Local leaders, businesses, nonprofits, and community development organizations sound-off on the New Markets Tax Credit

In November of 2019, nearly 1,000 organizations signed a letter asking Congress to extend the New Markets Tax Credit.

We asked organizations signing the letter to tell us why the NMTC is important to their organization or community. Below is a sampling.

Why is the New Markets Tax Credit Important to Your Community?

Richie Webb, President, Hemming Corp, Rexburg, ID

The NMTC has provided the pathway to revitalize areas of our community that would have not been possible otherwise. The NMTC program serves as a catalyst leading to job growth, expansion and redevelopment that is meaningful and material for our community now and for many years to come.

Fany Flores, Housing Coordinator, Thriving Mind South Florida, Miami, Fl

Metropolitan cities like Miami are among the most expensive cities to live in. The housing costs are outrageous and there is no such thing as affordable housing. Therefore maintaining a system that it’s sole purpose is to create and preserve affordable housing is imperative for the good of our community. Please I ask you to permanently extend and expand the NMTC. Respectfully,

James Burnett, Executive Director, West Philadelphia Financial Services Institution, Philadelphia, PA

We did the first NMTC deal in Philadelphia. The $17.5 million investment was part of a $55 million investment in a new retail center that included a 60,000 square foot supermarket and Lowes Home Improvement. It created over 700 jobs and was refinanced in 2017. The property is 100% leased and income continues to be reinvested in the community.

Christopher Burnham, President, Development Finance Authority of Summit County Ohio, Development Finance Authority of Summit County Ohio, OH

It helps us bring private investment capital into projects that otherwise would not be financially achievable.

Barbara Callaghan, SVP, First Security Bank of Missoula, Missoula, MT

We just used a $12 million NMTC allocation to finance the building of a Domestic and Sexual Violence Shelter and homeless shelter for families. This would not have happened – at least at the capacity that it did – without NMTCs. Numerous women, men, and children will be safe and off the streets in Missoula because of this project.

Steven Brinkman, CEO, The Men’s Center, Incorporated dba recenter, Houston, TX

The NMTC Program has given our organization a new home after 70 years. It has given us and the 500 souls we serve annually a brighter future.

Lewis Schnaper, Vice President, GCI Business, GCI Communication Corp., Anchorage, AK

NMTCs have helped unlock over $200M in private investment for a broadband network now serving over 44,000 mostly Alaska Native people in 84 remote western Alaska communities.

Susan Hay Patrick, Chief Executive Officer, United Way of Missoula County, Missoula, MT

New Market Tax Credits have supported some of the most urgently needed community-strengthening projects in some of the most economically distressed areas of our region, including our 13 Native American reservations. Financially feasible NMTC-supported projects are creating jobs, fostering community economic self-sufficiency, and improving the health and quality of life for countless residents throughout our region. It is absolutely critical that this high-impact, community-revitalizing program be continued.

Nancy Robin, CEO, Habitat for Humanity of Broward, Fort Lauderdale, FL

We were able to place low-income families in homes in one of the most cost-burdened housing markets in the nation, thanks to NMTC. Please preserve!

Rose M Ojeda, Director, Real Estate Development, Hacienda Community Development Corporation, Portland, OR

We have utilised NMTCs to build a critically need headquarters office and a public market for Latino food service entrepreneurs. In addition to the 90 plus jobs originating from these two developments, new business opportunities (& jobs) continue to be created. We also plan to develop another NMTC soon.

Ryan Glasgo, COO, Community Credit Lab, Seattle, WA

We invest at 0% interest so we don’t extract from underserved communities — without policies like the NMTC, we will not be able to convince investors to lend to us at 0% or concessionary, regenerative rates that seek equitable outcomes for people. Please preserve the NMTC!

Richard Jennings, Managing Director, Mascoma Community Development, Hanover, NH

The most powerful tool to generate positive community and economic development in distressed communities throughout the Nation.

Kimberly Cutcher, Executive Director, LISC Toledo, Toledo, OH

The new market programs has helped to revitalize vacant structures and brownfields in our community and return

Keenan Karwan, CFO, Care Resource Miami, FL

Capital Fund guided us through every step of closing an NMTC deal for our Miami expansion. We are thankful for their assistance and expertise, and look forward to working with them again.

Martin Dahl, General Manager / CEO, McLean Electric Cooperative, Inc., Garrison, ND

This New Market Tax Credits make it possible to improve the quality of life in under served areas around the Country. These dollars are essential in providing jobs, medical facilities and schools in these impoverished and under served communities.

Cathy Phan, Business Development Coordinator, Asian American Health Coalition dba HOPE Clinic, Houston, TX

The NMTC gives us the opportunity and sustainable funding to truly make an impact in the most vulnerable communities. Without the support of NMTC, communities that need the most help may get left behind, or worse, pushed out without any real solution to improving the community.

Ted Wysocki, CEO, Institute of Cultural Affairs, Chicago, IL

Our Chicago Land-marked building provides affordable space to 20+ non-profit tenants who serve over 1,000 low-income individuals weekly. NMTC will enable us to restore our vintage building and increase its energy efficiency for years to come in assuring our community’s diversity.

Tim Williams, Executive Director of Operations, Hope House Rescue Mission, Middletown, OH

Middletown residents face a growing need for emergency housing and it was critical that our community step up to the plate and provide safe emergency shelter for individuals and families facing homelessness. Grove Street Shelter could not have been expanded without the NMTC financing that Finance Fund and their partners brought to the table. This allocation and the new facilities for people in housing crisis will be nothing short of life-saving.”

Jackie Weeks, Tribal Operations Officer, Fort Peck Assiniboine and Sioux Tribes, Poplar, MT

The NMTC provided a funding gap allowing completion of project plans. For the Fort Peck Tribes it meant installation of a parking lot, exterior lighting, stormwater drainage, and furnishings for a building that consolidated social services, education, and manpower development providing services to low-income people on Fort Peck Reservation.

Nancy Townsend, Redevelopment Director, Fort Wayne Redevelopment Authority, Fort Wayne, IN

The NMTC closes the funding gaps on Projects that enhance opportunities for people here in Fort Wayne. We have used these credits to support youth (through Boys & Girls Club), provide shelter and services to homeless; support to mentally, job training for under skilled and under employed and many many other things. Without these credits, many of these projects would not have closed.