New Market Tax Credit Map: A Comprehensive Overview

The New Market Tax Credit (NMTC) program is a powerful tool for economic development, and understanding its impact requires a look at the New Market Tax Credit Map. This map provides a comprehensive overview of the program's reach and effectiveness.

The NMTC program was created in 2000 to encourage investment in low-income communities by providing tax credits to investors. It has since become a cornerstone of community development initiatives.

By allocating tax credits to Community Development Entities (CDEs), the NMTC program enables them to raise capital for projects in underserved areas. This has led to the creation of over 1,000 projects across the country.

The New Market Tax Credit is a program that provides investment capital for operating companies and real estate development projects in low-income communities throughout New York State.

Its main objective is to foster job creation and community development. The program is designed to support projects that can demonstrate new, quality, permanent job creation for low-income communities.

Empire State New Market Corporation, a subsidiary of Empire State Development, is a certified Community Development Entity under the federal Department of Treasury's Community Development Financial Institutions Fund. To date, they have received three New Markets Tax Credit allocation awards totaling $130 million.

ESNMC will target projects that provide goods and services that benefit low-income people and residents of those communities. They have a history of receiving significant funding, including $30 million in 2009, $55 million in 2016, and $45 million in October 2022 for the 2021 round.

To determine if your project is eligible for the New Markets Tax Credit, you'll need to visit the CDFI Fund Address Qualification website.

First, type in your address in the upper right-hand corner and hit enter or click the search button. This will bring up a list of addresses, so click on the one that matches your project's location.

Click anywhere on the map near the site to see the qualification criteria for the site. If the project is located in a Low-Income Community, your ESD Regional Office will then screen potential projects for suitability.

To assist with additional screening, you'll need to download and fill out the NMTC Intake Form. This form will help your regional office get a better understanding of your project.

You can contact your local ESD Regional Office by sending an email with the project's location and a brief description. Be sure to ask to have your project screened.