2019 NMTC Progress Report

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About the NMTC

History, Purpose, and How it Works

By the Numbers

Jobs, Investment, Facilities

Report from the Hill

New Congress, New Opportunities

2018 Highlights

Report Summary

Project Types

Breakdown of Projects by Asset Class



Pagosa Springs, CO

VOORMI brings textile manufacturing jobs back to rural America.

Educare Springfield

Springfield, MA

Construction of a 26,000 square foot school building that will provide access to high quality early childhood education and care for economically disadvantaged children.

DeSoto Boys and Girls Club

Manatee County, FL

Construction of new 37,500 sq. ft. recreational facility providing services to 2,400 low-income children annually


Job Creation

FTE and Construction Jobs Created by Industry

Community Facilities

Learn about the 249 Nonprofits and Social Service Programs Financed


The Leading Industry for 2018 NMTC Projects

Tribes and Native Populations

The Impact in Indian Country

Small Loan Funds

Learn about the Increasingly Common Practice of Using NMTC Allocation to Support Small Businesses


Investor Trends

Credit Pricing and Leverage Sources Remained Stable in 2018

Project Industry Trends

Multi-Component Projects Increase in Popularity

Community Characteristics

Nearly 80 Percent of NMTC Projects were in Severely Distressed Areas

In the Pipeline

2019 Groundbreakings, Ribbon Cuttings, and Project Closings

2018 Project Videos

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About the Report

The 2019 New Markets Tax Credit (NMTC) Progress Report was prepared for the NMTC Coalition, a national membership organization of Community Development Entities (CDEs) and investors organized to advocate on behalf of the NMTC. Every year since 2005, the NMTC Coalition has surveyed CDEs on their work delivering billions of dollars to businesses, creating jobs, and rejuvenating the parts of the country that have been left behind. Our annual NMTC Progress Report presents the findings of the CDE survey and provides policymakers and practitioners with the latest trends and successes of the NMTC.

More than seventy CDEs participated in the survey, and their data was supplemented by publicly available NMTC transaction data.

The 2018 survey findings show that competition for credits continues to drive gains in efficiency. When Congress enacted the NMTC, the purpose of the program was simple: to deliver private-sector investment to low-income communities. Nearly two decades later, the NMTC has unleashed an unprecedented amount of investment in areas struggling with high unemployment and poverty, but more than that, it has created economic opportunity in every corner of the nation.

• Data on small business loan funds
• Data on the number of people served by a variety of community facility projects
• Data on NMTC utilization in native and tribal lands
• A deeper dive into multi-component projects

This report combines multiple data sources on 2018 NMTC projects.

The primary source is survey data from 74 CDEs and a supplemental survey on small business loan funds. We supplement that data with extensive online research on projects by every CDE with NMTC allocation available in 2018. This year, for the first time, we also integrated data from the Office of the Comptroller of Currency’s National Bank Public Welfare Investment Authority.

For the first time, we asked CDEs to quantify the number of people impacted by their projects. For example, a daycare facility might serve 200 children annually. We supplemented that data with data from QALICB Annual Reports and in several cases, approximation using conservative assumptions. No NMTC project is the same, but the majority of projects involve the construction or rehabilitation of commercial real estate. In 2018, a majority of the projects also included multiple discrete components.

For example, a CDE might finance real estate with low or no-cost space for a mix of five small businesses and nonprofit service providers. To determine tenant businesses and nonprofits for real estate projects, we used a variety of online sources, including websites for the QALICB and data from Loopnet, a commercial real estate listing website. To the best of our ability, we separated out the 286 projects into nearly 600 component parts to determine
the full extent of their impact.

Applegate & Thorne-Thomsen, P.C.
Baker Tilly Capital, LLC
Butler Snow LLP
Capital One
Dakotas America
Dentons US LLP
Future Unlimited Law PC
Ginsberg Jacobs LLC
Holland & Knight LLP
Kutak Rock LLP
Leverage Law Group LLC
Mascoma Community Development
Nelson & Nelson PLLC
Stonehenge Capital
Wesbanco Bank, Inc.

The New Markets Tax Credit (NMTC) Coalition is a national membership organization that advocates on behalf of the NMTC program. The Coalition, which now includes more than 150 members, is managed by Rapoza Associates, a public interest lobbying, policy analysis and government relations firm located in Washington, DC. Paul Anderson is the principal author and designer of this report.