Independent Report Finds NMTC Program Meets, Exceeds Program Objectives

17 August 2017

NMTC Report Summit 2017The CDFI Fund* recently announced the release of an independent report on the federal New Markets Tax Credit (NMTC) Program. The report, compiled by Summit Consulting LLC, was released on August 1, 2017, and confirms that NMTC is meeting or exceeding the requirements and expectations of the Program. Key findings of the report include:

  • 100 percent of projects examined were in full compliance and most projects far exceeded both the statutory requirements for economic distress and the compliance mandates of the CDFI Fund;
  • CDEs are supporting businesses beyond the seven-year NMTC compliance period by leaving a significant portion of residual capital with businesses;
  • NMTC projects significantly lower the cost of capital for businesses in distressed communities; and
  • CDEs evaluated “appear to make NMTC investments in highly distressed census tracts surrounded by other distressed areas.”

The purpose of the NMTC Program is to provide an incentive for private sector investment in economically distressed rural and urban communities. Since its creation in 2000, the NMTC Program nationally has provided:

  • $80+ Billion in total project financing, to
  • 5,548 businesses, healthcare facilities, schools, and other revitalization projects prioritized by communities, into
  • 179 Million square feet of real estate constructed or renovated, generating
  • 750,000+ full time and construction jobs at businesses in America’s most distressed small towns and urban areas

Florida Community Loan Fund, FCLF, has been an active participant in the NMTC Program since 2004. Through the competitive awards process, FCLF has received a total of $271 million in federal tax credit allocation authority. Impact created from FCLF’s NMTC Program through 6/30/2017:

  • $491 million total project costs, into
  • 20 projects including healthcare facilities, education & youth mentoring, homeless and domestic violence service centers, job training, high impact economic development or manufacturing, into
  • 1.5 million square feet of facilities constructed or renovated, generating
  • 4,593 full time and construction jobs at businesses across Florida in low-income communities

CDFI Fund Director Annie Donovan was quoted on the recently released report findings, saying: “The report released today demonstrates that New Markets Tax Credits are being used as Congress intended: to attract private investment into projects in economically distressed communities. It also documents the ways that Community Development Entities (CDEs) that utilize the program are meeting and generally exceeding NMTC Program requirements.”

For more information on the results of NMTC, visit the NMTC Coalition website here.
To learn more about FCLF's NMTC Program, read the program description here or download an information sheet pdf here.
To learn more about the Summit Consulting independent report, read the press release on the CDFI Fund website  or download a pdf of the report

* The U.S. Department of the Treasury’s Community Development Financial Institutions Fund, or CDFI Fund. Learn more at www.cdfifund.gov

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Boys & Girls Clubs of Manatee County

"Thank you to our friends at FCLF. Your staff has been patient and helpful. We'll make you proud!" – Bill Lazar, Executive Director

St. Johns Housing Partnership

"Our relationship with FCLF provides the capital to achieve long-lasting impact." – Terri Murray, Exec Dir

Neighborhood Renaissance

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Trinity Health

"It is really working. FCLF is really touching low-income people." – Florida Community Loan Fund Founding Board Member

Sister Mary Heyser, RSHM

"Without the FCLF initial loan to purchase land, we might not have been able to move forward with farmworker housing." – Peter Routsis-Arroyo, CEO, Catholic Charities, Diocese of Venice

Casa San Juan Bosco

"We consider FCLF a valued partner and strong advocates for low-income communities and families. We look forward to many more years of working together." – Jennifer Westerbeck, Vice President

US Bancorp CDC

“Thanks to FCLF we’re able to provide brand-new safe, affordable homes for 90 families in a sustainable mixed-use, mixed-income community." – Mitchell Rosenstein, Founder & Principal

Green Mills Group

"FCLF understood our context, embraced the project vision, and were willing to make an investment that others deemed as too risky." – Lynn Brockwell-Carey, Executive Director

Brevard Neighborhood Development Coaliti…

"FCLF was instrumental in making this important project a reality, bringing us one step closer to ending chronic homelessness in Miami-Dade County." – Dr. Paul A. Ahr, President & CEO

Camillus House

“The partnership with FCLF is very exciting for us – an essential component in providing greater access to fresh healthy food in downtown New Port Richey.” – Jeff Wright, Owner

Wright's Natural Market

"We look forward to continuing our successful relationship with FCLF and working together to meet the needs of our communities." – Nancy Merolla, VP/CRA Officer

Florida Community Bank

"FCLF is a difference maker! Their team provides solutions to bring about real change in a community." – Tim Marks, President & CEO

Metropolitan Ministries

"We are delighted to partner with you to serve those most in need in our communities." – Eileen S. Coogan, President & CEO

Allegany Franciscan Ministries

“We cannot thank FCLF enough for this partnership, creating permanent housing for our neighbors in need, and their commitment to Florida communities.” – Shannon Nazworth, President & CEO

Ability Housing

"Aida Palms will be a lasting asset to the City of Lakeland. This revitalization wouldn't be possible without financing partners like FCLF." – Mitchell Rosenstein, Principal, Green Mills Group

Aida Palms

"FCLF plays a significant role in sustaining vibrant and thriving communities. We are pleased to support your ongoing community based efforts." – Ernie Diaz, South Florida Market President

TD Charitable Foundation

"The Fathers Table Foundation appreciates the services FCLF provides and the impact on the communities you serve. We believe in your organization and your mission." – Dan Gilardi, President

Fathers Table Foundation

"We appreciate how the work of FCLF primarily benefits low- to moderate-income individuals and areas and supports the needs of our community." – Maria J. Thompson, Community Development Manager

Third Federal Savings

"Our partnership with FCLF helps the American Dream of homeownership come true." – Michael Roberts, Exec Dir

R.E.A.C.H.

Our Partners

Casa San Juan Bosco and FCLF
New rental homes are available for farmworker families at Casa San Juan Bosco.
Armature Works
FCLF and the NMTC Program renovated a historic building into a small business incubaor.
Greater Heights Resident
FCLF Financing to Neighbor Up Brevard helps provide affordable rental housing.
FCLF and Rep. Webster
Rep. Daniel Webster visited FCLF staff.
TD Bank Charitable Foundation
Support from TD Bank Charitable Foundation helps FCLF build strong communities.
Haley Park Construction
FCLF projects create jobs and stimulate development in low-income communities.
ASPIRA of Florida and FCLF
FCLF CEO and one of our supporters visit the ASPIRA Arts Deco school.
Neighbor Up and FCLF
FCLF Chief Lending Officer visits with the Executive Director of Neighbor Up (formerly BNDC)
FCLF at Florida Housing Conference
FCLF staff are active at statewide conferences and events.
DuPuis Pointe Miami
DuPuis Pointe offers affordable, hurricane proof homes in Miami.
FCLF at Florida Housing Conference
FCLF Staff are on hand at conferences and events to discuss our programs.
RCRI Conference 2012
The RCRI Conference allows FCLF staff to touch base with our religious supporters.
Million Meals 2012
FCLF staff and supporters volunteer at Million Meals event.
Axiom Bank
Support from Axiom Bank helps FCLF build strong communities.
BNDC Greater Heights
Greater Heights offers new, safe, affordable rental homes in what was formerly a high crime area.
FCLF and Florida Housing Coalition
FCLF representatives are ready to talk about your project success.
duPont Fund and FCLF
The duPont Fund used FCLF and NMTC Financing to revitalize downtown Jacksonville.
KIPP Jacksonville
Rep. Ander Crenshaw visited KIPP Jacksonville School
Housing Programs, Inc.
FCLF financing to Housing Programs, Inc. helps provide affordable homes for ownership.
Mathis Place Resident
Residents at Neighborhood Renaissance's Mathis Place enjoy affordable rent.
Casa San Juan Bosco and FCLF
Catholic Charities, Diocese of Venice, financed the land for farmworker rental housing with FCLF.
ASPIRA of Florida Aspirantes
ASPIRA of Florida offers education & mentoring with a focus on low-income and Latino students.
FCLF Board and Staff
FCLF Board Members represent our investors, borrowers, and technical experts.
Boys & Girls Clubs of Manatee
FCLF and NMTC are creating a new facility for the Boys & Girls Clubs of Manatee County
Neighbor Up, Affordable Housing
Neighbor Up, formerly BNDC, offers affordable housing in Brevard County.
Northern Trust Roundtable
FCLF supporter, the Northern Trust Company, hosted a housing roundtable in Sarasota.
Emma Jewel Academy and FCLF
Emma Jewel Charter Academy offers education for the whole child in Brevard County.
TD Charitable Foundation, TD Bank
TD Charitable Foundation and TD Bank have supported FCLF's mission since 2006.
FLACDC Conference
FCLF Staff meet and greet friends at an FLACDC event.
Boys & Girls Clubs of Manatee
FCLF staff and US Legislative staff at an event honoring Youth of the Year.
Metro Min Grand Opening
FCLF staff with local supporters at Metropolitan Ministries Tampa.
Valley Bank
Support from Valley Bank helps FCLF build strong communities.
MTZ Carver Construction
FCLF projects create jobs and stimulate development in low-income communities.
Emma Jewel Charter Academy
Nutritious snacks are a part of the healthy focused curriculum at Emma Jewel Charter Academy.
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Core Purpose FCLF exists to maximize opportunities for people and places outside of the economic mainstream.
Our Vision Opportunity and dignity exist for every person and community in Florida.
Our Mission Our expertise and capital make projects successful and help organizations improve lives and communities.