NMTC 2023 Progress Report

07 June 2023

NMTC Coalition progress report 2023 4x6 The New Markets Tax Credit Coalition released its 2023 New Markets Tax Credit (NMTC) Progress Report, providing analysis of NMTC activities in 2022.

Click here to view the NMTC Coalition press release.

Click here to view the 2023 NMTC Progress Report.

The report was prepared by the NMTC Coalition, a national membership organization of Community Development Entities (CDEs) and investors organized to advocate for the NMTC. Every year since 2005, the NMTC Coalition surveys CDEs on their work, delivering billions of dollars to businesses, creating jobs, and rejuvenating the parts of the country that have been left behind. The annual NMTC Progress Report presents the findings of the CDE survey and provides policymakers and practitioners with the latest trends and successes of the NMTC.

Report highlights:

52,822 jobs generated through NMTC projects
297 projects totaling $6.7 billion received $3.2 billion in NMTC allocation (at a 10-year cost to the federal government of $832 million)
83% of projects were in severely distressed communities
59% of projects were in communities of color (minority census tracts)

Florida Community Loan Fund, FCLF, has participated in the NMTC Program since 2003, and has been awarded 10 NMTC allocations from the U.S. Treasury's CDFI Fund for a total of $391 million in Federal allocation awards. FCLF has provided NMTC allocation to 34 projects in Florida’s low-income communities, totaling $480 million in project costs, providing 7,800 jobs and providing services to 2+million low-income Floridians annually.

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“FCLF will help us have significant ongoing impact in West Lakes as we help families set roots in this community.” – Camille Reynolds, Executive Director

Hannibal Square CLT

“Thank you so very much for the exceptional services. We truly value FCLF’s contributions to furthering our mission." – Michael L. Bean, CEO

Housing Authority of Brevard County

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

Metropolitan Ministries

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

Sister Mary Heyser, RSHM

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

Neighborhood Renaissance

“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

“Thanks to FCLF adults with disabilities are living independently, fully included in their community." – Sheryl Soukup, Exec Dir

Residential Options of Florida

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

Sabadell United Bank

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

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

"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.

"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.

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

JPMorgan Chase Foundation

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

BBVA Compass

“Our partnership with FCLF makes an enormous difference in overcoming the challenge of providing affordable housing." – Jo Ann Nesbitt, President/CEO

St. Jude Great Commission CDC

"Cade Museum is proud to be partners with FCLF and JPMorgan Chase. Thanks to the NMTC Program, we will provide a transformative asset to our community." – Jennifer Denault, COO

Cade Museum for Creativity & Inventi…

"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 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

Neighbor Up Brevard

Our Partners

Support from TD Bank Charitable Foundation helps FCLF build strong communities.

Rep. Ander Crenshaw visited KIPP Jacksonville School

FCLF Board Members represent our investors, borrowers, and technical experts.

The duPont Fund used FCLF and NMTC Financing to revitalize downtown Jacksonville.

TD Charitable Foundation and TD Bank have supported FCLF's mission since 2006.

Neighbor Up, formerly BNDC, offers affordable housing in Brevard County.

FCLF staff are active at statewide conferences and events.

FCLF staff and US Legislative staff at an event honoring Youth of the Year.

FCLF Staff are on hand at conferences and events to discuss our programs.

Catholic Charities, Diocese of Venice, financed the land for farmworker rental housing with FCLF.

FCLF projects create jobs and stimulate development in low-income communities.

Support from Valley Bank helps FCLF build strong communities.

Residents at Neighborhood Renaissance's Mathis Place enjoy affordable rent.

Rep. Daniel Webster visited FCLF staff.

FCLF Financing to Neighbor Up Brevard helps provide affordable rental housing.

FCLF and the NMTC Program renovated a historic building into a small business incubaor.

FCLF staff and supporters volunteer at Million Meals event.

FCLF supporter, the Northern Trust Company, hosted a housing roundtable in Sarasota.

Nutritious snacks are a part of the healthy focused curriculum at Emma Jewel Charter Academy.

DuPuis Pointe offers affordable, hurricane proof homes in Miami.

FCLF financing to Housing Programs, Inc. helps provide affordable homes for ownership.

Emma Jewel Charter Academy offers education for the whole child in Brevard County.

FCLF CEO and one of our supporters visit the ASPIRA Arts Deco school.

FCLF representatives are ready to talk about your project success.

FCLF Staff meet and greet friends at an FLACDC event.

The RCRI Conference allows FCLF staff to touch base with our religious supporters.

FCLF projects create jobs and stimulate development in low-income communities.

FCLF staff with Tampa's Chloe Coney at Metropolitan Ministries Tampa.

Greater Heights offers new, safe, affordable rental homes in what was formerly a high crime area.

FCLF and NMTC are creating a new facility for the Boys & Girls Clubs of Manatee County

FCLF Chief Lending Officer visits with the Executive Director of Neighbor Up (formerly BNDC)

ASPIRA of Florida offers education & mentoring with a focus on low-income and Latino students.

New rental homes are available for farmworker families at Casa San Juan Bosco.

Support from Axiom Bank helps FCLF build strong communities.

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