The National Trust Community Investment Corporation (NTCIC) wishes to congratulate this year’s New Markets Tax Credit (NMTC) allocation award winners! Though we did not receive an allocation this year, NTCIC remains committed to supporting transformational historic preservation projects that provide impactful solutions to disinvested communities nationwide. With our remaining $10MM in NMTC allocation from last year’s award, we will continue to support historic preservation projects that provide vital goods and services to disinvested communities nationwide. Projects must include historic tax credits as part of their capital stack, be located in severely distressed census tracts, and create quality, accessible employment opportunities for low-income individuals. To submit your project for consideration, click here.
NTCIC’s NMTC investments have created 12,048 permanent jobs to date and should generate 1,188 additional jobs from projects under construction. On an annual basis, NTCIC investments in community, health care, education, business incubation, and social service facilities support over 65,000 low-income community residents. These investments are in areas with average poverty levels of 36.14%, average median incomes at 60% of statewide levels, and average unemployment rates in excess of 19% of the national average.
The New Markets Tax Credit Program, established by Congress in December 2000, was designed to encourage investments in low-income communities that traditionally had poor access to debt and equity capital. Since the program’s inception, New Markets Tax Credit investments have supported the construction of 268,854 square feet of healthcare space, 579,983 square feet of education space, 325,374 square feet of workforce business incubation space, and 307,451 square feet of non-profit office space. However, the NMTC is currently scheduled to expire at the end of this year unless extension legislation is passed in the House and Senate. To support advocacy efforts for this transformative program, ask your members of Congress to cosponsor the New Markets Tax Credit Extension Act of 2019 today!