[The NMTC is ] a tool to mitigate for declining economic activity, especially in rural areas. We use the NMTC program financing structures to: support the global competitiveness of long-standing core industries to; build economic diversification through investment in new and growing industries; support the foundational institutions in communities such as health care and educational services. This tool is used to enhance local economies so that all persons, especially those with low-incomes have the chance to be part of a healthy and sustainable community.
-Charles Spies, Former Chief Executive Officer, CEI Capital Management LLC, Brunswick, Maine
[The NMTC improves] access to capital for the development of essential health, human and social service facilities in rural communities.
-W. Patrick Goggles, Executive Director, Northern Arapho, Ethete, Wyoming
[The NMTC helped us] address health disparities and providing access to 1.3 million people in one of the most underserved communities in the nation.
-Dyan Sublett, President, MLK Community Health Foundation, Los Angeles, CA
An opportunities to meet the needs of the community ie job productions and affordable housing by using the NMTC to make the project economically feasible.
-Paul Irons, Managing Member, New Orleans Restoration Properties
[The NMTC provides our community with] an opportunity to bridge the funding gap that is universally present in projects that utilize some manner of public funding.
-Laurel Robinson, President/CEO, Housing Center of the Palm Beaches, West Palm Beach, FL
ANDP is a not-for-profit affordable housing development, policy, and community engagement organization serving the metro Atlanta region which has developed over 500 single-family homes for people of low and moderate incomes since 2008. NMTCs have been critical to ANDP’s increased single-family production, allowing for the development of 124 NMTC-funded single-family affordable homes since 2017. NMTCs have proven to be a highly impactful and effective affordable housing subsidy source, stabilizing neighborhoods and creating wealth in low-income communities.
-John O’Callaghan, President & CEO, Atlanta Neighborhood Development Partnership
As a Black female business owner, the NMTC has been instrumental in us being able to move forward with our product research and development. It is with this support that we have gotten even closer to a prototype that is ready for production. We are so grateful.
-Trish Miller, CEO, The William Pleshette Company, Atlanta, Georgia
As a Community Development Finance Institution, we use federal funding through the CDFI Fund’s competitive award programs to leverage private capital and finance high-impact projects in communities where need is greatest but mainstream capital is scarce.
To date, NJCC has been awarded $14.8 million in CDFI grants, $50M in CDFI Bond Guarantees and $250 million in CDFI New Market Tax Credits.
Together with other capital, this funding leveraged $1.78 billion to create 10,330 quality housing units, 19,760 education seats, 6,340 child care seats, 5.6M commercial and community square feet and 12,390 jobs in some of the state’s most distressed communities.
CDFI programs like NMTC have significantly helped to build our capacity to provide loans and investments that meet financing gaps for projects centered on furthering equity and opportunity.
We respectfully urge Congress to provide a permanent extension and expansion of the NMTC along the lines of the bipartisan New Markets Tax Credit Extension Act (H.R. 1680 and S. 750).
-Wayne Meyer, President, Community Loan Fund Of New Jersey, Inc, New Brunswick
As a Community Development professional with over 20 years as a Bank CRA Officer, I’ve witnessed the positive impact that the NMTC program has had since its inception, revitalizing the low-income communities which I serve, by permitting individual and corporate investors to receive a tax credit’s against their federal income tax in exchange for making equity investments in Community Development Entities. Please continue to fund this vital program so that low-income communities may continue to achieve sustainable growth!! Thank you! Patricia A. Rock
-Patricia Rock, Princpal, BlueSuite Solutions, Inc., New York, NY
As a predominantly rural state, the NMTC has absolutely been the key piece in putting together capital stacks for projects in underserved areas. There is no substitute mechanism/tool that could replace the NMTC is the work that we do.
-Sam Walls III, President, Arkansas Capital and Heartland Renaissance Fund, Little Rock