Republican Tax Framework Leaves Economic Future of Distressed Communities in Uncertain Situation with Omission of the NMTC

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The Republican leadership released its tax reform framework but failed to include the New Markets Tax Credit, a proven tool for community revitalization and job creation in some of the poorest neighborhoods and communities in America Washington, D.C. –The NMTC Coalition was disappointed that the Republican Tax Framework released by Republican leadership left out the federal New Markets Tax Credit (NMTC) program. The NMTC, a credit with a history of strong bipartisan support, has a proven track record in driving private sector investment to economically distressed rural and urban communities, a point highlighted earlier this week with a public release of data on the impact of the NMTC from the U.S. Department of the Treasury’s CDFI Fund. “The New Markets Tax Credit began and continues to be a bipartisan effort…
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Independent Report Finds NMTC Program Meets, Exceeds Program Objectives

Independent Report Finds NMTC Program Meets, Exceeds Program Objectives

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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

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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

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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

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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

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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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U.S. Sen. Steven Daines Sees the NMTC at Work during Tour of New Universal Athletic Headquarters in Bozeman

U.S. Sen. Steven Daines Sees the NMTC at Work during Tour of New Universal Athletic Headquarters in Bozeman

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BOZEMAN, Mont. – U.S. Senator Steven Daines toured the new corporate headquarters of Universal Athletic Services on Monday. Senator Daines was also joined by Bozeman Mayor Carson Taylor and Bozeman Director of Economic Development Brit Fontenot for a press conference following the tour that was hosted by Universal Athletic Services and Montana & Idaho Community Development Corporation. The purchase and rehabilitation of the new facility was made possible through the use of the New Markets Tax Credit (NMTC) Program, a federal program operated by the CDFI Fund at the U.S. Treasury that provides critical financing  to rural and urban communities in Montana, and nationwide. In 2015, Montana & Idaho Community Development Corporation provided a NMTC allocation to fill a financing gap, allowing the athletic apparel company to proceed with its…
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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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