Congratulations to this year’s New Markets Tax Credit (NMTC) allocation award winners! Though we did not receive an allocation this round, NTCIC remains committed to supporting transformational historic preservation projects nationwide.
NTCIC’s core NMTC strategy of revitalizing dormant historic buildings in severely distressed economic census tracts to support new community-serving uses has deep alignment with the NMTC program’s core goals and NTCIC’s mission. We look forward to working with our CDE partners on multi-credit projects this coming year.
Some good news – NTCIC still has a touch of remaining NMTC allocation, for historic preservation projects that provide vital goods and services to disinvested communities nationwide. To learn more about our deployment strategy and to submit your project for consideration, click here.
NTCIC’s NMTC Track Record
Since Round 1, NTCIC’s NMTC investments have created 13,725 permanent jobs and should generate 3,672 additional jobs from projects under construction. On an annual basis, NTCIC investments in community services such as health care, education, business incubation, and social service facilities support over 146,700 low-income community residents. These investments are in areas with average poverty levels of 36.33%, average median incomes at 58% of statewide levels, and average unemployment rates in excess of 19.5% or 2.37 times the national average.
The NMTC 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. NTCIC has been a 12-time winner since the program’s inception, enabling the rehabilitation of 10,667,087 square feet of vacant, dilapidated buildings with 702,942 square feet of healthcare and social service space, 1,522,447 square feet of education space, and 406,092 square feet of workforce business incubation space.