Leveraging tax credits to finance high impact community projects
New Markets Tax Credit
- $299 million invested in commercial real estate and Native American projects in low income communities
- More than 1,200,000 square feet of new or rehabilitated non-profit community facility spaces financed
- Facilities serve more than 390,000 low-income clients
- More than 3,000 construction and 2,700 permanent jobs created or retained for low-income persons (81% of permanent low income jobs pay living wages)
- $368 million in additional capital leveraged with our financing
- Non-profit community facilities providing services (such as education, healthcare, food, shelter, etc.) to low-income communities
- Native American projects that generate living wage jobs for tribe members
- Retail projects anchored by healthy food grocery stores located in "Food Deserts" where nutritious foods are not available
Key Project Criteria
- $5 million minimum project size
- Located in a qualified low-income census tracts in the Western United States (California, Oregon, Washington, Montana, Idaho, Nevada, Arizona, Utah, Wyoming, Colorado, New Mexico, Texas, and Hawaii)
- Projects involving new construction or substantial rehabilitation of commercial space. Not for most types of housing
- Must provide clear and substantial benefits to low-income populations including significant construction and borrower jobs
For more information:
Vice President, New Markets Fund Director
invested in low-income communities
Coachella Valley Rescue Mission$11.44 millionAn investment helped establish the new facility in Coachella Valley for the homeless.
Yurok Tribal Community Forest and Salmon Fishery Preserve$16.1 millionOpportunity Fund helped finance one of the largest human service providers in LA.
Native American Health Center$4.9 millionThe Seven Directions Project delivers medical care to a Native American community.