About the New Markets Tax Credit Program
The NMTC Program is a federal program authorized under the Community Renewal and Tax Relief Act of 2000. The program is jointly administered by the Department of Treasury’s CDFI Fund and the Internal Revenue Service. Through the NMTC Program, the CDFI Fund has made over 1,178 allocation awards totaling $57.5 billion in tax credit authority.
Historically, low-income communities attract few investment dollars, as evidenced by vacant commercial properties, outdated manufacturing facilities, and inadequate access to education and healthcare service providers. The NMTC program aims to increase investment in low-income communities by attracting private investment capital to fund transformative and catalytic projects. Organizations ranging from growing small businesses to nonprofits have leveraged NMTCs. Nationally, the NMTC Program has generated significant positive outcomes within distressed communities, including support for the development and construction of approximately 51 million square feet of manufacturing space, 89 million square feet of office space, and 65 million square feet of retail space.
For more detailed information about the NMTC program and the CDFI Fund, please visit the CDFI’s website Here