Today’s Washington Post includes a write-up of NMTC-Coalition members Howard and Donna Smith (Smith NMTC) and their work to expand affordable homeownership using the NMTC.
“The Smiths have championed using the $5 billion-a-year program to build affordable housing, something most community development entities (CDEs) tapping into the credits said could not be done,” writes Jim Morrison. “New Markets Tax Credits are highly regulated, but the Smiths have created plug-and-play templates, models that any nonprofit can use to navigate the tax credits program from application through project completion.”
Jim Morrison
Washington Post
Examples
Housing Access and Neighborhood Stabilization Revolving Loan Fund (2022)
Saint Louis, MO
- Habitat for Humanity, Loan Fund
- CDEs: St. Louis Development Corporation
This is phase 1 of a 10- to 15-year development plan that looks at transformation where people live, work and play in their corner of the JeffVanderLou neighborhood. Habitat for
Birmingham YMCA (2024)
Birmingham, AL
- Affordable Housing, Community, FQHCs, Habitat for Humanity, Healthcare, Housing, Recreation, YMCAs and YWCAs, Youth and Families, Youth Program
- CDEs: Gulf Coast Housing Partnership, Pathway Lending, PNC
Birmingham YMCA used NMTC allocation to renovate their existing sq. ft. Northeast Youth Center
Habitat for Humanity Greater Cincinnati (2012)
Cincinnati, OH
- Community, Habitat for Humanity, Housing
- CDEs: CEI Capital Management
NMTC financing supported a multi-state, first of its kind Habitat for Humanity project spanning the country.
Chatham Habitat for Humanity (2011)
Siler City, NC
- Habitat for Humanity
- CDEs: Habitat for Humanity
NMTC financing supported a Habitat for Humanity Build for Chatham Habitat for Humanity
Habitat for Humanity of Evansville Inc. (2011)
Mount Vernon, IN
- Affordable Housing, Habitat for Humanity
- CDEs: Habitat for Humanity
This project created 48 affordable, single-family homes for Habitat for Humanity of Evansville, Inc.
Habitat for Humanity of Monroe County (2021)
Bloomington, IN
- Affordable Housing, Habitat for Humanity
- CDEs: Habitat for Humanity
Monroe County Habitat used NMTC financing to complete the Osage Place project in Bloomington, IN.
