated Development Projects Mascoma Community Development Closes on $5 Million Financing for the National Comedy Center Kroger to Open New Store in Downtown Cincinnati The following members of the House and Senate that have recently cosponsored the NMTC Extension Act of 2017: H.R. 1098: Rep. Fudge, Marcia L. [D-OH-11] 06/07/2017 Rep. Comstock, Barbara [R-VA-10] 06/07/2017 Rep. Chabot, Steve [R-OH-1] 06/08/2017 Rep. Nolan, Richard M. [D-MN-8] 06/08/2017 Rep. Abraham, Ralph Lee [R-LA-5] 06/08/2017 Rep. Holding, George [R-NC-2] 06/12/2017 Rep. O'Halleran, Tom [D-AZ-1] 06/13/2017
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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

Blog, Featured, Latest News, Publications
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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