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?
Legacy Bank and Trust has been fortunate to have received an allocation of New Market Tax Credits for the past two years. We have used those credits to help finance various worthwhile projects. For example, New Market Tax Credits were used to help finance the purchase of equipment for a window manufacturer in rural Missouri. The manufacturer brought 500 living wage jobs to this small town. We met with the local superintendent that said that the percentage of children on free or reduced meals dropped from 65% to 47% in just the first year. The mayor of this same small town told us that they received permits for 250 new homes the year that the factory opened. The prior year they had received only 1 permit application. These results would not have happened if not for the allocation of New Market Tax Credits to this project.
-John Everett, Legacy Bank and Trust, Springfield, MO
As a Community Redevelopment Area, NMTC has contributed millions in grant funding to revitalize underutilized and dilapidated buildings and provided millions toward economic growth and vitality. Please make NMTC permanent by passing the bipartisan NMTC extension act of 2023 (S. 234adn HR 2539). We are in support. Thank you.
-Shirley Garcia, Collier County – Bayshore/Gateway Triangle – Naples, FL, Naples, FL
The NMTC for residential homeownership is incredible and very important to support communities like Santa Fe where the cost of a house has outgrown the average medium income of the community. These credits allow local workers to stay in the town they work and not travel 45 minutes to another community. This is vital to the sustainability of the community and the environment.
-Daniel Slavin, Homewise Inc, Santa Fe, NM
New homes for low to moderate income families and areas will not exist if NMTC are eliminated.
-Andre Alexander, Tabernacle Community Development Corporation, Saint Louis, MO
The NMTC helps to save lives, create new quality jobs, workforce training, promote inclusive communities, create services and amenities that residents in underserved communities can access. The permanency of the program is critical in order for CDEs/ CDFIs and other organizations to continue to serve the underserved populations.
-Gabriel Derosier, MainStreet Community Capital, Fairfax, VA
The NMTC program was an important part of our recent project, which will allow for more good paying jobs with solid benefits, as well as a community training room to bring in nonprofit and educational groups to meet free of charge. Personally speaking, being part of this NMTC project has really encouraged me to think creatively to reach more people in our community in a positive and collaborative way.
-Amanda Osmer, Grappone Automotive Group, Concord, NH