Valley National Bank has demonstrated a steadfast commitment to the New Markets Tax Credits (NMTC) Program, actively participating as an investor and providing strong support for the NMTC Program. With a notable track record, Valley National Bank has invested over $530 million in 49 impactful NMTC transactions, located in distressed communities across the nation. Our Community Development Entity, DV Community Investment, has provided $509 million dollars of NMTC allocation to 65 projects. These projects have yielded remarkable outcomes, including the creation of over 12,000 full-time jobs, over 12,000 construction jobs, and provided community and social services to more than 250,000 low-income individuals annually. NMTCs are incredibly beneficial, providing needed financing to rural and low-income communities facing profound economic distress. To continue to create these catalytic and positive outcomes, Valley National Bank strongly urges the NMTC Program to be made permanent.