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?
Precision Opinion is a good example of what we aimed to achieve with the Nevada New Markets Jobs Act program—facilitating private investment capital into businesses in distress communities, in particular those companies that can create and maintain good, quality jobs to benefit Nevada families. Companies like Precision Opinion are a testament to the positive impact of targeted incentive programs, and we must make sure Nevada businesses like it have what they need to continue to expand and build up local economies in our state. Especially right now as we work through the COVID-19 pandemic.”
-Assemblywoman Dina Neal, Las Vegas, Nevada
NMTCs help bridge gaps in the financing of needed job creation and community services projects for the people of Miami-Dade County
-Eric Strickland, Opa-locka Community Development Corporation, Opa-locka, Florida
This investment is great news for a number of reasons. First, I love to see a company so actively involved in championing an effort to bring diversity to the tech industry. This is a much-needed service to help underserved communities break into an excellent field. Secondly, we just renewed the Nevada New Markets Jobs Act last year, which has been very successful in supporting and growing businesses like All-In Recruiting in distressed communities. It’s great to see the federal program working to do the same, bringing additional capital to our state.
-Assemblywoman Dina Neal, Las Vegas, Nevada
NMTCs are frequently combined with HTCs to create a powerful economic revitalization tool that serves community needs and preserves important historic resources.
-Shaw Sprague, National Trust for Historic Preservation, Washington, DC
New Markets Tax Credits bring very flexible below market capital resources to multiple project types at both senior and highly subordinated debt levels making it possible for CDEs and CDFIs to serve severely distressed communities with project funding that directly meet identified needs . This core capacity will be even more necessary in our current environment as we strive to overcome the effects of COVID-19 and social unrest that have deeply impaired economic activity and progress in our most distressed communities nationwide.
-Tyker Inda, Baker Tilly Capital , Madison, WI
NMTC are an investment tool to help incentivize development of economically disadvantaged areas.
-Nathan Murray, Urban Renewal Agency of the City of Twin Falls, Idaho