• Menu

  • New Markets Tax Credit

    The New Markets Tax Credit was enacted in 2000 with a purpose of spurring private sector investment in economically distressed urban and rural areas often left out of the economic mainstream. The theory behind the program is that there are good business opportunities in many low income communities and that a modest federal subsidy could incent private sector investment and jump-start local economies. There is little doubt that the NMTC has achieved that goal.

    2016 NMTC Progress ReportBetween 2003 and 2014, the NMTC delivered over $38 billion in capital and leveraged  $75 billion in total capital investments  to communities with high poverty rates, low incomes and high unemployment rates, financing everything from urban healthcare centers, rural factories and small business loan funds. The NMTC has been authorized by Congress through 2019.

    Midwest Minnesota CDC Project Visited by Treasury Secretary

    Posted by on Aug 16, 2016 in Blog, Community Economic Development Grants, New Markets Tax Credit | 0 comments

    Midwest Minnesota CDC Project Visited by Treasury Secretary

    On August 8th, 2016, U.S. Secretary of the Treasury Jack Lew visited Seward Community Cooperative Friendship Store, a grocery store in Minneapolis, Minnesota. The store, which is located in a low-income census tract and provides access to healthy, fresh foods, was financed in part by the New Markets Tax Credit (NMTC) and federal Community Economic Development (CED) funds from Midwest Minnesota Community Development Corporation (MMCDC). The event was also attended by Congressman Keith Ellison who represents the district where the grocery store...

    read more

    Leadership, Legacy and Cardboard Lobsters—Thank you Ron Phillips

    Posted by on Mar 18, 2016 in Blog, CDFI Fund Program, Community Economic Development Grants, Job Creation, JOLI, New Markets Tax Credit | 0 comments

    Leadership, Legacy and Cardboard Lobsters—Thank you Ron Phillips

    Post written by Bob Rapoza A celebration of a retiring leader in the CDC community was held this week. My good friend, Ron Phillips, the founder and president of Coastal Enterprises, Inc. is retiring. While I was not able to attend Ron’s celebration in Maine, I knew it would be quite an event, and a fitting tribute to all the good work done by a great organization and its leader. As such, I want to add a comment about my work with Ron and the Eagles and take this opportunity to put our efforts in perspective. Ron was part of a generation of...

    read more

    Children’s Institute Otis Booth Campus

    Posted by on Jun 17, 2013 in Blog, New Markets Tax Credit | 0 comments

    Children’s Institute Otis Booth Campus

    New Markets Tax Credits helped finance the new Otis Booth Campus, a community facility in Los Angeles.

    read more

    NMTC 2013 Progress Report Provides Evidence on Effectiveness of the Credit as a Tool for Driving Capital to Areas of Economic Distress

    Posted by on Jun 17, 2013 in Blog, Job Creation, New Markets Tax Credit, Publications | 0 comments

    NMTC 2013 Progress Report Provides Evidence on Effectiveness of the Credit as a Tool for Driving Capital to Areas of Economic Distress

    A report issued today by a coalition of community development organizations and financial institutions details how the New Markets Tax Credit (NMTC) transformed private sector capital into patient, flexible capital for credit-starved businesses in low income communities across the country during the previous year.

    read more

    MMCDC Helps Transform the Ford Center in Detroit Lakes

    Posted by on Feb 11, 2013 in Historic Tax Credit, New Markets Tax Credit | 0 comments

    MMCDC Helps Transform the Ford Center in Detroit Lakes

    Transformation of the Ford Center from dilapidated warehouse-style building to upscale office complex was a significant community development feat in Minnesota. It combined two federal tax credits –New Markets and Historic – with other financing to reinvigorate the old Ford Motor assembly plant for its next 95 years of service.

    read more

    NMTC Investment Creates 350+ Manufacturing Jobs In Hard Hit Wisconsin Town

    Posted by on Jan 29, 2013 in Blog, Job Creation, New Markets Tax Credit | 0 comments

    NMTC Investment Creates 350+ Manufacturing Jobs In Hard Hit Wisconsin Town

    The project entails the expansion of a major Superior area employer—Exodus Machines, Inc. Exodus Machines produces wheeled material handlers for the scrap and recycling industry. Exodus began operations in 2008 and was funded with equity from an ownership group and financing which included New Markets Tax Credits through a transaction Impact Seven brokered.

    read more

    Rural Kentucky College Uses NMTCs to Address Region’s Shortage of Health Professionals

    Posted by on Jan 17, 2013 in New Markets Tax Credit, Rural Economic Development | 0 comments

    Rural Kentucky College Uses NMTCs to Address Region’s Shortage of Health Professionals

    Jobs Created: 50 construction, 102 permanent, student and work study employment The University of the Cumberlands is located in Williamsburg, Kentucky, a rural community nestled in the foothills of the Appalachian Mountains. The University spans approximately 70 acres and includes 34 buildings, including 2 sports field complexes. It has an enrollment of 2,169 students and provides many programs and services to the local community. In 2007, the University sought to improve its facilities, not only for its students, but also to improve...

    read more

    New Report on NMTC

    Posted by on Nov 20, 2012 in Blog, New Markets Tax Credit | 0 comments

    New Report on NMTC

    Excerpt of description text of report etc etc etc. Description text of report etc etc etc.

    read more