Learn how the New Markets Tax Credit program can benefit projects in your community
Great Lakes Capital Fund (GLCF) and its CDE affiliate, CapFund New Markets, LLC (CapFund) invite you to an informative presentation about the New Markets Tax Credit (NMTC) program. The NMTC program was established by Congress in 2000 to encourage investments in operating businesses and real estate projects located in low-income communities. NMTCs may provide a net subsidy of up to 20% of the capital required for eligible projects.
The New Markets Tax Credits 101 presentation will provide an overview of the NMTC program and will discuss the types of development projects that could qualify for a CapFund NMTC allocation. The CapFund has already deployed $74 million in NMTCs to projects throughout our four-state service area of Michigan, Illinois, Indiana and Wisconsin. The CapFund’s application for a Round 11 NMTC allocation is currently pending, with award announcements expected early June, 2014.
With your active involvement in community development efforts in our region’s rural communities, we encourage you to attend the presentation to learn more about this important financing tool. In addition, In addition, we encourage you to help us identify pipeline projects that might benefit from the NMTC program. Examples of the types of development projects that could qualify for our NMTC allocation include:
- Community facilities such as YMCAs, Boys & Girls Clubs, etc.
- Federally Qualified Health Centers or other medical facilities that provide services to low income people
- High performing charter schools that serve primarily low income students
- Commercial real estate developments that create jobs and stimulate economic activity in particularly distressed communities
- Industrial businesses that require subsidized capital financing to expand operations and create high quality jobs
- Grocery stores located in federally designated food deserts