New Market Tax Credit’s are one of the tools that help drive the economic development in the communities that we serve. Preservation of this essential tool for economic development is a key for the future of the economic growth in our expanding region.
-Christy Acord, Executive Director, Elmore County Rural Development, Elmore County, Idaho
Middletown residents face a growing need for emergency housing and it was critical that our community step up to the plate and provide safe emergency shelter for individuals and families facing homelessness. Grove Street Shelter could not have been expanded without the NMTC financing that Finance Fund and their partners brought to the table. This allocation and the new facilities for people in housing crisis will be nothing short of life-saving,.
-Reverend Tim Williams, Executive Director of Operations, Hope House Mission, Ohio
The NMTC program has increased the impact that the YMCA is having on the west Louisville community, bringing health equity outcomes to citizens who need it most.
-Audrey Roling, CFO, YMCA of Greater Louisville, Louisville, Kentucky
As a predominantly rural state, the NMTC has absolutely been the key piece in putting together capital stacks for projects in underserved areas. There is no substitute mechanism/tool that could replace the NMTC is the work that we do.
-Sam Walls III, President, Arkansas Capital and Heartland Renaissance Fund, Little Rock
Strongest anti-displacement tool available, allowing people in neighborhoods suffering from disinvestment to acquire assets on their balance sheets and build infrastructure in their communities that would otherwise be impossible but for NMTC.
-Steve Saltzman, CEO, Charleston LDC, South Carolina
NMTC’s have been critical in helping many projects become feasible – in urban and rural areas. All kinds of projects have been possible because of NMTC, such as manufacturing, community facilities, schools, medical facilities, Native American projects. With our loan funds we have financed projects as small as $250,000 with similar benefit’s as our larger projects up to $20 million.
-Julia Nelmark, President, Midwest Minnesota CDC, Detroit Lakes, MN
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
Without this program, it would have created additional monetary constraints to meet the objectives of our Health and Sciences building project for our College. It was imperative that we received investment from this specialized program that supports rural communities such as Coos Bay. The impact of this tax credit investment will have a sustained impact for years to come. Our support for the continuation of such a program cannot be expressed enough.
-Jeff Whitey, President, Southwestern Oregon Community College, Coos Bay, Oregon
The NMTC is a significant tool for community developers, as it allows the stakeholders and developers to make change in low income communities on a greater scale. It stimulates additional investment in distressed communities that otherwise would not be made. Finally, it creates Jobs, increases community ownership, and hope for lower income residents.
-Gerald Chester, President & CEO, Central Florida CDC, Daytona Beach, Florida
Our Community is growing .. we have our first new construction in over 20 years. We are nearly completing a new Arts Council / Grand Hall Park… We are the county’s only Designated Opportunity Zone & are home to title one schools. We are on the way to reaching our goals to become an Arts and Entertainment District.. please help our Community to continue growing with this added opportunity, as we are the heartland of rural scenic farms, lake, and outdoor opportunities.
-Brenda Sands, Executive Director, Columbiana Main Street, Alabama
The NMTC helped us complete the funding we needed to build a 32,000 sq.foot lower school campus/urban equestrian center for children who have intellectual and developmental differences. This will enable us to provide academic resources not only to our students but will serve as a therapeutic recreation center to our community. NMTC has been a gift to the Jacksonville Community!
-Sally Hazelip, Head of School, North Florida School of Special Education, Jacksonville, Florida
But for the NMTC’s, we would have not been able to build a larger facility to serve MORE very young children with developmental delays in our community
-Ginger Young, CEO, The Childhood League Center, Columbus, Ohio
The NMTC has provided the pathway to revitalize areas of our community that would have not been possible otherwise. The NMTC program serves as a catalyst leading to job growth, expansion and redevelopment that is meaningful and material for our community now and for many years to come.
-Richie Webb, President, Hemming Corp, Rexburg, Idaho
The NMTC will assist us in completing our new building and as a result we will be able to expand our programs. This new structure will be a landmark and serve as a beacon of light in our community. Above all the NMTC will assist us in continuing to use dance and theater arts to enrich, inspire and transform the lives of our students and the community.
-Norman Nixon, Co-Founder Executive Director, Debbie Allen Dance Academy, Los Angeles, CA
The NMTC program is a key component to complicated financial structures required to finance projects for community development, affordable housing, education and healthcare facilities. The need for these types of facilities in lower income communities is great, and without NMTC many of these projects could be in danger of not being funded and completed. It is critical that the under-served communities in our country continue to receive funding for revitalization and development.
-Lindsey Bartley, Director of Communications, Catalyst Community Capital, Inc., Tampa, Florida
Projects supported by this program obtain flexible capital to create more job opportunities for low-income people. This is essentially important to fund more projects that will get our people out of poverty and provide them with a high-quality job and a bright future for them and their families.
-Giovanna Piovanetti, Executive President, Corporacion para el Financiamiento Empresarial del Comercio y las Comunidades, San Juan, Puerto Rico
Milwaukee Habitat for Humanity participated in two NMTC transactions (2012 and 2018). The funds we received helped leverage millions of dollars of additional private investment to that we could build safe, affordable homes for low to moderate income families in some of Milwaukee’s most distressed neighborhoods. Without the NMTC we would be unable to serve as many hard working Milwaukee families who want to achieve the American dream of homeownership. Please support the extension of the NMTC for Robin, a single mom who became a Habitat homeowner because of the NMTC. For Robin, homeownership is going to mean finally having a safe, stable place where her three girls can call home. Their family is currently sharing a cramped two-bedroom apartment with Robin’s 80 year old grandmother in Milwaukee’s Northlawn housing development. Every time it rains, Robin says, the ceiling leaks right down into their home. Both Robin and her oldest daughter have asthma, which she said got worse when they moved into her grandma’s rental. “My grandma has been living there since we were little,” says Robin, “And over the years, the landlords won’t fix a thing, even though the rent keeps going up.” This and other experiences with neglectful landlords made Robin want a home of her own. She wanted to give her children a home with enough space for the whole family without having to worry about water streaming in every time it rained. Robin moved into her new Habitat home on October 31, 2019.
-Brian Sonderman, Executive Director, Milwaukee Habitat for Humanity, Milwaukee, Wisconsin
We use NMTC to create opportunities for affordable homeownership. Our homeowners help reinvigorate the distressed neighborhoods
-Emilee Powell, Manager of Impact Measurement and Financial Stability, Homewise, Santa Fe, New Mexico
Without the NMTC program, we would not have been able to complete the last mile of funding for building the Cade Museum for Creativity and Invention. The investment not only resulted in an award winning architectural masterpiece, it also resulted in a complete transformation of a blighted, dangerous and heavily contaminated parcel of land into Gainesville’s crown jewel. A forgotten crossroads is now one of the most popular and beautiful destinations in Gainesville.
-Richard Miles, Co-founder, Cade Museum for Creativity and Invention, Gainesville, Florida
The NMTC is an important source of financing for businesses and community facilities in America’s most economically distressed rural and urban communities. Over the past 15 years, communities have come to count on the NMTC as a source of low-cost capital for challenging projects that would not have been possible but-for the NMTC. Since 2003, the Credit has delivered well over $100 billion in flexible capital to farming towns and urban neighborhoods left outside the economic mainstream. Those investments have generated over one million jobs at a cost to the federal government of less than $20,000 per job.
Without an NMTC extension, many of America’s urban neighborhoods and rural communities, struggling with high rates of poverty and unemployment, will lose access to billions of dollars for high-impact, community revitalization projects. For these reasons, we urge Congress to provide a permanent extension and expansion of the New Markets Tax Credit.
-Brian Higgins, Executive Director, Parson Avenue, Columbus, Ohio