On behalf of the Affordable Equity Fund, I am writing to express our strong support for the continuation and expansion of the New Markets Tax Credit (NMTC) Program. As an active participant in NMTC financing, we have seen firsthand the profound impact this program has on underserved communities, driving investment, job creation, and economic development in areas that need it most. Through our involvement in the NMTC program, we have successfully deployed capital into projects that would otherwise struggle to secure financing. These investments have directly contributed to revitalizing distressed areas, supporting small businesses, and fostering sustainable economic growth. Eliminating or curtailing the NMTC program would leave a critical financing gap, slowing down essential projects and diminishing opportunities for economic mobility. We urge the CDFI Fund and policymakers to maintain and enhance the NMTC program, ensuring its availability for future investment cycles. The program’s ability to attract private capital into economically challenged areas remains an invaluable tool in achieving lasting community impact. Thank you for your time and consideration. Please do not hesitate to reach out if we can provide further insight into the program’s importance and its benefits to the communities we serve.
