NMTC News, Insights & Industry Updates
$25 Million NMTC Allocation to Expand Homeownership Opportunities
Last week, the Community Development Financial Institutions Fund (CDFI Fund) announced $5 billion in New Markets Tax Credit (NMTC) awards nationwide. We’re thrilled to announce that our partner, Community Housing Capital (CHC), has been awarded a $25 million NMTC allocation. Since 2020, CHC has employed the NMTC program to support the development of affordable for-sale [...]
Rent Vs. Own: What’s the Best Pathway for Low- and Middle-Income Households?
The housing crisis in the United States far predates the COVID-19 pandemic. Although the past few years have been particularly rocky for housing, most of the existing challenges are residual from the Great Recession of 2007 to 2009. One thread remains constant, however: Homeownership is the cornerstone of building generational wealth and advancing long-term stability. [...]
Raising the Standard: Upgrading Housing Quality Across America
Across the many complexities of housing in the United States, the quality of housing stock emerges as a foundational determinant of public health, community well-being, and economic stability. In the U.S., the ramifications of poor housing quality extend far beyond a cracked foundation or leaky roof. Studies continue to highlight the negative social, emotional, and [...]
Make Your NMTCs Work for You: How A Support System Prevents Recapture Risk
Whether you’re working on your first New Markets Tax Credits (NMTCs) application or you’re a seasoned pro at drafting applications, the process of applying for NMTCs is complex. Once a deal has closed, NMTCs require some atypical accounting processes—all specific to the program and its regulations. In some cases, if a borrower’s accountant is not [...]
Understanding the New Markets Tax Credits Program: A Closer Look at the Investor & Community Benefits
In 2000, Congress passed the New Markets Tax Credit (NMTC) bill to incentivize sustained investments in low-income communities, helping to lift those neighborhoods out of poverty. The U.S. Department of Treasury’s Community Development Financial Institutions (CDFI) Fund, which empowers economically distressed communities nationwide, manages the NMTC program. The NMTC program encourages sustained investments over a [...]
Smith NMTC Announces Closing of $7M NMTC Allocation to Support Passaic County Habitat for Humanity
The Smith NMTC Associates team is excited to announce the closing of a $7 million New Markets Tax Credit (NMTC) transaction in support of the Passaic County Habitat for Humanity. The project was supported by investments from U.S. Bancorp Impact Finance and the Community Loan Fund of New Jersey, Inc. About Passaic County Habitat for [...]