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Congressman Tom Reed (R-NY)
“We care about making sure smaller cities and rural areas, like the areas we represent, have access to the capital and investments necessary for their community and residents to thrive. It’s only fair they have access to the resources they need and the NMTC is helping to fill this gap. Look no further than Hornell, New York to see the real and positive impacts this program can have right here in our back yard. With the support of local residents and businesses, the Y conducted a successful fundraising campaign, but they were still nearly $2 million short of the total project cost of $6.2 million. NMTC financing filled the gap, making the new facility a reality. We were glad to see the project get underway and hope there will be many more like it in the future.”
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Senator Roy Blunt (R-MO)
“The New Markets Tax Credit Program has a history of success nationwide and this extension is a huge step in the right direction. In Missouri, the NMTC has made a real difference in economically distressed communities, including financing for the first new grocery store in the Pagedale community in 40 years, expanding and helping improve the operation of a number of manufacturing businesses, and filling in the funding gap for the construction of 65 home ownership units in a St. Louis neighborhood with very high unemployment.”
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Senator Chuck Schumer (D-NY)
“This long-term extension of the New Markets Tax Credit (NMTC) Program is a major win for community revitalization, job creation, and economic development throughout New York State. The NMTC Program has already provided critical funding to important projects throughout New York, like the expansion of Roswell Park Cancer Institute’s Clinical Sciences Center in downtown Buffalo. Now, with this five-year extension, communities from Rochester to Albany and New York City to Niagara Falls can continue to access this important financing tool for years to come.”
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Congressman Richard E. Neal (D-MA)
“The New Markets Tax Credit (NMTC) spurs economic development, encourages private investment, and creates jobs. This important and popular initiative has generated more than $70 billion in capital for projects in economically stressed areas across the United States. It produces substantial investment in struggling communities that otherwise would be ignored. That is why I remain such an outspoken supporter of the program. In my opinion, extending the NMTC is a proven tool to help rebuild America and create jobs.”
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Congressman Pat Tiberi (R-OH)
“The New Markets Tax Credit is a powerful tool that uses public-private partnerships to revitalize economically stressed areas and encourage job creation. In Ohio alone, the tax credit has helped create more than 30,000 construction jobs and 12,000 full-time jobs. I’ve seen first-hand the positive impact the projects financed through the NMTC program have in turning around struggling neighborhoods, and I am pleased that extending this tax credit means more communities will benefit.”
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Senator Ben Cardin (D-MD)
“The New Markets Tax Credit (NMTC) spurs economic development, encourages private investment, and creates jobs. This important and popular initiative has generated more than $70 billion in capital for projects in economically stressed areas across the United States. It produces substantial investment in struggling communities that otherwise would be ignored. That is why I remain such an outspoken supporter of the program. In my opinion, extending the NMTC is a proven tool to help rebuild America and create jobs.”
