Our primary focus has been our work with Habitat for Humanity International (HFHI) and individually with its local affiliates with whom we have partnered since 2007 to structure New Markets Tax Credits (NMTC) transactions that increase Habitat for Humanity affiliates’ funding capacity to build affordable homes in low income communities. This was a natural extension of (principal) Howard Smith’s longstanding commitment to Habitat for Humanity St. Louis as president, general counsel and member of its board of directors for over 20 years. In 1999, Howard was among three attorneys in Missouri to be awarded the Pro Bono Public Award for his work in affordable housing issues throughout the state.
Structuring and facilitating NMTC transactions using the Smith NMTC Model is a core part of our business. Through the Smith NMTC Model, 81 local Habitat for Humanity affiliates throughout the country have received loans totaling more than $275 million to build homes for 3,049 low-income families experiencing homeownership for the first time in their lives. Smith NMTC serves as Administrative Manager of the Community Development Entity (CDE) HFHI-SA NMTC I LLC.
We also structure and facilitate NMTC deals that follow other models and provide a full range of services, from writing initial CDE certification and NMTC allocation applications through managing compliance for various clients such as Teach for America and The University of Missouri.
In addition to experience with Habitat affiliates, Howard has even more experience TARGETING investments in Disadvantaged Communities. With multi-dimensional baseline experience in the NMTC industry, Howard has assembled capital stacks for large commercial real estate developments in Disadvantaged Communities; and has been a member of developer entities who have constructed in Low Income Communities across the country. This includes a $65 million 250,000 square foot flexible office building in North Charleston, South Carolina; a $12 million research lab enabled building in Fayetteville, Arkansas in partnership with the University of Arkansas Foundation funded with a $15 million NMTC investment from URP, CDE; and a $55 million bottle manufacturing project located in Non-metropolitan Wythe County, Virginia.
Using NMTCs to help fund residential and commercial builds in Low Income Communities creates tremendous positive impact for those communities and beyond. To learn more about specific builds visit our case studies section for commercial NMTC results as well as home buyer stories for the rewarding impact our work with our industry partners has for families. To view our projects by location visit our builds map.
Need to start at the very beginning? Learn the New Markets Tax Credits Basics.