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New Market Tax Credits (NMTC)

NMTCs can help you generate jobs & economic growth

If you need financing for a project that creates jobs and generates economic growth in a low-income community, New Markets Tax Credits (NMTC) might be the answer. NMTC projects can include real estate investments, as well as operating businesses.

Treasury Announces $3.5 Billion in Awards for Economic Development and Community Revitalization

The NMTC, established by Congress in December 2000, permits individual and corporate taxpayers to receive a credit against federal income taxes for making equity investments in investment vehicles known as Community Development Entities (CDEs). The credit provided to the investor totals 39 percent of the cost of the investment and is claimed over a seven-year period. CDEs must apply to the Treasury Department’s Community Development Financial Institutions Fund (CDFI Fund) to compete for this allocation authority. The 99 organizations receiving awards were selected from a pool of 250 applicants that requested over $23.5 billion. They are headquartered in 27 different states and the District of Columbia; but have identified principal service areas that will cover nearly every state in the country, as well the District of Columbia.

Whether you are looking for funding from a community development entity (CDE) or you are a CDE applying for tax credits from the U.S. Treasury’s Community Development Financial Institutions (CDFI) Fund, our NMTC experts can provide you professional transactional consulting services. Once you secure the funds, we can provide financial statements and tax services.

Tax credit investors and attorneys recognize us as one of the nation’s leading accounting firms in the area of community development because we have assisted clients in obtaining more than $50 million in New Markets Tax Credit allocations and have structured equity syndications totaling more than $150 million since the program began in 2000. 

Experience in the community development industry

Because we are dedicated to serving your industry, we have a team of CPAs and consultants with specialized industry and technical skills. The members of the NMTC team have significant experience working with investors, developers, lenders, property management companies, community development organizations, and other syndicated partnerships.

As a firm, we have been very active in the implementation of the new governmental independence standards and other new standards pronouncements, including FIN 46(R) and other consolidation issues. Plus we have significant experience helping hundreds of clients in the governmental and not-for-profit arenas comply with the rules and regulations, as well as mandated deadlines for allocating agencies, lenders, and investors. 

Serving your NMTC needs including allocation and reporting

If you want to apply to the CDFI for NMTC, we can help. If you want to seek individuals or organizations with NMTC allocation to sponsor your project, we can help.

We have an experienced, multidisciplinary team of experts that can help you succeed in the highly competitive market for New Markets Tax Credit funding. We can help you from the application process right through the post award or allocation processes, including disbursement and reporting requirements.