News New Markets Tax Credit

NTCIC Awarded $50 Million in NMTC Allocation

Written By: NTCIC

July 15, 2020

The 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. NTCIC will use this award to support transformational historic preservation projects that provide impactful solutions to disinvested communities nationwide.

Click below to submit your eligible project for consideration

With this year’s award, NTCIC will deploy a historic preservation-based community investment strategy of saving and repurposing old, blighted 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 small business growth and revitalization, including those affected by the COVID-19 pandemic
  • Catalyze community reinvestment through mixed-use and mixed-income affordable development
  • Support community facilities that provide healthcare, education/workforce training, or other social services

Since the inception of the NMTC program in 2000, NTCIC has deployed over $550 million in NMTC allocation across 84 high impact rehabilitations. These projects have created over 12,000 permanent jobs, provided nearly 2,000 units of housing, and revitalized over 9 million square feet of historic buildings. On an annual basis, NTCIC investments in community, health care, education, business incubation, and social service facilities currently support over 90,000 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 57 million square feet of manufacturing space, 94 million square feet of office space, and 67 million square feet of retail space; and has created over 1 million jobs. However, the NMTC is currently scheduled to expire at the end of this year unless Congress acts to extend it or make it permanent. Learn more about how you can support advocacy efforts for this transformative program.

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.

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