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New Markets Tax Credit Program
The New Markets Tax Credit (NMTC) Program was designed to leverage capital from investors to spur economic development in urban and rural low-income communities. Within the Treasury Department, the Community Development Financial Institutions Fund (CDFI Fund) and the Internal Revenue Service (through Section 45D of the Internal Revenue Code) jointly administer the program. The NMTC program has become an important tool for promoting economic development and community revitalization strategies in low-income markets.
New Markets Tax Credits: Unlocking Investment Potential, (PDF) Community Developments Insights Report, June 2013. This publication examines the primary risks, benefits, and regulatory considerations associated with New Market Tax Credits (NMTCs). The report also discusses the ways in which bank investors have structured and managed these credits effectively. Banks have been active participants in the NMTC program because of the ability to generate competitive economic returns, and the opportunities they present for positive CRA consideration.
New Market Tax Credits, (PDF) Community Developments Fact Sheet.
Internal Revenue Service
NMTC Tax Regulation 26 CFR 1.45D-1
Community Development Finance Institutions Fund
Community Development Financial Institutions (CDFI) Fund - The Treasury Department's CDFI Fund, established by the Riegle Community Development and Regulatory Improvement Act of 1994, expands the capacity of financial institutions to provide credit, capital, and financial services to underserved populations and communities in the United States. The CDFI Fund is the administrator of the NMTC program. The New Markets Tax Credit (NMTC) Program provides information on the program, including eligibility and application materials.
Industry Organizations and Professional Associations
Novogradac New Markets Tax Credit Resource Center - News, facts and figures, federal and state guidance, research and reports, a mapping tool and other resources on the NMTC program.
CohnReznic New Markets Tax Credit Resource Center contains an interactive mapping tool to determine NMTC eligibility, and other resources.
New Markets Tax Credit Coalition - The New Markets Tax Credit Coalition is a national membership organization that promotes increased economic activity in low income urban and rural communities through the New Markets Tax Credit program. The New Markets Tax Credit Coalition carries out action-oriented research, policy review and analysis, technical assistance and lobbying in support of the New Markets Tax Credit.
CDFI Coalition - The CDFI Coalition represents community development financial institutions (CDFIs) nationwide. CDFIs often work in partnership with banks to develop innovative ways, including NMTCs, to deliver loans, investments, and financial services to distressed communities.
Enterprise Community Investment - New Markets Tax Credit portfolio.
New Markets Tax Credits Impacts - A case study from Durham, North Carolina.
New Markets Tax Credit Coalition provides reports and case studies on various NMTC projects.