As a national CDFI focused on improving marginalized communities, the NMTC program has been an important tool for creating greater access to healthcare, food security and employment training for residents.
-Deborah De Santis, Corporation for Supportive Housing, New York, NY
The NMTC program has been the catalyst for billions of dollars of development across the country and is one of the most successfully federal programs resulting in the creation of million of good paying jobs.
-Craig Hughes, HRH Community Partners, LLC, plano, TX
It is a critical tool to reduce the amoral wealth and income gap between black and white people that persists in America. NMTC investments create higher paying jobs and business ownership wealth in predominantly African American communities across the country.
-Calvin Holmes, African American Alliance of CDFI CEOs, Chicago, Illinois
The NMTC was utilized to renovate the Downtown Youngstown YMCA in 2016. The facility opened in 1884 and the renovation was critical to keep the YMCA relevant in an area which is down economically, has issues with chronic diseases, health and wellness and is in trouble academically. The YMCA helps fill the gaps that are necessary for the health, safety and well-being of the kids and families in the City of Youngstown. Most downtown YMCA’s are closing, however, due to the 2016 renovation and the NMTC, the Downtown YMCA, in 2019, has had its best year in a very long time and is transforming lives in the Youngstown community. All Youngstown City School second graders are given free swim lessons at the Y. Just today, we reached an agreement to begin a middle school wrestling program at the Y for the Youngstown City School kids. The Downtown Y is the place where Potential Development Academy, a school for autistic children (over 250 kids), have a gym and swim program to fulfill their physical education requirement. I could go on and on about the impact of the Y on the community but want to let you know of our support to continue the NMTC.
-Thomas Gacse, President/CEO, YMCA of Youngstown, Youngstown, Ohio
As the former CEO of the South Wood County YMCA, our community witnessed first hand the power of this program and the catalytic impact it on the overall health and well-being of individuals and the community. It has a been a beacon of hope and shining example of transformative impact and collaboration. Thank you for supporting this program and urge you for continued support. Bret
-Bret Salscheider, YMCA of the Fox Cities, Appleton, Wisconsin
This is a valuable tool to help us gain investment in our rural community. Options are limited and our community can be a hard sell to industry. Taking away this valuable option would hurt our ability to bring new projects, jobs with increased wages, and opportunity to our community. Please extend NMTC.
-Courtney Lewis, Executive Director, City of Mountain Home Economic Development, Idaho
With increased construction costs, programs like these assist us in making the dream of homeownership become a reality, thus helping to build stronger families and communities.
-Kelly Lamb, Executive Director, Cedar Valley Habitat for Humanity, Cedar Rapids, Iowa
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 benefits the American Cancer Society (ACS) receives from the NMTC allow ACS to provide free critical access such as lodging, transportation, and other support services to cancer patients and their caregivers in the Salt Lake City metropolitan area and greater Utah who must travel significant distances for cancer treatments. These services help to remove one significant financial barrier and improve access to the prescribed cancer treatment for our lodging guests. As an added benefit to the community, our guests contribute to the local economy while staying at our facility when receiving treatments.
-Catherine Mickle, Chief Administrative Officer, American Cancer Society, Atlanta, GA
[NMTC financing] enables us to better serve the underserved population in Atlanta.
-Connie Veates, Trees Atlanta, Atlanta, Georgia
“I anticipate that we are going to be housing culinary arts and events students that are going to be close to that facility, perhaps in walking distance. I anticipate that it became a destination area.”
-Rey Wojdat, Culinary Events Center Assistant to the Dean
We have been fortunate enough to take part in multiple NMTC projects as part of Spartanburg, SC bakery. Without this program, we would not have been able to make the essential investments to not only let us expand, but to let us withstand unforseen disasters such as Covid that could have put the facility out of business. Instead, we were able to keep going, keep everyone employed, and keep supplying bread to surrounding states restaurants at times when other bakeries left them with none.
-Stuart Rosen, Highland Baking Company, Spartanburg, SC
[The NMTC] is the bedrock of capital investment in lower income communities. The “everyone has a skin in the game” nature makes it effective
-James Tippit, Independent Financial, McKinney, TX
Access to capital for some of the most underserved and undervalued business opportunities in areas that desperately need economic development and viability.
-Elmer Chisholm, BWC Consulting, Greensboro, North Carolina
The NMTC program has enabled PCDC to finance 177 projects for its community health center clients throughout the U.S. $248 million in awards to PCDC have supported over $1.1 billion in projects that have created or retained 5,800 permanent and 5,000 construction jobs in urban and rural under-served communities and enabled safety net community based providers to serve more than 1 million patients annually nationwide with high-quality health care and integrated services, including mental health and substance use treatment.
-Louise Cohen, Chief Executive Officer, Primary Care Development Corporation, New York, NY
True and immediate impact not impeded by bureaucratic delay, guided by market influences that deliver immediate and sustained consequence for the neediest of people and communities.
-Mark DiSalvo, Pacesetter CDE, Inc., North Andover, MA
The Northside Initiative is a cross-sector collaboration working to completely revitalize Spartanburgs Northside neighborhood. South Carolina Community Loan Fund first supported the Initiative in 2013 with a $350,000 loan to the Northside Development Group to construct the Hub City Farmers Market. Since that initial project, subsequent investments in the community have topped $70M. However, the neighborhood still lacked a central space for community members to gather, work, and play, so NDG sought to develop a community facility that could fill that void.
Developers created plans for of the TK Gregg Community Center, a brand new 42,000 square foot facility. They knew that an infusion of New Markets Tax Credits would be necessary to fully fund the construction and a critical component of NMTC transactions is the but-for clause, meaning that a projects eligibility for tax credit allocations hinges on the fact that a project could not be adequately financed without them. As a longtime partner in the Northside Initiative and a 2018 New Markets Tax Credit allocatee, SCCLF saw an opportunity to meet a critical need for financing while also supporting efforts to bring essential services and facilities to the Northside.
The TK Gregg Community Center, slated to open in fall 2020, will provide a host of services that will contribute to the wellbeing of Northside residents. The facility will house two pools, a track, rooms for fitness classes, and classroom space to host community programs and events. Additionally, there will be free WiFi as well as desktop computers and tablets for community use, greatly expanding the community’s internet connectivity. The Center also hopes to one day offer swim lessons to District 7 schoolchildren. The TK Gregg Community Center will provide access to athletic facilities, gathering space, and technology, making the facility a cornerstone of the Northside revitalization efforts.
-Victoria Baker, South Carolina Community Loan Fund, Charleston, South Carolina
Without the NMTC Commonwealth Cornerstone Group will lose the ability to be a catalyst in revitalizing severely distressed communities to provide jobs, goods and services to low-income persons.
-Charlotte Folmer, Executive Director, Commonwealth Cornerstone Group, Harrisburg, Pennsylvania
PIDC invests in high-impact community revitalization projects that create good jobs, provide essential goods and services, and stimulate additional investment in our neighborhoods. The NMTC Program – a US Treasury program – incentivizes community development and economic growth through the use of federal tax credits that attract private investment in distressed communities. PIDC Community Capital has been a successful allocatee of these tax credits. PIDC has deployed more than $148 million in NMTX allocations, with 100% going to severely distressed areas across Philadelphia. NMTC Investments we’ve supported include behavioral health centers, youth development centers, and healthcare and affordable housing projects.
-Kevin Lessard, PIDC (Philadelphia Industrial Development Corp.), Philadelphia, PA
Our organization is a nonprofit that develops senior care communities so that senior citizens can live as independently as possible with appropriate supports. We achieve this by developing affordable senior housing adjacent to LIFE (Living Independently for Elderly) Centers. Residents can attend the LIFE Centers several times a week and get in home support from the home health aides that work for the LIFE program. NewMarket Tax Credits are the primary source of developing these critical LIFE Centers that support our seniors.
-John Ungar, NewCourtland, Philadelphia, PA
