Application Deadline

New Markets Tax Credits in the News

January 12, 2022

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 the start of construction on an NMTC-funded senior housing facility, a recently closed deal on a mixed-use development in St. Louis, and upcoming deadlines related to the NMTC allocation application process.

News

Community Development Entities (CDEs) participating in the current round of NMTC allocation applications should note a key upcoming deadline. All applicants must submit their applications online by January 13. Best of luck to all those applying!

Projects

Local officials in Paterson, New Jersey came together on December 21 to break ground on a mixed-use project that will include an affordable housing site for senior citizens. The growing city will benefit from the ability to provide new housing options for its residents, along with an updated stadium, parking garage, childcare location, and restaurant. RPM Development Group is excited to be improving the quality of life in Paterson by using NMTCs to fund this project.

St. Louis Development Corporation will be providing $6 million in NMTCs to Elevation, Emerald Capital Strategic Advisors’ mixed-use development project, in a recently closed deal. The development will be located in the Fountain Park neighborhood and will include retail space and office space that will ultimately create 106 quality jobs. Construction is slated to begin this month and take one year to complete.

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.