The New Markets Tax Credit (NMTC) Coalition has released a new report, NMTC at Work in Communities Across America, featuring updated state statistics sheets on NMTC efficacy and more than 80 tax credit success stories. From business expansions to new healthcare and childcare facilities, the NMTC program is a flexible incentive for economic development that meets evolving community needs.
The NMTC program promotes economic advancement in distressed communities by encouraging private investment in community development projects. Since beginning our involvement with the program in 2009, Cinnaire has invested well over a quarter billion dollars in NMTC projects. We use each allocation of NMTCs to support large-scale financing for a range of community facilities that support our belief that all people deserve the opportunities provided by living in healthy communities.
The NMTC Coalition report details a wide variety of success stories from every state and the District of Columbia. It also includes statewide impact and investment data. The 2020 report features the largest sampling of NMTC projects to date, including several transformative projects Cinnaire has supported.
In a first for Detroit’s children, a group of five mission-led financial institutions closed a $22 million financing packaging, including $8 million in NMTC, to support the cutting edge early childhood center being constructed on the Marygrove campus. This is the first NMTC project in Detroit primarily focused on early childhood development and education. Click here to view the NMTC Coalition feature on the Marygrove Conservancy.
A NMTC investment from Cinnaire is supporting the development of a new, 100,000-square-foot building dedicated to financial technologies, commonly called finch, at the University of Delaware’s Science Technology and Advanced Research Campus in Newark. The $39 million project will serve as a hub for Delaware’s growing financial technology industry. Click here to view the NMTC Coalition feature on FinTech.
Click here to view New Markets Tax Credit at Work in Communities Across America
The NMTC Coalition is a national membership organization founded in 1998 to advocate on behalf of the NMTC program. Every year since 2005, the NMTC Coalition has surveyed CDEs on their work delivering billions of dollars to business, creating jobs, and rejuvenating the parts of the country that have been left behind. https://nmtccoalition.org