The NMTC, Business Financing, and Entrepreneurship

The NMTC, Business Financing, and Entrepreneurship

Blog, Case Studies, Featured, Latest News, NMTC Success Stories
By Paul Anderson Today, the White House released its annual Economic Report of the President. The report included a sidebar on "Distressed Communities and the Tax Cuts and Jobs Act that mentions the New Markets Tax Credit (see right) and then later goes on to describe the Invest in Opportunity Act (IOA). While the IOA and New Markets Tax Credit (NMTC) target many of the same census tracts, no question that the NMTC and the IOA serve different but complementary purposes. Opportunity Funds will make equity investments in businesses. Community Development Entities mostly use the NMTC to provide debt to businesses and community facilities. That's why we are so excited see these programs working side by side.  We appreciate the White House highlighting the NMTC's success, but I do feel the…
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Thousands of Organizations Urge Congress to Save NMTC in Tax Reform

Blog, Featured, Latest News
More than 2,100 Businesses, investors and organizations call on Congress to expand and make the community and economic development tax credit permanent in tax reform (Washington, D.C.) –Today, the New Markets Tax Credit (NMTC) Coalition sent a letter addressed to the House Ways and Means Committee and its Chairman, Kevin Brady (R-TX), as well as to the Senate Finance Committee and its Chairman, Orin G. Hatch (R-UT). The letters urge the two Chairman  to include a permanent extension and expansion of the New Markets Tax Credit (NMTC) in tax reform legislation, along the lines of the bipartisan New Markets Tax Credit Extension Act of 2017 (H.R. 1098 / S. 384). More than 2,100 signatures came from banks and credit unions; nonprofits; businesses, ranging from very large businesses to small, family-owned…
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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

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"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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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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