New Markets Tax Credit Financing
HOPE’s New Markets Tax Credit (NMTC) Program finances community facilities and businesses that support economic development, job creation, and the expansion of essential community services such as quality health care, education, and other services to underserved communities across Alabama, Arkansas, Louisiana, Mississippi and West Tennessee. Since the launch of the NMTC Program in 2003, Hope Enterprise Corporation (HOPE) has invested $119 million in NMTC financing to 104 businesses, community facilities and nonprofit organizations in the country’s most impoverished region.
Eligibility
Eligible projects must be located in New Markets Tax Credit designated areas of higher distress as defined by the CDFI Fund and must include at least $5 million in total project costs.
Eligible projects may include:
- Healthcare facilities;
- Educational facilities;
- Grocery stores;
- Nonprofit facilities;
- Community facilities;
- Municipal facilities;
- Manufacturing facilities;
- Commercial or Mixed-use developments;
- Other real estate developments; and
- Operating businesses.
