Local leaders, businesses, nonprofits, and community development organizations sound-off on the New Markets Tax Credit
In November of 2021, 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?
“The renovation…is a great example of how municipalities like WilkesBarre, working in cooperation with county, state, and federal levels of government and the private sector can provide outstanding offerings for their residents.”
-Wilkes-Barre Mayor Tom Leighton on the Coal Street NMTC project
“The need is immense. The lack of affordable housing means the region can’t build them fast enough, and what is built fills up quickly. At the same time, without subsidies, many people here can’t afford what is built.”
-Nick Mitchell-Bennett, Executive Director of CDCB on their NMTC project
“Monogram Foods is excited to be expanding production and adding jobs in Martinsville. We have an excellent workforce with a dedication to consistently high quality products, safety and efficiency.”
-Ches Jackson, president of Monogram Supply Chain on their NMTC-financed expansion
“Words cannot express how appreciative I am for our partners, donors, staff, and local community and the help they have provided over the past five years to arrive at this moment. This project utilizes New Markets Tax Credits, provided by MHIC with Bank of America as the investor, to cover 30% of project costs.”
-Eileen Hayes, Amos House President and CEO
“With a state-of-the-art American industrial footprint, including the ability to build stainless steel car body shells in Hornell, Alstom will be well-positioned to meet our customers’ needs and continue to bring skilled jobs to the Hornell community. This would not be possible without [NMTC] support of organizations like Rural Development Partners.”
-Michael MacDonald, Hornell Managing Director
“We are appreciative of IFF’s support in helping Chicago Commons during Illinois’ unprecedented budget crisis. While our organization has been financially sound and healthy for many years, the past year has called for us to think creatively to weather the financial storm. Partnering with IFF allowed us to keep our doors open without balancing the budget on the backs of our participants, who depend on us every day for early education, family services, and senior care programming.”
-Edgar Ramirez, CEO Chicago Commons, on receiving NMTC financing