Washington, D.C. (March 30, 2023) – The New Markets Tax Credit Coalition joins the DC Central Kitchen in celebrating the opening of the Michael R. Klein Center for Jobs and Justice, a workforce development and healthy food distribution center located in the Buzzard Point neighborhood of Southwest Washington, DC. This new facility within the RiverPoint development allows the three-decade-old nonprofit to triple its capacity for providing healthy food and job training opportunities to the local community. Funding for the project included $18.5 million in NMTC financing developed in partnership with CAHEC New Markets, Chase, and Reinvestment Fund.
“CAHEC New Markets provides New Markets Tax Credit financing to organizations like DC Central Kitchen that create new opportunities and positive change in their communities,” says Brian Oxford CAHEC’s Manager, Community Capital.
Established in 2000 in the Community Renewal Tax Relief Act (P.L.106-554), the New Markets Tax Credit (NMTC) is a bipartisan effort to stimulate investment and economic growth in low-income urban neighborhoods and rural communities. Since 2021, $63.4 billion in NMTC allocation deployed to 7,615 projects and businesses totaling $120.5 billion in total project investment.
“Each year, hundreds of new NMTC-financed projects come to life across the country,” said Bob Rapoza, spokesperson for the NMTC Coalition. “As we continue our fight to make the NMTC a permanent part of the tax code, we are thrilled to have yet another great example of a project funded by the NMTC available for Members of Congress to see just steps away from the U.S. Capitol. I urge all Members take the time to visit the DC Central Kitchen Michael R. Klein Center for Jobs and Justice to learn how the NMTC program, which enjoys strong bipartisan and bicameral support, can provide much-needed funding to underserved communities.”
The NMTC Extension Act of 2023 was introduced in the Senate last month to establish the NMTC as a permanent part of the tax code, which will provide certainty in delivering resources to low-income and marginalized communities, creating jobs, increasing economic opportunity, and improving lives at a time when the economic frailty of our underserved communities has never been more apparent. A House companion bill is expected to drop in the next week.
About New Markets Tax Credit Program
The New Markets Tax Credit (NMTC) was enacted in 2000 to stimulate private investment and economic growth in low-income urban neighborhoods and rural communities that lack access to the patient capital needed to support and grow businesses, create jobs, and sustain healthy local economies. Since its inception, the NMTC has generated more than one million jobs. Today due to NMTC, more than $120 billion is hard at work in underserved communities in all 50 states, the District of Columbia, Guam and Puerto Rico. For examples of how the NMTC is making an impact in each state, see the NMTC Coalition’s project database and state fact sheets. For more information, visit www.NMTCCoalition.org.
Paul Anderson from the NMTC Coalition was on hand for the ribboncutting on Friday, March 31, 2023.