We asked organizations to tell us why the NMTC is important to their organization or community. Below is a sampling.
Why is the New Markets Tax Credit Important to Your Community?
“100 Prince was an opportunity for our team to bring affordable housing, grocery and local retail to an urban food desert which suffers from high rents and had not seen multi-family residential construction in over ten years. The project financing was complex, and without the New Markets Tax Credit subsidy, this project wouldn’t have gotten off the ground. Throughout the process, Cherry Bekaert’s strategic financing team was instrumental in arranging the NMTC sources and guiding our team along with myriad funders through to a successful closing.”
-Russ Davis, Jr., Principal, Homes Urban
Travelers will be more than a hotel – this is a space designed to support local artists and cultural traditions through year-round exhibitions, performances and events.
-Ann Williams, Executive Director of the Coahoma Collective
“I am delighted to see the increased investment in the GMI Selma operation. The New Markets Tax Credit enhances the economic opportunity for many families and businesses in the area. The product from GMI also supports U.S.-based manufacturing for critical strategic materials which feed our nation’s supply chain for semi-conductors, solar energy products, military energy storage, as well as steel, aluminum and chemical.”
-Rep. Terry Sewell (D-AL)
“The renovation…is a great example of how municipalities like WilkesBarre, working in cooperation with county, state, and federal levels of government and the private sector can provide outstanding offerings for their residents.”
-Wilkes-Barre Mayor Tom Leighton on the Coal Street NMTC project
“The need is immense. The lack of affordable housing means the region can’t build them fast enough, and what is built fills up quickly. At the same time, without subsidies, many people here can’t afford what is built.”
-Nick Mitchell-Bennett, Executive Director of CDCB on their NMTC project
“Monogram Foods is excited to be expanding production and adding jobs in Martinsville. We have an excellent workforce with a dedication to consistently high quality products, safety and efficiency.”
-Ches Jackson, president of Monogram Supply Chain on their NMTC-financed expansion