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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St. Johns Housing Partnership

"Our partnership with FCLF allows us to build an attractive, state of the art facility that patients, staff, and community will be proud of." – Bakari Burns, President-CEO

Orange Blossom Family Health

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Housing Programs, Inc.

"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

"We're thrilled to partner with FCLF to make our project a reality to serve generations of kids in our community." – Dawn Stanhope, President & CEO

Boys & Girls Clubs of Manatee County

"BankUnited understands the challenges facing our communities; we applaud FCLF's efforts. Thank you for making our community a better place to live." – Katrina Wright, VP Comm. Dev.

BankUnited

"FCLF has a keen knowledge of Florida challenges & opportunities. We are confident our investment will be used to improve lives." – Kathleen Rizzo Young, Sr. VP, Community Development

HSBC Bank USA, N.A.

"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 shows a clear strategy and demonstrated evidence of addressing prevalent community needs." – J. Reymundo Ocañas, Director, Corp Responsibility

BBVA Compass

"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 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

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Dignity Health

"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

"When nobody else would take a chance on us, FCLF did. Woodlawn is thriving today and we will always be grateful for your part in that.." – PeterTollefson, Dean of Students

Woodlawn Community Academy

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R.E.A.C.H.

"FCLF demonstrates a mission-oriented philosophy that is compatible and supportive, broadens our platform and deepens our portfolio of products and services." – Kent Adcock, CEO

Habitat for Humanity of Lake-Sumter

"We appreciate the accomplishments your organization attains." - Robert Sucher, Executive VP

Sabadell United Bank

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

Neighborhood Renaissance

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

Sister Mary Heyser, RSHM

"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

Our Partners

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