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.
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 100 CDEs to receive an allocation this year, out of 208 applicants that requested $15.1 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 $804,000,000.
Today’s announcement brings the total amount awarded through the NMTC Program to $66 billion. Historically, NMTC Program awards have generated $8 of private investment for every $1 invested by the federal government. Through the end of fiscal year 2020, NMTC Program award recipients deployed almost $56 billion in investments in low-income communities and businesses; with impacts such as the creation or retention of nearly 871,000 jobs, and the construction or rehabilitation of nearly 231.5 million square feet of commercial real estate.
About NDC
NDC is a national nonprofit that directs capital and financial expertise to local communities, governments, and agencies. Spanning all aspects of economic development, NDC invests in affordable housing; creates jobs through small business lending; and advances livable communities through social infrastructure and mixed-use development. NDC also builds capacity in both the public and private sectors through hands-on technical assistance and advisory services, as well as professional development training and certification. Founded in 1969, NDC continues to evolve and innovate to meet the needs of today’s challenges with an emphasis on low- and moderate-income communities, including COVID-19 recovery programs and services. Find us at ndconline.org @NatlDevCouncil.