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?
I work with a CDE that has deployed $253 million in NMTC allocation to support $717 million in development costs which created and retained over 3,500 jobs since 2016. My experience has been that this program works! The incentive to investors brings valuable funds to redevelop areas of disinvestment and begins turning blighted communities into more vibrant economic centers for sustainable employment and services.
-Michelle LeClair, Mascoma Community Development, Lebanon, NH
The NMTC program supports Jonathan Rose Companies’ mission to build Communities of Opportunities which link affordable housing, health care, healthy living programs, grocery stores and healthy food in food deserts, job training, counseling and creation, after school education and other supportive service programs in low income communities.
-Charles Perry, Rose Urban Green Fund, Denver, CO
Creates jobs, affordable housing, tax dollars for better schools…what’s not to love about thus program!
-Jennifer Van Britson, Saint Louis Bank, Belleville, IL
We are in need of expanding housing and services and these tax credits will help benefit those we serve.
-Rayme L. Nuckles, Treasure Coast Homeless Services Council, Inc., Vero Beach, FL
We built 40 homes for our low income families. All sold before the prices increased.
-Rey Jaquez, Affordable Homes of South Texas, Inc., McAllen, TX
We believe there is strong evidence suggesting that the NMTC program has had positive impacts on poor communities, which in our view is both desirable and is commendable. This tax expenditure is costly and we believe that the benefit of the program justify its continuation, at least in its current form. On improvement we would suggest would be more oversight from the Treasury Department, more transparency, a more focused mission, and more involvement from the local community and local governments. Best Josh
-Joshua Howe, Optimistic Partners, Saint Paul, MN