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New Census Report on 2015 Poverty and Income Highlights the Urban/Rural Divide

New Census Report on 2015 Poverty and Income Highlights the Urban/Rural Divide

Blog, Featured, Income, Latest News, Poverty
Today, the US Census Bureau released their annual report on poverty and income. Economists predicted an increase of 1 to 2 percent in incomes in 2015, but the report showed a surprising 5.2 percent increase. A closer look at the data reveals a stark contrast between the economy in urban and rural communities. Urban Areas on the Rise [caption id="attachment_7411" align="alignright" width="516"] Over the past 8 years, rural and urban economies have generally exhibited similar economic trends. However, in 2015, there was a sharp divergence (see above).[/caption] Inside of metropolitan statistical areas (MSAs), median incomes grew by 6 percent. Much of that growth was confined to cities dwellers, whose incomes rose by 7.3 percent compared to suburban and exurban residents, whose incomes rose by a more modest 4 percent. This is the largest…
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Treasury Secretary visits New Markets Tax Credit Financed Grocer in Minneapolis

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The project created jobs and expanded access to fresh food in a Minneapolis food desert U.S. Department of the Treasury Secretary Jack Lew traveled to Minneapolis on Monday to meet with community and business leaders to highlight initiatives aimed at supporting financial inclusion. On his tour, he visited Seward Community Cooperative Friendship Store, a fresh foods project financed in part by the New Markets Tax Credit (NMTC) and by a loan from MMCDC with federal Community Economic Development funds, a program that targets job creation for low income individuals. Also in attendance yesterday afternoon was Congressman Keith Ellison (D-MN), who is a longtime supporter of the credit and a cosponsor of bipartisan legislation to make the NMTC a permanent financial tool for economically distressed rural and urban communities. “By working…
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Sen. Roberts visits Children’s Campus of KC to discuss strategies that help close the achievement gap

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Local health and education center highlights importance of high-quality facilities to the success of at-risk children KANSAS CITY, Kan., Aug. 8, 2016 -- When Sen. Pat Roberts sat down with preschoolers today at the Children's Campus of Kansas City (CCKC), he was focused on much more than story time and snacks. The senior senator from Kansas dropped in on the first day of school to learn more about CCKC's model for closing the achievement gap among low-income kids—starting with a unique community facility designed specifically for young learners. CCKC is home to three non-profit organizations that provide a continuum of services focused on the health and wellness of children from birth to age five. That includes nearly 150 preschool students participating in CCKC's Educare program, which lays a strong educational…
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Both Parties Embrace the NMTC for Rural Areas

Both Parties Embrace the NMTC for Rural Areas

Blog, Case Studies, Latest News
Democratic Platform Supports the NMTC [caption id="attachment_7286" align="alignright" width="300"] In Philadelphia, the site of the DNC, the NMTC transformed a former textile mill and warehouse into apartments for teachers and non-profit office space designed for education related firms.[/caption] On Monday, July 25th, delegates at the Democratic National Convention approved a party platform that included several proposals to protect and expand the New Markets Tax Credit: Ending Poverty and Investing in Communities Left Behind: "We will expand and make permanent the New Markets Tax Credit." Building Strong Cities and Metro Areas: "We will support entrepreneurship and small business growth in cities by providing mentoring and training to entrepreneurs and small business owners in underserved communities as well as expanding federal funding for the New Markets Tax Credit, community development financial institutions,…
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Rep. Lynn Jenkins (R-KS) visits Kansas City Tech Start-up Payit

Rep. Lynn Jenkins (R-KS) visits Kansas City Tech Start-up Payit

Blog, Featured, Latest News, NMTC Success Stories
[caption id="attachment_7149" align="alignnone" width="640"] Rep. Lynn Jenkins (R-KS) visits NMTC-financed Payit[/caption] On June 29, 2016, U.S. Rep. Lynn Jenkins (KS-02), the fifth-highest-ranking member of House Republican leadership and a member of the U.S. Ways and Means Committee, toured Kansas City startup PayIt. PayIt is a cloud-based mobile solutions platform for government, leveraging its technology and insights to rewrite and automate the citizen engagement experience. PayIt’s patent-pending mobile platform brings speed and simplicity to the citizen-government payment processing experience for state and local services, such as the DMV, permits and licensing, turnpike passes, income tax, traffic citations and more. Kansas Transportation Authority recently deployed the PayIt Kansas mobile app, providing K-TAG account users the ability to access and manage their K-TAG account anytime, anywhere, directly from their smartphones. The visit was…
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Treasury Secretary Lew and Congressman Xavier Becerra Visit L.A. Prep Incubator

Treasury Secretary Lew and Congressman Xavier Becerra Visit L.A. Prep Incubator

Blog, Latest News, NMTC Success Stories
Last month, to mark National Small Business Week, Congressman Xavier Becerra (D-CA), Chairman of the House Democratic Caucus, joined Treasury Secretary Jack Lew at the NMTC-financed L.A. Prep in Lincoln Heights. The L.A. Prep project involved the acquisition and renovation of 56,000 square foot former warehouse into an incubator for small food producers who have outgrown their startup spaces. The project moved forward thanks in part to $16 million in NMTC allocation from Los Angeles Development Fund and UrbanAmerica. Capital Impact Partners provided $11 million in leveraged debt, with $5.1 million in equity provided by U.S. Bancorp CDC. Civic Enterprise, real estate development firm focused on revitalizing emerging urban neighborhoods, developed the project. [embed]https://youtu.be/3xq42grRWnQ[/embed] "Two-hundred jobs created: 50 tenants and one-third minority-owned businesses at L.A. Prep & L.A. Kitchen,” said…
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Community Development Leaders Gather in Washington, DC to Discuss Tax Policy Trends and Plans for 2017

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NMTC Coalition brings together over 100 NMTC stakeholders for a policy conference and releases new report on the economic impact of the NMTC in 2015 On Wednesday, June 1st, the New Markets Tax Credit (NMTC) Coalition  held its New Markets Tax Credit Annual Policy Conference. The event featured the release of the new 2016 NMTC Progress Report—the twelfth edition of the report—and a luncheon keynote by the Treasury Department’s Community Development Financial Institutions (CDFI) Fund Director Annie Donovan. The NMTC Coalition’s Board President Robert Davenport, emceed the event.  A longtime NMTC practitioner and president of the National Development Council, he noted recent successes in improving access to credits for communities in need of economic revitalization. [caption id="attachment_7098" align="aligncenter" width="799"] NMTC Coalition President Bob Davenport welcomes attendees to the 2016 Policy…
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NMTC Coalition Guidance on State NMTC Programs

Blog, Latest News, Uncategorized
The New Markets Tax Credit (NMTC) Coalition is a national membership organization founded in 1998 to advocate on behalf of the NMTC program. The Coalition, which now includes more than 150 members, is the principal advocate and lobby for the federal NMTC. Enactment of NMTC at the federal level spurred a number of states to consider similar state tax incentives.  These state credits have similar goals as the federal program.  Other states are considering similar legislation. These credits are often called “New Markets Tax Credits” and can enhance revitalization efforts in low income communities.   Because these credits are often used in conjunction with the federal NMTC, the NMTC Coalition has prepared a series of recommendations for state credits. In general the NMTC Coalition believes that state NMTCs should be made…
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Chorus of Congressional Leaders Urges Permanency for Community Development Tax Credit

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Coalition submits testimony to Tax Policy Subcommittee, following a bipartisan letter signed by 55 Members of Congress WASHINGTON, D.C.— Today (May 23, 2016), the New Markets Tax Credit (NMTC) Coalition submitted testimony to the House Ways and Means Subcommittee on Tax Policy urging permanence for the credit. The subcommittee held a hearing last week, allowing Members of Congress to submit their proposals for tax legislation. Congressman Richard E. Neal (D-MA), Ranking Member on the subcommittee, as well as Congressman Mike Thompson (D-CA) expressed support for the NMTC during the hearing. The subcommittee is allowing testimony to be submitted for the record until Thursday, May 26th. Earlier this year, Speaker of the House Paul Ryan (R-WI) created six committee-led task forces, which are charged with "developing a bold, pro-growth agenda that will…
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NMTC Partnership Achieving Community Goals With Sibley

NMTC Partnership Achieving Community Goals With Sibley

Blog, Case Studies, Featured, Latest News
[caption id="attachment_7042" align="alignright" width="296"] Rendering by Winn Development[/caption] What do you do with one million square feet of underutilized and vacant department store in your city center, with a building constructed in 1905? That’s the question community leaders in Rochester, New York needed solved with the Sibley Building, once the largest department store in America between New York City and Chicago. In May, Boston-based WinnDevelopment closed on financing of two separate QALICBs for the overall $68.95 million redevelopment component of the site, utilizing $42.51 million in New Markets Tax Credit (NMTC) financing from four Community Development Entities (CDEs) and a mix of public financing sources. The project also utilized more than $13.7 million in state and federal Historic Tax Credits and $1.8 million in loans from the City of Rochester…
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