NTCIC is focusing on Historic Tax Credit (HTC) projects that also qualify for New Markets Tax Credits (NMTC) and are also located in severely-distressed low-income census tracts. Ideal projects will have a small-business incubator tenant.
About the HTC
The HTC encourages private investment in the rehabilitation of historic buildings. The credit attracts private capital to revitalize often abandoned and underperforming properties that have a financing gap between what banks will lend and the total development cost of the transaction.
About the NMTC
The New Markets Tax Credit program incentivizes community development and economic growth by attracting private capital into low-income communities. The NMTC program is a competitive program that awards tax credit allocation to certified Community Development Entities (CDEs). NTCIC is a CDE that has received allocation and can provide funding to qualified projects.
About Business Incubators
Studies have shown that business incubators are a successful economic development strategy because they assist small business owners, including low-income persons (LIPs), minorities and women, with the process of starting and growing businesses by providing business support resources and services.
Do you know of a project that will include a small-business incubator tenant that is:
- Accessible to LIPs?
- Focused on minority-owned and/or women-owned businesses?
- Sponsored by a non-profit?
- Dedicated to provide onsite services that support business growth?
- Dedicated to provide public funding support for small business operations?
- Supported by diverse representatives of the business, finance, and public sectors?
If you can answer yes to any of the above, contact NTCIC at https://ntcic.com/our-projects/submit-a-project/
Since its inception in 2000, NTCIC has provided tax credit financing of over $1.2 billion in capital for HTC, NMTC, ITC, and LIHTC investments for 163 transactions with over $4.9 billion in total development costs. NTCIC is the historic tax credit industry’s leading advocate for improving and expanding the use of federal and state HTCs having organized and chaired the Historic Tax Credit Coalition since 2009. NTCIC also pioneered the “twinning” of HTCs and NMTCs in 2003 and has now invested $488.6 million in 76 NMTC transactions.