News New Markets Tax Credit

Why Storytelling is Important for the New Markets Tax Credit

Written By: NTCIC

Novogradac & Company hosted their annual New Markets Tax Credit (NMTC) event in Washington, D.C. June 7-9 where NTCIC was a featured sponsor. Attendees included investors, community development entities (CDEs) and developers from across the country. The conference provided space for these NMTC supporters to network and interact in addition to sharing their thoughts on the future of the NMTC program.

Merrill Hoopengardner introduced the Keynote Speaker, Congressman Pat Tiberi, who is a long-time supporter and champion of the NMTC. In his address, Congressman Tiberi identified that the NMTC is a tax credit that is essential for community development but sometimes hard to explain to members on Capitol Hill. Congressman Tiberi emphasized the importance of sharing impact stories on Capitol Hill, providing a powerful visual of how the NMTC is enhancing quality of life and empowering the lives of all ages living in disinvested neighborhoods.

William Fiederlein, Senior Financial Analyst of NTCIC, spoke on the NMTC Success Stories panel where members of 6 Community Development Entities from across America shared how the credit is working in the lives of those affected by their respective projects.

William shared the economic impacts for two NTCIC projects: KIPP Durham Charter School and Crosstown Concourse. KIPP is a rehabilitated school in Durham, SC that includes classrooms, an auditorium, a gymnasium, a multi-use courtyard, and school-related administrative offices. The renovation also features a new attached wing of approximately 6,900 square feet bringing the total project size to over 60,000 square feet. In addition to learning space, there are 60 on-site parking spaces for teachers and other employees at the School.

Crosstown Concourse is a substantial rehabilitation in Memphis, TN of the former Sears, Roebuck & Company Catalog Order Plant and Retail Store. It offers approximately 635,122 sf. of commercial, retail and mixed-residential space and 262 apartments. 20% of these units are available to affordable households at 80% or below of area median income. This project generated over 800 jobs and creates $37 million in annual wages earned.

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Photos taken by Melani Hom