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?
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
The ability for us to assist in projects that create jobs in situations where this would NOT be possible. For many areas, these credits are the difference between a sustainable project and one that will NEVER come to fruition.
-Banks Floodman, Sunflower Development Group, Olathe, Kansas
Without the NMTC program it would not have been possible for us to initiate a new K-8 Academy and YMCA early learning center in a disenfranchised neighborhood in 2019.
-Brian Friedman, Wellspring Associates, Tucker, Georgia
The NMTC directly impacts our ability to implement our housing, economic development and community development initiatives at the municipal level. As a rural community, this funding is instrumental in helping us achieve our goals and better the lives of our residents.
-Eran Pehan, City of Missoula, Montana