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 can remember sitting in many meetings with local Coos County (NH) officials who were so happy to hear of our intent to open a steel fabrication plant in Berlin, NH thanks to the NMTC program. They were overjoyed to learn of Capone’s intent to employ workers of all levels (skilled welders, painters, detailers, estimators, etc.). We wouldn’t have been able to accomplish this endeavor without this program. We love the Coos county and are so happy to be there and support the local economy.
-Adelaide Guarracino, Capone Iron Corporation North Woods, Inc., Berlin, NH
To date, our company has successfully utilized NMTCs in 5 development projects in the toughest neighborhoods in Philadelphia. In all circumstances, we have created 100s of jobs, started new diverse businesses, brought quality goods and services to food and health deserts and created affordable housing opportunities in these neighborhoods. Stopping this funding source will negatively impact greatly, communities in need.
-Leslie Smallwood, Mosaic Development Partners, Philadelphia, PA
There are very few true investment programs for lower income
-Keith Thibault, Southwestern Community Services, Keene, NH
The NMTC is critical to our community’s social and economic wellbeing. Using NMTC, our community has been able to complete public projects including a renovated courthouse and library, and the construction of a new homeless shelter that will serve the most vulnerable. We have also used NMTC to create rural manufacturing jobs, through the renovation of a manufacturing facility.
-Cody Morrison, Monadnock Economic Development Corporation, Keene, NH
Utilizing the NMTC loan program we were able to build a state-of-the-art steel fabrication facility in the economically depressed city of Berlin NH. Tying this program to job creation afforded us the opportunity that would have not been possible with traditional bank financing.
-Stephen CApone, Capone Iron Corporation, Berlin, NH
The NMTC program was critical to Capone Iron Corporation North Woods, Inc. Without this program, we would not have been able to expand our operations to Berlin, NH and support/stimulate the local economy. The financing we received allowed us the opportunity to construct a steel fabrication facility and create many jobs for local residents, as well as support local community organizations and events, academic and OJT programs, food banks, etc. We strongly believe this NMTC program should be permanent to help sustain economic growth where desperately needed. Please feel free to contact me should you wish to learn more on how this program positively impacted the economically distressed areas within New Hampshire’s Coos County.
-Stephen Capone, Capone Iron Corporation North Woods, Inc., Berlin, NH