2019 NMTC Progress Report Highlights

Jobs and Investment

• 286 projects totalling $6.1 billion received $3.2 billion in NMTC allocation
• CDEs created 58,360 jobs in 2018, including 32,917 full-time equivalent jobs and 25,443 temporary construction jobs

Areas Targeted

• 48 states and territories
• Nearly 80 percent of projects were located in severely distressed communities and 20 percent were in non-metropolitan counties with an additional 9 percent in rural areas of metropolitan counties.
• NMTC financing supported the construction or renovation of 18.9 million square feet of real estate and the construction of 848 affordable housing units.

Project Types

• Manufacturing was the most popular use of NMTC allocation (21.4 percent of 2018 Qualified Low-Income Community Investments) followed by childcare and youth services (15.6 percent), mixed-use (15.6 percent) and healthcare (13.6 percent).

Components of Projects

• NMTC financing supported 193 manufacturing and industrial businesses with working capital, new equipment, and 6.7 million sq. ft. of new space, often through incubators and multi-business facilities.
• The NMTC expanded healthcare, recreational options, food security, job training, and other social services for 4 million individuals, including 445k patients in healthcare facities and 460k children in childcare, schools, recreational facilities, mentorship programs, and other youth-related social services.
• Sixty-six percent of projects included at least one community facility, nonprofit, or social service component. Those new community resources add up to 249 nonprofits, health centers, childcare centers, libraries, community centers, and other community facilities.
• Excluding small business financing, ninety-seven percent of projects extended the benefits of the NMTC financing by including a Community Benefits Agreement.

Investors

• A regulated financial institution was the equity investor in ninety-seven percent of NMTC projects. Only two projects were financed using the non-leverage structure.
• The price paid by investors for NMTC in exchange for NMTCs ranged between 78 and 91 cents, with an average price of 86.5 cents.