2021 NMTC Progress Report

Report Highlights

Jobs and Investment

  • 272 projects totaling $5.5 billion received $2.9 billion in NMTC allocation (at a ten-year cost to the federal government of $754 million).
  • Projects generated 45,090 jobs in 2020, including 28,322 full-time equivalent (FTE) jobs and 16,768 temporary construction jobs. The federal cost per job averaged $16,722.

Areas Targeted

  • Projects were located in 183 cities within 46 states and territories.
    Eighty-five percent of projects were located in severely distressed communities and 24 percent of NMTC-financing went to non-metropolitan counties.
  • Only one project utilized the Target Population eligibility criteria: the Allen Neighborhood Center Support Corporation project in Lancing, MI.
Median Census Tract, 2020 Projects​

Jump-starting American Manufacturing

NMTC financing supported 152 manufacturing and industrial businesses with direct loans and equity investment toward working capital, new equipment, and 5.5 million sq. ft. of new or renovated industrial space, including shared, light industrial space for multiple manufacturing businesses.

New or Improved Real Estate

NMTC financing supported the construction or renovation of 15.4 million sq. ft. of real estate and the construction or renovation of 2,164 affordable, transitional, and supportive housing units.

Supporting Entrepreneurs

In 2020, NMTC financing supported 52 small businesses through direct financing and an additional 1,413 small businesses, startups, and entrepreneurs through 19 business incubators, makerspaces, and entrepreneurial training programs.

Expanding Access to Healthcare:

  • The NMTC expanded healthcare access for 1.3 million individuals through 82 projects. Those projects included 41 federally qualified health centers and free clinics.

Expanding Access to Services:

  • Sixty-one percent of projects included at least one community facility, affordable housing, nonprofit, or social service component. Those new community resources add up to 408 nonprofits, health centers, childcare centers, libraries, community centers, and other community facilities and social service providers.
  • Over 84,000 children will attend a new school, participate in a new youth program, or stay in a NMTC-financed childcare or early education facility.
  • More than 78,000 individuals are served by K-12 schools, vocational training programs, expanded college and university facilities, financial education, and workforce development programs.
  • Food banks and pantries financed in 2020 will facilitate an estimated 188 million meals to the food insecure. Over 10 million people will benefit from expanded food access through new grocery stores, farmers markets, and food pantries.
  • Nearly 200,000 people will visit NMTC-financed performing arts facilities, museums, recreation centers, and other new amenities.

Expanding Impact Beyond Project Financing

  • Excluding small business financing, ninety-eight percent of projects extended the benefits of the NMTC financing by including a Community Benefits Agreement (CBA). This is an identical result to 2019.