Strategies for Successfully Obtaining New Market Tax Credit Financing
Overview
The purpose of the New Markets Tax Credit (NMTC) program is to attract private investment to communities lacking adequate access to capital and experiencing vacant commercial properties, outdated manufacturing facilities and/or inadequate access to education, health care, healthy food and other basic social services. Different Community Development Entities will focus on different types of investments and geographic areas. In light of the unprecedented extension of the NMTC program through 2019, with $3.5 billion in allocation authority for each of 2017, 2018, and 2019, it is a good time to focus on the strategies for succesfully obtaining NMTC financing for your real estate development project or operating business.