The New Markets Tax Credit (NMTC) Coalition recently released its annual 2013 NMTC Progress Report, which examines the NMTC activity and progress for most Community Development Entity (CDE) raising capital and making loans and investments in calendar year 2012. There were a total of 72 CDEs that responded to the survey and those CDEs reported making $2.3 billion in Qualified Low-Income Community Investments (QLICI) to a total of 273 businesses, amounting to $5.6 billion in project financing.
The NMTC Coalition notes that in 2012, there appeared to be a trend towards more investment in rural communities, as investment in non-metro communities picked up, averaging 22 percent between 2010 and 2012. The most common types of businesses financed with the NMTC continue to be community / educational, industrial and healthcare related businesses and facilities. In addition, 100 percent of these investments were made in qualified low-income communities with 76 percent of the investments being made in severely distressed communities. This NMTC investment contributed to the creation of 47,821 jobs including 20,251 full-time jobs and 27,570 construction jobs.
Click here to read the report.
