Community Housing Capital Announces Closing of a $25 Million New Markets Tax Credit (NMTC) Allocation for Affordable Housing
The Smith NMTC Associates team is excited to announce the successful closing of a $25 million New Markets Tax Credit (NMTC) allocation transaction for Community Housing Capital (CHC). CHC deployed the allocation to four NeighborWorks organizations located in Arizona, Florida, Maryland, and Indiana.
A Community Development Financial Institution (CDFI) and Community Development Entity (CDE), and 501(c)(3), CHC was founded to facilitate the creation and preservation of affordable housing. Their mission is to provide equitable access to capital that is transformative for NeighborWorks organizations and their communities. This marks CHC’s second allocation, in addition to its first $30 million allocation in 2021.
About the Projects
Comite de Bien Estar’s Bienestar 10 Townhomes
With an $8 million NMTC allocation, Comite De Bien Estar will build 30 two- and three-bedroom townhomes in San Luis, Arizona, a city with a significant agriculture legacy. The townhomes will be within a mile of the San Luis Commercial Port of Entry—an initiative that addresses housing challenges for Mexican-Americans and new immigrants.
Residents will also have access to the Border Regional Medical Mall, new subdivisions in the area, and community amenities like schools, parks, and public transportation. This project will create substantial homeownership opportunities for first-time homebuyers and at least 60 percent of the homes will be sold to buyers at or below 80 percent of the Area Median Income (AMI).
Learn more about Comite De Bien Estar here.
CDC of Tampa’s Gardens at Diana Point Townhomes
With a $6 million NMTC allocation, the CDC of Tampa plans to build 12 three-bedroom townhomes in the Gardens of Diana Point in the East Lake-Orient Park Neighborhood Revitalization Strategy Area. Located in a highly distressed Qualified Census Tract (QCT) in Tampa, Florida, all of the homes will be sold to families at or below 80 percent of the AMI.
Learn more about the CDC of Tampa here.
Intend Indiana’s HomeMatters Riverside Single-Family Homes
Intend Indiana will use its $5 million NMTC allocation to develop 22 single-family homes in the predominantly Black neighborhoods of Near Northwest-Riverside and Far Eastside in Indianapolis. Developers and investors have redeveloped much of the area with market-rate housing, resulting in a lack of affordable housing and homeownership opportunities for the neighborhoods’ low-income primarily Black residents. These homes will be sold to families at or below 80% AMI.
Learn more about Intend Indiana here.
Neighborhood Housing Services of Baltimore’s West Baltimore Rowhome Rehab
With a $6 million NMTC allocation, Neighborhood Housing Services (NHS) of Baltimore will acquire and rehabilitate 22 single-family rowhomes in West Baltimore. All of the properties are located in a historically underserved neighborhood and each home will receive $100,000–$250,000 in quality renovations to meet homebuyer needs.
Learn more about the NHS of Baltimore here.
About Smith NMTC Associates
In 2007, Smith NMTC Associates pioneered the use of New Markets Tax Credits (NMTCs) for affordable homeownership development—transforming communities and the lives of families throughout the United States.
Today, we help CDEs and nonprofit developers leverage the NMTC program to increase access to for-sale affordable housing and community facilities.
We partner with mission-driven and like-minded organizations to expand the impact of NMTCs on affordable homeownership opportunities. We’d love to discuss how you can use the NMTC program to further serve your community and your constituents. Learn more about how we can help here.