Survey of 2019 Projects
The NMTC Coalition surveys all CDEs that have won NMTC allocation – past and present – on their loans, investments, and financial services.
Areas Targeted
- Projects were located in nearly 200 cities in 48 states and territories.
- Eighty-six percent of projects were located in severely distressed communities far exceeding the statutory requirements for distress, and 26 percent of NMTC financing went to non-metropolitan counties with an additional 5 percent in rural areas of metropolitan counties.
- Five projects (1.7 percent) utilized the Target Population eligibility criteria. Those projects included a Meals on Wheels, a grocery store, a Detroit-based manufacturer, a youth center, and a homeless shelter.
Jobs and Investment
- 288 projects totaling $4.5 billion received $2.7 billion in NMTC allocation (at a cost to the federal government of $679 million).
- CDEs created 57,414 jobs in 2019, including 35,440 full-time equivalent (FTE) jobs and 21,973 temporary construction jobs. The federal cost per job comes to $12,144.
Types of Projects
- Manufacturing was the most popular use of NMTC allocation (25.9 percent of 2019 Qualified Low-Income Community Investments) followed by healthcare (16 percent), mixed-use (10.2 percent), and childcare, youth, and family services (10 percent).
Components of Projects
- NMTC financing supported 232 manufacturing and industrial businesses with working capital, new equipment, and seven million sq. ft. of new space.
- The NMTC expanded healthcare, recreational options, food security, job training, and other social services for 1.7 million individuals, including but not limited to 1.1M patients in healthcare facilities and 116k children in childcare, schools, recreational facilities, mentorship programs, and other youth-related social services.
- Fifty-five percent of projects included at least one community facility, nonprofit, or social service component. Those new community resources add up to over 300 nonprofits, health centers, childcare centers, libraries, community centers, and other community facilities.
- Excluding small business financing, 98 percent of projects extended the benefits of the NMTC financing by including a Community Benefits Agreement (CBA). This is similar to 2018 when 97 percent of projects included a CBA.
- NMTC financing supported the construction or renovation of 15.1 million sq. ft. of real estate and the construction of 848 affordable housing units.
2019 By The Numbers
288 Projects
NMTC financing helped make 288 projects possible, including the Hoen Lithograph complex rehabilitation (left). Projects spanned 48 states, Puerto Rico, and the District of Columbia.
$4.5 billion in investment
CDEs used $2.7 billion in NMTC allocation to deliver $4.5 billion in total project investment to low-income communities, including Concord, NC, where CAHEC New Markets used $9.5 million in NMTC financing to support the Boys & Girls Club of Cabarrus County Expansion (right).
57.4k jobs
Including 35,440 permanent full-time-equivalent (FTE) jobs, and 21,973 construction jobs.
232 manufacturing businesses
supported through new facilities and business incubators, creating over 11,000 FTE manufacturing jobs.
1.7 million people served
by NMTC-financed community facilities, including 1.1 million patients in healthcare facilities.
15.1M sq. ft. of space
rehabilitated or constructed thanks to NMTC financing.
62 Healthcare Facilities
financed by the NMTC in 2019, including 26 Federally Qualified Health Centers.
26 percent of financing in non-metro
counties and an additional 5 percent of projects in rural areas of metro counties.
