322 Projects, nearly 60,000 Jobs Across the U.S. in 2023
The New Markets Tax Credit Coalition has released its 2024 New Markets Tax Credit (NMTC) Progress Report, the 20th edition of the report – providing analysis of NMTC activities in 2023. 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 about 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.
“This report shows the NMTC is an efficient and powerful tool that drives impactful investments to low-income communities,” said Phil Glynn, NMTC Coalition Board Chair and President of Travois, a Certified B Corporation® focused exclusively on promoting housing and economic development for American Indian, Alaska Native and Native Hawaiian communities. “Two decades after its introduction, the NMTC remains one of the federal government’s most effective tools for job creation and economic stabilization. These investments create high quality, accessible jobs in the communities that need them most.”
Read the NMTC Progress Report 2024 here
The New Markets Tax Credit was enacted in 2000 in an effort to stimulate private investment and economic growth in low-income urban neighborhoods and rural communities that lack access to capital needed to support and grow businesses, create jobs, and sustain healthy local economies. The NMTC is a 39 percent federal tax credit, taken over seven years, on investments made in economically distressed communities.
Florida Community Loan Fund has participated in the New Markets Tax Credit program as a CDE (Community Development Entity) since 2004. FCLF has received 11 NMTC Awards from the Community Development Financial Institutions Fund totaling $451 million, and with these awards has supported 36 projects across Florida reaching 2 million low-income or underserved Floridians annually with essential social services. FCLF provided NMTC allocation in 2023 for:
- Lotus Children’s Village, Miami (featured on the cover of the NMTC Progress Report 2024)
- Feeding Tampa Bay
- Evara Health, Highpoint Expansion Project
FCLF is a nonprofit, multifaceted financing entity with a 29-year history of providing flexible capital and expertise to nonprofit and mission-aligned for-profit entities that benefit people and places outside the economic mainstream across Florida. FCLF is nationally recognized for its work as a certified CDFI and CDE through the U.S. Dept. of Treasury and as a member of the Federal Home Loan Bank of Atlanta.
