NMTC Application
New Markets Tax Credits in the News
December 1, 2021
The New Markets Tax Credit (NMTC) Program is a federal financial program developed by the United States Department of the Treasury to incentivize community development using federal tax credits allocated by private investors in disadvantaged and distressed communities. In this biweekly blog, LifeCity will discuss key developments related to the NMTC Program.
This week, we discuss an upcoming deadline for next year’s NMTC awards, an NMTC-funded project’s opening, a newly announced city planning initiative, and an upcoming project’s fundraising progress.
News
Although the 2021 NMTC allocations have only recently been announced, milestones for the 2022 cycle are already happening. Any organization that wants to apply for the 2021 NMTC allocation awards must have submitted an application to be certified as a Community Development Entity (CDE) by Thursday, November 18th if they had not been certified before. Final applications are due on January 13th, 2022.
Projects
In Missoula, Montana, city planners have announced the West Broadway Master Plan. A 15-acre area will be revamped to become a highlight of the city by adding restaurants, retail, and new housing options. The planners hope to utilize NMTC to fund part of this project and help foster public-private partnerships to improve Missoula’s affordable housing and recreation options.
The Menkiti Group, a real estate company, had a ribbon cutting ceremony on November 18th to welcome the first phase of their MLK Gateway project in Washington, D.C. This phase includes retail and office space that will revitalize the historic neighborhood that it is located in (considered to be an Opportunity Zone). The project used $4.25 million in NMTC funding from the Menkiti Group. Several government officials were a part of the ceremony and welcomed the new addition to the community.
The Children’s Museum of Eau Claire, Wisconsin, is in the process of fundraising for a brand new facility that is currently being constructed. The museum recently announced that it has received $2.8 million in NMTC funding fthat will make a dent in its total goal of $12.5 million. The ease of the fundraising process will help the museum’s construction move along quickly for its anticipated grand opening in late 2022.
These inspiring projects and more are underway across the US. LifeCity specializes in impact assessments and third-party validation services for CDEs engaged in NMTC-financed projects. As a third-party, we help CDEs and other companies measure, manage, track, and report their impact to ensure a credible and transparent message. Our services are available across all stages of the NMTC allocation process and provide personalized impact reports and videos that support clients, projects, and communities.