New Markets Tax Credit Coalition

NMTC Coalition Releases 2020 NMTC Progress Report

Our latest annual report on the New Markets Tax Credit

THE LATEST

NMTC Coalition Virtual Conference Recording Available Online

Yesterday, the NMTC Coalition held a virtual conference. Thank you to everyone who attended. The contents of the session – including a video we were unable to show – are available on our YouTube channel (please subscribe!). https://www.youtube.com/watch?v=YhDiIH4Padw

New Markets Tax Credit Coalition Releases 2020 NMTC Progress Report

NMTC Celebrates 20 Years, Nearly 6,400 Projects Financed and Over One Million Jobs The New Markets Tax Credit Coalition today released its 2020 New Markets Tax Credit (NMTC) Progress Report, the sixteenth edition of the report—providing analysis of NMTC activities in 2019 as well as a special insert commemorating the 20th anniversary of the NMTC. An interactive, online…

Organizations Urge Congress to Pass Emergency Expansion of New Markets Tax Credit

More than 700 businesses, investors and organizations call on Congress to extend and expand the community and economic development tax credit assisting communities hardest hit by COVID-19 WASHINGTON, June 24, 2020 – Today, the New Markets Tax Credit (NMTC) Coalition sent a letter addressed to Congressional leadership and Members of the 116th Congress urging them to take action to…

The NTMC: Supporting Community-Based Organizations

More than half of New Markets Tax Credit projects expand access to healthcare, social services, childcare, job training, nonprofits, and social service providers working to lift people out of poverty. Federal resources for community development have been cut by more than 80 percent since 1980, and communities increasingly count on the NMTC to support new…

Emergency NMTC Extension and Expansion Proposal

Congress has an opportunity to provide resources to vulnerable, low-income communities dealing with the impact of the Coronavirus.

Baltimore’s Lexington Market Groundbreaking

Today, officials in Baltimore attended a groundbreaking for the Lexington Market rejuvenation project.

ABOUT THE NMTC

The New Markets Tax Credit (NMTC) is a shallow, low-cost tax incentive which delivers billions of dollars annually to low-income communities with high unemployment and poverty. The credit finances everything from hospitals to manufacturing facilities to rural broadband expansions.

Learn more…

LATEST RESEARCH

The 2019 NMTC Progress Report, the NMTC Coalition’s annual report on investments and impacts of the NMTC.

Learn more…

EXTENSION CAMPAIGN

The NMTC expires on December 31, 2020. Bipartisan legislation to extend the NMTC has been introduced in the House (H.R. 1680) and Senate (S. 750).

Learn more…

Latest Cosponsors of H.R. 1680

02/13/2020

Rice, Tom [R-SC]

02/13/2020

Buchanan, Vern [R-FL]

02/13/2020

Kinzinger, Adam [R-IL]

02/13/2020

Steube, W. Gregory [R-FL]

02/13/2020

Graves, Sam [R-MO]

02/13/2020

McMorris Rodgers, Cathy [R-WA]

02/13/2020

Craig, Angie [D-MN]

12/18/2019

Latta, Robert E. [R-OH]

12/18/2019

Kelly, Robin L. [D-IL]

12/18/2019

Bass, Karen [D-CA]

12/17/2019

Deutch, Theodore E. [D-FL]

12/17/2019

Riggleman, Denver [R-VA]

12/17/2019

Mooney, Alexander X. [R-WV]

12/17/2019

Veasey, Marc A. [D-TX]

12/17/2019

Wilson, Frederica S. [D-FL]

12/17/2019

Gallagher, Mike [R-WI]

12/17/2019

Payne, Donald M., Jr. [D-NJ]

10/31/2019

Scanlon, Mary Gay [D-PA]

Latest Cosponsors of S. 750

02/11/2020

Deb Fischer (R-NE)

01/13/2020

Gary Peters (D-MI)

01/13/2020

Jerry Moran (R-KS)

12/17/2019

Bob Menendez [D-NJ]

12/03/2019

Doug Jones [D-AL]

11/14/2019

Bill Cassidy [R-LA]

11/05/2019

Bob Casey (D-PA)

09/05/2019

Corey Gardner [R-CO]

08/09/2019

John Kennedy [R-LA]

08/02/2019

Lindsey Graham [R-SC]

07/29/2019

John Hoeven [R-ND]

06/25/2019

Sen. Merkley, Jeff [D-OR]

06/25/2019

Sen. Collins, Susan [R-ME]

04/30/2019

Sen. Blackburn, Marsha [R-TN]

04/30/2019

Sen. Hassan, Margaret Wood [D-NH]

04/11/2019

Sen. McSally, Martha [R-AZ]

04/11/2019

Sen. Murray, Patty [D-WA]

04/11/2019

Sen. Cortez Masto, Catherine [D-NV]

Testimonials

NMTCs provide access for low-income residents, low-income persons and low-income communities to realize their goals and plans. Whether it is growth in the industrial park and access to quality, accessible jobs, increased access to affordable healthcare and workforce training or the rejuvenation of downtown with mixed-use commercial and housing along historic main-street squares, this subsidy has a vital role to play in bringing rural GA back into the economic mainstream. We must retain and reclaim or young population and to do this we must use flexible resources to attract business and develop amenity infrastructure that makes us a vital and thriving community long-term.

Kate Rowland, Treasurer, The Preston-Knight Foundation, LaGrange, GA

CSH has received five NMTC allocations totaling $235 M in credit allocations to finance 16 projects and counting that serve low-income, high-health need individuals that are homeless or at risk of homelessness. These projects include: 1) community health centers, 2) projects that offer supportive services including social, healthcare, educational, food security and/or workforce development programs; and (3) mixed-use projects with onsite supportive housing and the uses specified above. Our goal is to strengthen links between housing and services, and CSH offers free technical assistance and training to our borrowers to help further those connections. Specifically, our NMTC investments have:- Helped to build over 580,000 SF of service space, including nearly 250,000 SF for healthcare; – Generated a projected 1,600 construction jobs and over 800 permanent jobs; – Expanded access to primary healthcare, behavioral healthcare, early childhood and adult education programs, and case management services to over 89,000 people annually; and – Supported the development of over 1,200 affordable housing units, including over 800 supportive housing units.

Jill Steen, Corporation for Supportive Housing, New York, NY

The NMTC program is critical to the redevelopment of a 200 year old college in Louisiana. We have a plan for a $50 million mixed-use development that is financially not feasible without the NMTC.

Pete DeBuys, President, DeBuys Real Estate, Atlanta, GA

The NMTC has allowed us to expand our facility and serve more children and adults with disabilities.

Judy Harden, Finance Controller, United Rehabilitation Services, Dayton, OH

We did the first NMTC deal in Philadelphia. The $17.5 million investment was part of a $55 million investment in a new retail center that included a 60,000 square foot supermarket and Lowes Home Improvement. It created over 700 jobs and was refinanced in 2017. The property is 100% leased and income continues to be reinvested in the community.

James Burnett, Executive Director, West Philadelphia Financial Services Institution, Philadelphia, PA

State Fact Sheets and Stories

Videos

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Have a Project?

Do you have a great project in a low income community that is in need of NMTC allocation? We recommend first watching our “How It Works” video.

The next step is to check the CDFI Fund’s mapping site to see if your project is in an eligible census tract.

Finally, check to see which Community Development Entities serving your area have remaining NMTC allocation.

NMTC Coalition Releases 2020 NMTC Progress Report

THE LATEST

ABOUT THE NMTC

LATEST RESEARCH

EXTENSION CAMPAIGN

Latest Cosponsors of H.R. 1680

Latest Cosponsors of S. 750

Testimonials

State Fact Sheets and Stories

Videos

Have a Project?

How the NMTC Works