What Are New Markets Tax Credits and How Do They Help Communities?
The New Markets Tax Credit Program (NMTC) is a federal initiative created to spur private capital investment in low-income communities. Created under the Community Renewal Tax Act of 2000, NMTCs are allocated by the Community Development Financial Institutions Fund (CDFI), a bureau within the U.S. Department of Treasury, under a competitive application process.
NMTC funding is available to certified Community Development Entities (CDEs) and Community Development Financial Institutions (CDFIs). Our experienced professionals can assist with the preparation and filing of the CDE or CDFI Certification applications to the CDFI Fund. We also provide strategic planning related to the CDEs Controlling Entity and Governing and Advisory Boards.
We work in all areas of the NMTC Program, including:
- CDE Certification
- NMTC Allocation Applications
- CDFI Technical Assistance (TA) Grants
- CDFI Financial Assistance (FA) Grants
- NMTC Management Services
- NMTC Placement
We have been involved with NMTCs from day one, and related types of financing programs for decades. If you are looking for the team that is best positioned to help you navigate this landscape from start to finish, you have found it in Cherry Bekaert.
