NMTC has brought economic stimulus and investments to Florida through 79 projects totaling $1.2 billion in total project costs.

Private Investment through NMTC. The Federal New Markets Tax Credit (NMTC) Program is a tool that drives private investment and creates jobs in distressed low-income community areas where, but for the credit, high priority local economic and community development projects might not otherwise be financed. NMTCs are executed by Community Development Entities (CDEs) set up for the express purpose of managing the transactions and assembling investor capital.

Why the New Markets Tax Credit Program?

• NMTC Works. Between 2003 and 2012, nationally over 500,000 jobs have been created.
• NMTC is a unique and flexible tax credit driven by local interests and local priorities. NMTC can finance a wide range of businesses and project types in distrissed low-income communities. Local CDEs with deep ties to their communities have project underwriting responsibility.
• NMTC is a resource for community revitalization. In the last round of allocation application alone, demand was 4 times the expected award pool. There is a tremendous demand for private investment in these distressed communities.

Florida in the National Picture. As of 2012, the most recent year for which data is available through the U.S. Department of Treasury's CDFI Fund:

• 31 CDEs, including Florida Community Loan Fund, had deployed $664.8 million in total NMTC allocation in Florida.
• These NMTC allocations supported 79 distinct projects with total project costs of $1.195 billion.

Florida Community Loan Fund (FCLF) NMTC Results. Because FCLF's footprint and mission are to serve Florida, it seeks to deploy 100% of its NMTC allocation in Florida. FCLF results:

• 15 FCLF NMTC Projects to date
• 2,832 jobs created or retained
• 1.2 million square feet of facilities
• $151 million federal NMTC allocation + $11 million state of Florida NMTC allocation
• $412 million total project costs

Here is a sample of FCLF NMTC Projects:

• Wexford Science + Technology, University of Miami Life Science Research Park
• Jessie Ball duPont Fund Center, Jacksonville
• Lake Point Restoration, Martin County
• Hitchcock's Market, Old Town
• Camillus House, Miami
• Metropolitan Ministries, Tampa, and Phase II in Tampa and Pasco County
• CASA, St. Petersburg
• ASPIRA of Florida, Miami, and ASPIRA EMH School
• KIPP School Jacksonville

For additional information on FCLF's NMTC Program, click here or download a fact sheet here.

Pictured above, the courtyard at Camillus House Norwegian Cruise Line Campus in Miami. Camillus House serves over 3,000 homeless or at risk of homelessness each year.