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?
We have seen the positive and lasting impacts of NMTC projects in lower income communities first hand – it works! The job creation and the quality of the jobs is so essential to lifting LMI communities out of poverty’s gravity
-John Egan, The Genesis Fund, Brunswick, ME
Because of these tax credits the YMCA of South Florida was able to build a YMCA that supports a community in need.
-Jacqueline Roca, YMCA of South Florida, Miami, FL
As a private voucher school serving primarily low-income African American students in grades K3 – 8th, St. Marcus Lutheran School needs to raise annually approximately 20% of its operating costs per student just to make ends meet. With a perpetual waiting list, St. Marcus is always looking to expand to reach more families. Capital costs for expansion facilities and related financing costs add to the need to raise additiional funds, and strain St. Marcus’ support network. NMTC financing provides some badly needed funding at reasonable costs to bridge the gap between capital commitments St. Marcus’ receives and the installment payments associated with those commitments. Without NMTC financing, St. Marcus would not have been in a position to fund its most recent expansion, which will increase its enrollment by two-thirds (from 900 to 1,500). That expansion not only will serve more students and their families, but also will provide additional, badly needed family sustaining jobs in the community.
-Fredrick Lautz, St. Marcus Evangelical Lutheran Church and School, Milwaukee, WI
We are one year into construction for a Recovery Center on the Turtle Mountain Reservation. This project is going to save so many lives of our community members.
-Erin Belgarde, Strategic Planning Coordinator, TMBCI, Belcourt, ND
Crucial program for underserved communities for food access and medical care.
-Bill Hughes, True Moutain Capital, Memphis, TN
The NMTC program has been a catalyst to providing economic and community development in rural communities through out the area we serve. Our organization utilized NMTC funding to create a emergency homeless shelter and service center to assist individuals out of poverty in Bismarck, ND. The shelter and center is the only one within 100 miles. Without NMTC this project would not have been possible.
-Brent Ekstrom, CommunityWorks North Dakota, Mandan, ND