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The New Markets Tax Credit (NMTC) program is a shining light for struggling communities, spurring economic development and producing job growth in low-income communities, many of which are areas that have been hit the hardest during the COVID-19 pandemic. Established by the Community Renewal and Tax Relief Act of 2000, the program has been extended several times since its establishment, with the longest extension in its history effective Dec. 27, 2020 through the Consolidated Appropriations Act. This act included a five-year, $25 billion extension of the NMTC program as defined by section 45D of the Internal Revenue Code.
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What do New Markets Tax Credits ( NMTC )
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mean to a qualifying project? Here are a few thoughts: (i) a
project, which has acquired traditional debt, invested its own
equity, and secured additional incentives, but still falls short of
its total financing needs, can make up the gap by
accepting a capital injection that does not require repayment; (ii)
the opportunity to gain access to non-conventional financing, with
lower than market fixed interest rates, higher loan-to-value ratio
and lower debt service coverage, with seven years of interest-only
payments; and (iii) low cost capital for impactful projects that
benefit economically distressed communities which can provide a
An economic development incentive that has played a pivotal role in downtown Fort Wayne s renaissance will continue through 2025 as part of the federal pandemic relief package.
The news that Cheryl Blume was chosen as Flagstaffâs 2020 Female Citizen of the Year came as a surprise to no one except for Blume herself.
Throughout her years in Flagstaff, Blume has consistently worked and volunteered to better the community, an effort that has continued to this day.
But in the face of those efforts, Blume is modest. She says that may be because it was simply how she was raised.
Growing up in Monticello, Illinois, Blume said, both her parents emphasized volunteer service as something one should always be involved in.
âMy family never really thought you were doing this for an award or anything. It was just kind of because this is what you do to make your community thrive and healthy and grow. And that s what you re supposed to be doing,â Blume said. âIt was kind of an expectation.â