I support this letter because the New Markets Tax Credit (NMTC) has been instrumental in enabling organizations like The Innovate Fund to make substantial strides in community development. Through the NMTC, The Innovate Fund has successfully utilized its Round 19 Allocation of $50 million to fund transformative projects across five states, including initial investments in North Carolina and Virginia. This funding facilitated the creation or retention of over 1,100 jobs and provided essential goods and services to over 265,000 people. Projects such as a peanut processing facility employing over 240 individuals and a youth workforce development hub benefiting over 23,000 students exemplify the program’s impact. Moreover, The Innovate Fund has consistently directed significant resources to projects within the Appalachian Region, demonstrating a commitment to addressing the region’s unique needs. With the NMTC set to expire in 2025, supporting the NMTC Extension Act is crucial for sustaining and expanding these efforts. By backing this legislation, we can ensure that organizations continue to drive economic growth, job creation, and community revitalization, particularly in low-income and underserved areas.
New Markets Tax Credit Coalition
