The National Development Council (NDC), the most experienced and comprehensive community development nonprofit in the US, has received a $50,000,000 New Markets Tax Credit (NMTC) allocation, announced today by the U.S. Department of the Treasury. The allocation is part of the Treasury’s Community Development Financial Institutions (CDFI) program to leverage private investment in low-income and distressed communities throughout the U.S.
“NDC has numerous projects in the pipeline that will now be able to move forward using New Markets Tax Credits,” said NDC President and CEO Daniel Marsh III. “Since our founding in 1969, we have been dedicated to revitalizing struggling communities across the country, and New Markets Tax Credits have become critical to that effort. It’s a powerful tool, as the only Federal tax credit designed to finance commercial, mixed-use and community facility projects.”
The NMTC program was established by Congress in December 2000, and provides a 39% tax credit, taken over seven-years, for corporate taxpayers who make equity investments to finance businesses and development in qualified low-income areas of the country. As one of only 73 organizations to receive an allocation this year, out of 230 applicants that requested $16.2 billion, NDC continues to stand among the top non-profits bringing this resource to low-income communities in rural and urban areas around the country. The new allocation will bring NDC’s NMTC award total to $754,000,000.
Utilizing previous NMTC allocations, NDC has brought more than $1.7 billion in investment to distressed communities through 86 projects in 25 states. The range of projects include manufacturing businesses, research and development facilities, and retail mixed-use and commercial development in economically underserved neighborhoods, as well as community facilities that provide health, social and educational services to low-income individuals and families. Examples include a rebuilt commercial fishing dock for a Native American tribe in Northwest Washington State; an employee-owned greenhouse in Cleveland, OH; and a children’s museum in Norwalk, CT.
Founded in 1969, the National Development Council is a nonprofit organization that has evolved into one of the most progressive and innovative community and economic development organizations in the country. From a seminal role in the earliest days of the community development movement, NDC has grown into one of the most comprehensive suppliers of financing, development expertise, technical assistance and training for community revitalization efforts throughout the U.S.
HEDC New Markets, which received the New Markets Tax Credit allocation, is an affiliate of the National Development Council. For more information, go to ndconline.org