Given the current economic climate and the housing crisis, affording a home has become increasingly difficult for many Americans. According to the Department of Housing and Urban Development (HUD), if more than 30 percent of income is spent on a monthly housing payment, the individual is “cost burdened.” As of December 2022, most large U.S. [...]

In recent months, a New York Times article attracted national attention after Nathan Connolly and his wife, Shani Mott, hired a home appraiser in the hopes of taking advantage of historically low interest rates in the summer of 2021. The appraisal company placed the home’s value at $472,000—and the couple was unable to refinance their [...]

Last week, the Community Development Financial Institutions Fund (CDFI Fund) announced more than $5 billion in New Markets Tax Credit (NMTC) awards nationwide — and we’re thrilled to announce that our partner, The Housing Partnership Network, Inc., was awarded a $45 million NMTC allocation. Since 2017, Housing Partnership Network has employed the NMTC program to [...]

Although the U.S. rate of homeownership surged during the COVID-19 pandemic, minority, low- and moderate-income homebuyers did not benefit from the surge. The overall rate of homeownership increased but the gap between homeownership rates among whites and among Black and Brown families widened. The race among more affluent, primarily white homebuyers to purchase homes during [...]

Affordable Homeownership in St. Louis Co-founders Donna and Howard Smith were featured on Nine PBS’s Donnybrook Next Up and joined by Tina, a local Habitat for Humanity resident. Hosted by Bill McClellan and Charlie Brennan, the lively discussion highlighted the importance of affordable homeownership and the use of New Markets Tax Credits (NMTCs) as [...]

In today’s highly competitive housing crisis, sustainable homeownership has become entirely out of reach for the majority of low- and moderate-income families. With news reports highlighting all-cash offers above asking prices and a national shortage of housing stock, many families today are struggling to navigate the housing market. Since March 2021, home prices have risen [...]

Homeownership has long been understood as one of the most impactful opportunities for building intergenerational wealth in the United States—but it’s never been an even playing field for all Americans. Black Americans have faced—and continue to face—systemic discrimination at every stage of the home-buying process, resulting in a 30 percent Black homeownership gap. This racial [...]

Smith NMTC was featured in the April 2022 Issue of the Novogradac Journal of Tax Credits. Atlanta Transaction Shows Value of Using NMTCs to Increase Homeownership The transformative power of affordable homeownership for families, for generations to come, for communities, for cities and towns is unmatchable and just plain magic. New Markets Tax Credits are [...]

Smith NMTC Associates, LLC announces the closing of its latest New Markets Tax Credit (NMTC) transaction to support the development of affordable for-sale homes with nonprofit developers in Georgia, Maryland, Minnesota, Texas, and Virginia. Smith NMTC’s partner CDE, Community Housing Capital, deployed $30M in NMTC allocation to 5 NeighborWorks America organizations. NeighborWorks America is a [...]

As part of the latest Smith NMTC transaction, a $30M closing with Community Housing Capital, NeighborWorks Columbus will leverage a $6M allocation to construct 20 single family homes in the Elliot’s Walk subdivision of South Columbus. A frequent collaborator of Smith NMTC, NeigbhorWorks Columbus will add to the inventory of homes it has already created [...]