New Reports Provide Insight into NMTC Investments

22 July 2013

New Reports Give Additional Insight into New Markets Tax Credit Investments

cdfifund-logo-300wData recently released from the U.S. Department of Treasury's CDFI Fund reports newly updated information on economic development spurred by the New Markets Tax Credit through 2011. The press release and links to full reports appear on the CDFI Fund website. The data shows that over 75% of the tax credits were invested in census tracts that met indicators of severe distress, including low incomes, high rates of poverty, or high unemployment rates. The CDFI Fund has awarded in total $36.5 billion in NMTC Allocation Authority through 2012. All entities that have been awarded allocations are required to submit an annual report on the investments in low-income communities.

Florida Community Loan Fund, FCLF, has been awarded a total of $151 million in New Markets Tax Credit allocation. FCLF's NMTC Program, dedicated to improving low-income communities through projects with broad social impact, includes:

  • 10 projects to date
  • 915,000 square feet of facilities
  • 1200 temporary jobs created or retained
  • 689 permanent jobs created or retained

You can read more about FCLF NMTC projects on our NMTC Program Fact Sheet, and learn more about projects such as Metropolitan Ministries in Tampa and Camillus House in Miami.


 

nmtc-coalition-logo-300x200 thumbThe NMTC Coalition has released a report based on surveys of NMTC activity through 2012. The report summary states:

In 2012 alone, the NMTC was responsible for the direct creation of almost 50,000 jobs in economically distressed urban and rural communities across the country, according to a new report from the NMTC Coalition. These 47,821 jobs represent an impressive two percent of the 1.8 million jobs created in America last year. The 2013 NMTC Progress Report provides detailed insights into how the NMTC was used in 2012, including the types of projects it helped finance and the areas where these projects occurred, and presents findings on the impacts of these investments, at both the micro and macro levels.

Also from the NMTC Coalition comes this update on the NMTC Program:

Last month, Senators Jay Rockefeller (D-W.Va.) and Roy Blunt (R-Mo.) together introduced the New Markets Tax Credit Act of 2013 (S. 1133), legislation that would extend the Credit indefinitely by making it a permanent part of the Internal Revenue Code, and enhance the potential impact of the Credit by increasing the annual NMTC allocation. A permanent extension would ensure that a modest federal tax credit continues to be available for investments made in businesses or economic development projects in census tracts in which the poverty rate is at least 20 percent or median family income does not exceed 80 percent of the area median – projects and communities that likely would never have received injections of patient capital otherwise.

metromin-2013april-300x200The New Markets Tax Credit Program continues to be an important part of economic development and jobs creation, not only in Florida but throughout our nation.

Pictured: Metropolitan Ministries Miracle Place new campus construction, an NMTC project in Tampa, Florida.

"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

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

Neighborhood Renaissance

“FCLF addresses local community needs, which aligns with our core values. We appreciate your commitment to our communities.” – Mellissa Slover-Athey, Comm Reinv Ofcr

CenterState Bank

"We couldn't achieve our mission of creating strong neighborhoods without FCLF's help. Their staff is always friendly, quick to respond, and efficient." – Bonnye Deese, Executive Director

BAND

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

Metropolitan Ministries

"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

"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

"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

“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

"We commend the important work of your organization, are glad to support its efforts." – Beverly Dabney

JPMorgan Chase Foundation

"Without FCLF's support, we would not have been able to deliver the services our area so desperately needs. We look forward to a lifetime relationship." – Tom Griffin, CEO

The Transition House, Inc.

"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 has proven its community impact and hard work. We are proud to partner with FCLF." – Leslie Watson, Analyst, Community Investments

Dignity Health

"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…

"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

"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

"Trinity Health is happy to partner with FCLF. We look forward to seeing the impact in the communities you serve." – Sr. Kathleen Coll, SSJ, Administrator, Shareholder Advocacy

Trinity Health

“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

"FCLF understands and is a part of what we are doing: helping families have the American dream of owning a home." – Isaac Simhon, Executive Director

Housing Programs, Inc.

"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

Our Partners

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