New Markets Tax Credit (NMTC) Program
If not certified, applicants must submit their CDE Certification Applications by May 17, 2017, in order to be eligible for this funding.
202.653.0421, Option 3
The New Markets Tax Credit (NMTC) Program provides tax incentives for investments in business or economic projects in distressed rural or urban counties, including capital investments in healthcare facilities.
The NMTC Program permits any taxpayer to receive a credit against federal income taxes for making an investment in designated Community Development Entities (CDEs). A CDE then invests the capital in a low-income community. The tax credit is equal to 39% of the cost of the initial investment and is claimed over 7 years.
Examples of NMTC funded projects have included:
- Rural pharmacy retail stores
- Supermarkets that will operate in severely distressed rural areas
- Building or expanding healthcare facilities that will meet the needs of rural communities
- Creating affordable office rental space for human service organizations
Organizations that are not CDEs, but are interested in seeking capital financing may search for active CDEs and Certified Community Development Institutions (CDFIs).
An organization wishing to receive awards under the NMTC Program must be certified as a CDE by the fund.
To qualify as a CDE, an organization must:
- Be a domestic corporation or partnership at the time of the certification application
- Demonstrate a primary a mission of serving, or providing investment capital for, low-income communities
- Maintain accountability to residents of low-income communities
Total allocation authority: $3,500,000,000
Step-by-step instructions are available on the program website.If the Applicant has not been certified as a CDE by the CDFI Fund, it must submit its CDE Certification Application by May 17, 2017.
For complete information about funding programs, including your application status, please contact funders directly. Summaries are provided for your convenience only. RHIhub does not take part in application processes or monitor application status.