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Community Services
New Market Tax Credits provide opportunities for investments, allowing small businesses to access new capital for building or establishing their business in low-income communities. Grocery stores, community centers, health facilities and retail shops are all vital to the sustainability of a community. The need for economic stability, which these businesses help provide, becomes significantly greater when residential areas are revitalized. Smith NMTC Associates, LLC, understands the long-term benefits of these projects and provides investors and borrowers with a comprehensive structure that includes financial counseling, a proven transaction model, and accounting and compliance services.
Housing
The discrepancy between income for single-earner or minimum wage households, and local fair-market values for homes or rental properties can eliminate the ability to save money, force families to choose which basic needs they can afford to meet, and perpetuate the cycle of poverty that devastate Disadvantaged Communities and their residents. To make New Market Tax Credit funding accessible to smaller for-sale affordable housing developers and other smaller QALICBs (Qualified Active Low-Income Community Business), Smith NMTC Associates, LLC, used its highly effective “closed loop” model to deploy the over $200 million of NMTC funding it has distributed to date. Smith NMTC works with the Habitat affiliates and other QALICBs to make NMTC funding as user-friendly as possible. It provides accounting and compliance services and monitoring, workshops and educational materials and any other counseling or other services these smaller nonprofit QALICBs need to successfully navigate the complex and confusing world of NMTCs. These practices serve as the framework for providing additional capacity to build affordable for sale housing, and successfully creates communities.
