Who is eligible for NMTC financing?
Projects must meet certain specific criteria to receive a NMTC award from Indy CDE. Some of the criteria include project size, location, and type of business. Please see the discussion below for more information.
1. Is your project big enough?
2. Is your project in an eligible area?
Projects must be located in a distressed or severely distressed census tract in Marion County, Indiana. You can verify a location’s eligibility by visiting Here.
3. Is your business a ‘QALICB’?
A QALICB stands for “qualified active low-income business”. Your business must generate revenue within three years of the project’s completion date. To be considered a low-income business, 40% of your tangible property, 40% of your services must be performed in, OR 50% of your gross income must be located, performed or generated within a low-income community.
4. What are other ineligible activities?
Gambling establishments, tanning salons, liquor stores, golf courses, and other businesses or venues are not eligible for NMTC financing. Most farming businesses also do not qualify. Property rental businesses only qualify if less than 80% of gross revenue comes from rent.