News New Markets Tax Credit

NTCIC Awarded $50 Million in NMTC Allocation Authority

Written By: NTCIC

WASHINGTON, DC, September 22, 2023: National Trust Community Investment Corporation (NTCIC) is pleased to announce that we have been awarded $50 million in New Markets Tax Credit (NMTC) allocation authority by the CDFI Fund of the U.S. Treasury Department.

With this year’s award, NTCIC will deploy our historic preservation-based community investment strategy of saving and repurposing old, underinvested buildings across the country to spur economic growth and support vibrant communities. We will prioritize deploying our NMTC allocation to projects that:

  • Rehabilitate historic buildings in the most economically distressed communities
  • Create quality jobs that are accessible to low-income individuals and those with barriers to employment
  • Support community facilities that provide healthcare, education/workforce training, or other social services that directly meet the needs of low-income individuals

Click below to submit your NMTC-eligible project for consideration.

Submit a project for NMTC consideration

We wish to congratulate our fellow awardees and look forward to working with partners across the country to support underinvested communities that need access to capital to bring new life to historic community assets.

About the New Markets Tax Credit

This year’s $5 billion award is the second round made possible through the Consolidated Appropriations Act of 2021, which provided a five-year, $25 billion annual extension of the New Markets Tax Credit (NMTC), the largest extension in the history of the Credit. The NMTC faced expiration in 2020 after 20 years of success stories and strong bipartisan support. The extension ensured an annual $5 billion allocation round through 2025.

Since the inception of the NMTC program in 2000, NTCIC has deployed over $649 million in NMTC allocation across 100 high-impact rehabilitations. These projects have created over 35,300 permanent and construction-related jobs, provided over 2,100 units of housing, and revitalized over 13 million square feet of historic buildings. On an annual basis, our investments in health care, education, business incubation, and community service facilities currently support over 210,000 low-income community residents.

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. Since the program’s inception, NMTC investments have supported the construction of over 250 million square feet of manufacturing, office, and retail space and have created over 1 million jobs.

To learn more about our New Markets Tax Credit investment process, click here.