Below, find recent stories related to the New Markets Tax Credit.
The renovation will amplify Operation Food Search's programming and impact, benefiting 200,000 individuals monthly with essential food and services.
St. Louis, MO
The California Statewide Communities Development Corporation (CSCDC) has provided $11,000,000 of New Markets Tax Credit (NMTC) allocation to Desert Community College District (College of the Desert) for expansion of its community college campus in Indio, California.
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced today that it received 196 applications for the calendar year (CY) 2023 round of the New Markets Tax Credit Program (NMTC Program). The NMTC Program advances economic development in economically distressed communities by making tax credit allocations available to Community Development Entities (CDEs) for targeted investments in eligible areas.
The new markets tax credit (NMTC) incentive saw more than $4 billion in qualified equity investments (QEIs) in 2023, the fifth-best year in history. The QEI total marked the fourth straight year of increase and the highest figure since 2017, suggesting that investor demand continues to match an increasing supply.
Novogradac Journal of Tax Credits Volume 15, Issue 1. Monday, January 8, 2024
Nashville Rescue Mission opened new Women's Campus on Thursday. NASHVILLE, Tenn. (WTVF) — A growing number of women and children in Nashville don't know where they are going to sleep at night.
Because of this, the Nashville Rescue Mission just made room for more beds. Families moved into the brand-new campus in Germantown on Thursday.
Nashville, TN
The California Statewide Communities Development Corporation (CSCDC) has provided $12,000,000 of New Markets Tax Credit (NMTC) allocation to Farmworkers Institute of Education & Leadership Development (FIELD) for development of its new Career Training Center in Bakersfield, California.
A Holland firm has found an innovative way to support the work of a Grand Rapids organization that serves the unhoused population.
Grand Rapids, MI
Capital One participates in the federal New Markets Tax Credit (NMTC) program, which encourages community development and economic growth through the use of tax credits to attract private investment in distressed communities.
Atlanta, GA
- Related Project: The Front Porch at Auburn Avenue
- CDEs: Capital One
- Categories: Affordable Housing
Brown Helped Expand the New Markets Tax Credit
Wisconsin Aluminum Foundry in Manitowoc has announced that they have received a major boost in helping finance their expansion project.
- CDEs: Cinnaire New Markets
- Categories: Manufacturing
CDFI Fund releases two industry reports and a guide for Native entities.
- Categories: Indian Country
The new markets tax credit (NMTC) has clearly earned a permanent place in the nation’s tax code.
The federal tax breaks encourage investors to put their money into communities that might otherwise miss out on chances to grow.
- Categories: Rural
The Smith NMTC Associates team is excited to announce the closing of a $24 million Housing Partnership Network (HPN) New Markets Tax Credit (NMTC) transaction providing three separate NMTC loans of $8M each to Better Housing Coalition, Community Asset Preservation Corporation, and DreamKey Partners (formerly known as Charlotte-Mecklenburg Housing Partnership). U.S. Bancorp Community Development Corporation was the investor in the transaction.
- CDEs: Housing Partnership Network
- Categories: Affordable Housing, Community, Housing
This tax credit incentivizes community development and economic growth by attracting private investors to distressed communities.
First National is the historic renovation of the long-abandoned 1915 First National Bank building and adjacent former Siegel's Shoes building in downtown Olean, New York. The former bank floor, mezzanine, and former Siegel Shoes building feature commercial, event, art spaces, and Class A Office Space.
Olean, NY
Monogram Foods, with assistance from CEI Capital Management LLC (CCML), secured $8 million in New Markets Tax Credit (NMTC) financing to proceed with an expansion of the company’s Martinsville, Va., manufacturing plant.
Schulenburg, TX
- Related Project: Monogram Foods
- CDEs: Dudley Ventures
- Categories: Manufacturing