NMTC Program Saved!
Washington D.C. • December 1, 2017
NMTC investments generated more than $156 billion in economic activity, creating 1,013,837 jobs in low-income rural and urban communities from 2003 to 2015. With that kind of track record and a cost of just $1.7 billion over ten years, it was difficult to understand why the House would terminate the New Markets Tax Credit in the first place. The NMTC is a great deal for the federal government. Still, most importantly, it is a critical tool for our country’s small, overlooked rural towns and blighted urban neighborhoods that have been left outside of the economic mainstream for far too long.
Thank you to Congressman Jim Costa for your support of the NMTC program, maintaining the credit’s authorization for 2018 and 2019, as was agreed to in the bipartisan PATH Act that Congress passed in December 2015.
Read the whole letter: 2017-12-05-LTR-to-Ryan-Brady-re-NMTC.pdf
Our Recent Articles
The New Markets Tax Credit Coalition released its 2022 New Markets Tax Credit (NMTC) Progress Report, providing policymakers and practitioners with the latest trends and successes of the NMTC. The report was prepared by the NMTC Coalition, a national membership organization of Community Development Entities (CDEs) and investors organized to advocate on behalf of the NMTC. The NMTC Coalition brings together community development professionals, the nation’s leading experts on tax-advantaged community development investments and investors all committed to the success of the NMTC.
Read The Fresno Bee article, “ Progress starts with Black-run organizations that help Black-owned businesses .”
Established to identify reform recommendations around making Fresno a better, safer place for all, the commission’s work aligns with Central Valley NMTC’s focus on transforming economically disadvantaged neighborhoods throughout the Central Valley. Congratulations to Central Valley’s NMTC President/CEO Oliver Baines on his appointment to lead this important work. Read City of Fresno media release: https://www.fresno.gov/news/mayor-city-council-announce-members-of-new-police-reform-commission/
Oliver Baines is a 25-year resident of Fresno with an extensive record of community service. His professional career began in law enforcement as a police officer for the Fresno Police Department. During his 11 years as a Fresno Police officer, he was a highly decorated officer, receiving two Life-Saving Medals, 2008 Officer of The Year recognition, Chief’s Commendations, and multiple Peer Commendations. Mr. Baines’ experience in community policing caused him to run and become a Councilmember for the City of Fresno, representing District 3 from 2011 to 2019. During this time as Councilmember, he was active in many programs addressing the economic, social, and environmental problems afflicting Fresno, including the Workforce Investment Board, the Fresno Works, the San Joaquin Valley Air Board District, the Successor Agency to the Redevelopment Agency of the City of Fresno, along with numerous community-based programs. Mr. Baines became involved in workforce development programs. He founded the Valley Apprenticeship Connections (VAC). This workforce development program focuses on preparing young men and women from the most challenged neighborhoods to serve populations in the Fresno Region for a career in the Construction Trades. Since 2016, the VAC has had 339 students enrolled, 250 completed (73 percent), with 196 gaining employment (78 percent) with wages averaging over $20/hour, and 185 students (94 percent) retaining their employment.
$3.5 Billion in New Markets Tax Credits Awarded to Spur Economic Growth Nationwide. The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) awarded 73 Community Development Entities (CDEs) $3.5 billion in New Markets Tax Credits today. The tax credit allocation awards, made through the calendar year (CY) 2017 round of the New Markets Tax Credit Program (NMTC Program), will help stimulate investment and economic growth in low-income urban neighborhoods and rural communities nationwide. “Today’s awards will finance projects ranging from large manufacturing plants that create jobs to critically needed infrastructure,” said Treasury Secretary Steven T. Mnuchin. “I want to congratulate today’s award recipients for their outstanding work in improving distressed communities.”
