With three recently closed transactions to support community development projects in Florida, New Jersey, and North Carolina, Smith NMTC Associates, LLC has surpassed $500M in tax credit investments. Additional projects in development for 2020 include the Delmar DivINe initiative in St. Louis and proposals in Georgia, Maryland, New Jersey, Texas, and Virginia.
Smith NMTC is a Missouri-based consulting enterprise that offers special expertise in complex transactions to facilitate community development projects nationwide. The company has worked with nonprofits, investors, and developers in 30 states and the District of Columbia to fund and develop for-sale housing, early childhood centers, credit unions, commercial buildings, and community centers.
Leveraging New Markets Tax Credits (NMTCs) and other financing tools to impact low-income communities, Smith NMTC structures investments to fund initiatives that are conceived for the specific needs of a given community and its residents. With a unique model that its founders, Howard and Donna Smith, developed in 2006 in response to the Gulf Opportunity Zone housing crisis following Hurricanes Katrina and Rita, many of Smith NMTC’s projects focus on expanding the supply of affordable for-sale homes in order to increase homeownership access for low- and moderate-income residents.
According to Donna Smith, “We believe in the power of homeownership to change the personal fortunes of American families and to restore long-term economic equity to our communities. Achieving this benchmark of $500M in investment inspires us to continue building partnerships that transform distressed communities and restore opportunity.”
While most NMTCs are used for business development projects, Smith has pioneered their use for projects that increase the inventory of for-sale affordable homes, regenerating a wealth-building and financial stability opportunity for new buyers. Nearly 4,000 homes have been created through this specialized transaction model.