The New Markets Tax Credit (NMTC) Coalition released its 2018 New Markets Tax Credit Progress Report, which highlights NMTC activities in 2017 and documents the importance of the program in meeting the needs of distressed communities, creating jobs and growing business opportunities. The report shows that last year, community development entities (CDEs) used $3.9 billion in NMTC allocation to finance 272 projects, amounting to $5.8 billion in total capital. These projects include healthcare facilities, manufacturing, vocational training centers and facilities for youth and families. Over 83 percent of projects were located in severely distressed areas, 23 percent were located in non-metropolitan counties and 81 percent were located in areas experiencing significant economic decline. The report also finds that the NMTC created over 60,000 full-time and construction jobs in 2017. Enterprise urges all members of Congress to co-sponsor the New Markets Tax Credit Extension Act of 2017, bipartisan legislation in the House (H.R. 1098) and Senate (S. 384) that would expand and permanently extend the NMTC.
Want to learn more about NMTC? Join us August 21-22 in OKC for our Plan.Build.House. Affordable Housing Conference.