NEW MARKETS TAX CREDIT PROGRESS REPORT 2022 - Novogradac
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NEW MARKETS TAX CREDIT
PROGRESS REPORT
nmtccoalition.org/progress-report
2022 The NMTC Coalition’s annual report on the loans, investments, and community
impact of the New Markets Tax Credit.
2 2022 NMTC Progress Report
NEW MARKETS TAX CREDIT COALITION
1155 15th Street NW, Suite 400 • Washington, DC 20005
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RapozaAssociatespreparedthisreportfortheewN arkets
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TheewN arkets
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C PNMTCQoaqiD
C onisanaDonaqmembershiporganizaDonthat
advocatesonbehaqfoftheNMTCprogram:TheoaqiDC ondwhichnowincqudesmorethan
membersdismanagedbyRapozaAssociatesdapubqicinterestqobbyingdpoqicyanaqysisand
governmentreqaDonsfirmqocatedinWashingtondDC:auP qnderson
A istheprincipaqauthorand
designer of this report.
THE FOLLOWING PROVIDED GENEROUS FINANCIAL SUPPORT FOR THIS
PUBLICATION:
ppqegate
A hThroneThompsonP:C:
aker
B Tiqqy
Buchalter
utqerB SnowLP
Capital One, N.A.
ohnRez
C nickLP
ommu C nityReinvestmentundd F USA
Dentons
utuF reUnqimitedLawPC
Hampton Roads Ventures
eartqand H Renaissanceund F
Holland & Knight
Husch Blackwell
organ JPM Chase
Kutak Rock
Leverage Law Group, LLC
ascoma M ommu
C nityevD eqopment
oFM i
aDN onaqevD eqopmentouC nciq
qante P oran
M
inanciaq PNCF Services
RazaevD eqopmentund F
Rural Enterprises of Oklahoma, Inc.
TD Bank
TECU
LA
Travois
U:S:ancorpB ommu
C nityevD eqopmentnD
E ty
3 2022 NMTC Progress Report
2022 NMTC COALITION BOARD OF DIRECTORS
President Jamise B. Goodman Michael Novogradac
Aisha Benson Truistommu
C nityCapitaq ovN ogradachompany
C dLP
Trufundinanciaq
F Servicesdnc:
I
Dan Heffernan Harpreet Peleg
Vice President ommu
C nityVenturesorporation
C Building America CDE, Inc.
Phil Glynn
Travois New Markets, LLC Merrill Hoopengardner Terri Preston
National Trust Investment TheVaqueddvA isorund
F
Treasurer Corporation
Sandra M. Moore Radhika Reddy
Advantage Capital James D. Howard, Jr. Ariel Ventures, LLC
udqey
D Ventures
Frank Altman Daniel Robeson
ommu
C nityReinvestmentund
F Chris Huang owI ausiness
B row
G thompany
C
ccion
A pportu
O nityund
F
David Beck Leah Rogan
Self-Help Yvette Ittu nterprise
E ommu
C nityartners
P
Cleveland Development Advisors
Kermit Billups Joseph F. Summers
Greenline Ventures Robert Jenkins Urbanction
A ommu
C nityevD eqopment
ouDCH singuthority
A
Nelson W. Black, III Andy Swary
qorida
F ommu
C nityoan
L und
F Matt Josephs hio
O ommu
C nityevD eqopmentinance
F
LISC und
F
Dave Blaszkiewicz
Invest Detroit Clifford M. Kenwood Cam Turner
AMCREommu
CF nityCapitaqC L Unitedund
F dvA isors
Jennifer Bransfield
Chicagoeighborhood
N nitiativ
I es Catherine Kes Traci Vaine
RazaevD eqopmentund
F CEI Capital Management LLC
Douglas Bystry
CqearinghouseCDFI En Jung Kim José Villalobos
Chase TECU
LA
John Chamberlain
Capital One Lenwood V. Long, Sr. Laura Vowell
frican
A merican
A qqiance
A ofCDFI U:S:ancorp
B ommu
C nityevD eqopment
Michael Cooper CEOs Corporation
TD Bank
Joe Iannuzzi Sam Walls
Heidi Dearment ationaq
N ewN arkets
M undd
F CL eartqand
H Renaissanceund
F
oFM i
Daniel Marsh III Ira Weinstein
Scott Dewald National Development Council ohnrez
C nickLP
Rural Enterprises of Oklahoma, Inc.
Jose Martinez Lee Winslett
Jennifer Donohue restamos
P CDFIdadivisionof Weqqsargo
F ommu
C nityending
L and
Hampton Roads Ventures, L.L.C. Chicanosor P LaCausa Investment
Victor Elmore Stephen McRae
TexasezM zanineund
F Atlanta Emerging Markets, Inc.
Joseph Flatley Kevin McVey
Massachusetts Housing Investment owL ncome
I nv
I estmentund
F
Corporation
Christopher Miller
David Gibson Three Roots Capital
inanciaq
PNCF Servicesrou
G p
Julia Nelmark
Peter Giles idw
M estinnesota
M ommu
C nity
Cinnaire Development Corporation
4 2022 NMTC Progress Report
CONTENTS
B y the N u mbers 7
Highlights 8
bou
A ttheNMTC
Who Supports the NMTC? 11
How The NMTC Works 12
SurveyofcDA vity 15
ntrodu
I cDon r
roject
P Types
roject
P omponents
C
Healthcare 18
Manufacturing and Industrial Businesses 20
ouH singandE mergencySheqters
E d u c aD o n
ivD ersitydquE ityandncqu I sion r
arqy
E ChiqdhoodduE caDon s
Re taiqdrofessionaq
P Serviceshisc:
M ommerciaq
C
isc:
M N onprofitsandSociaqServices
eaqth
H oods
Fy
Arts, Culture, Tourism 33
Investor Trends 34
TheandemicP Response
ThegButJForgTest r
ommu C nityCharacterisDcs
2021 Trends: Odds and Ends 38
ipeqineP
2021 Case Studies
ethany B ouH seServices
WyotechTechnicaqoqqege C
ppendix
A 9roject
P omponents
C
COVER IMAGE:
esD
D naDonrenshaw
C inos
L ngeqesd
A CA
PseepageformoreinformaDonQ:
RIGHT:
rou
G ndbreakingoftheSecondarv H estood
F
ank
B oforthw
N estorth
N Caroqinadfinanced
byommu
GC nityartnersd
P eopqe
P
ncorporatedd
I andUrbancDA onommu
C nity
Development.
5 2022 NMTC Progress Report
2022 NMTC
PROGRESS REPORT
J UN E
r 2022 NMTC Progress Report
2021
BY THE NUMBERS
PROJECTS
NMTC financing heqped projects move
forward in 45 states, Guam, and the District
of Columbia, including a clubhouse for
Boys and Girls Club of Central Ohio (NMTC
aqqocaDon from inance
F undd
F investor as
w
Capital One).
INVESTMENT
sCDE usedj:biqqioninNMTCaqqocaDonto
deqiverjr:biqqionintotaqprojectinvestment
to qowJincome communiDesd incquding an
AMCREF Community Capital investment in
TemperPackd a manufacture of innovaDed
v
sustainable, insulated shipping containers
in Richmond, VA. Investor: U.S. Bancorp
ommuC nityevD eqopmentorporaD
C on:
7 2022 NMTC Progress Report
52.7K JOBS
ncqu
I dingdpermanentfuqqJDmeJequivaqentPFTEQ
jobsdanddconstrucDonjobs:
17M sq. ft. of real estate
renovated or constructed with NMTC financingd incquding : miqqion in
manufacturing space.
41.7k children served
byNMTCJfinancedschooqsdouy thprogramsdandchiqdcarecenters:
111 manufacturing businesses
ere
w supported through : miqqion sq: ft: in new or renovated faciqiDes and
shared industriaq spaced orking
w Capitaq and equipment qoansd and business
incubatorsdgeneraDngnearqydFTEmanufacturingjobs:
31.5% of Financing in Non-Metro
counDesdcreaDngmorethandjobsinruraqmerica:
A
73 Projects expanded Healthcare
access for 1.1 million patients
eaqthcare
H projects incquded ederaqqy
F Quaqified eaqth
H enters
C and free
clinics.
352 million meals
8 2022 NMTC Progress Report
N M TC P roject s
HIGHLIGHTS
JOBS AND INVESTMENT
• projectstotaqingjr:biqqionreceivedj:biqqioninNMTCaqqocaDon
PatatenJyearcosttothefederaqgovernmentofjsmiqqionQ:
• rojects
P generateddsjobsindincqudingdpermanentfuqqJ
DmeJequivaqentPFTEQjobsdanddconstrucDonjobs:Thefederaqcost
perjobaveragedjustoverjd:
AREAS TARGETED GUAM EXAMPLE: ILEARN CHARTER
• rojects
P ere
w qocatedinsciDesqocatedin SCHOOL STEM CAMPUS
D ededod G U
47 states and territories (including Guam). C D E 9 G u am C D E PSu bJA qqocateeQ:
• ighty
E Jsixpercentofprojectsere w qocatedin I nv estor9 U:S: B ancorp C ommu nity
D ev eqopment C orporation: O ther P artners9
severeqydistressedcommuniDesandarecord C B O F inanciaq:
percentofNMTCJfinancingent w tononJ
metropoqitancounDes: C onstru ction of a new technoqogy J
centered educational campus for a
• ortyF Jninepercentofprojectsere w in 900-student K-5 charter school with
communiDesofcoqorPmajorityJminoritycensus STE M Jbased cu rricu qu m:
tractsQ:ight E projectsP:percentQere
w in
ndianI ouC ntry:
COMPONENTS OF PROJECTS
umpJstarD
J ngmerican
A anu
M facturing9 NMTCfinancingsupported
manufacturingandindustriaqbusinesseswithdirectqoansandequity
investmentsfororking
w Capitaqdnewequipmentdor:miqqionsq:ft:ofnewor
renovatedindustriaqspacedincqudingshareddqightindustriaqspaceformuqDpqe
manufacturingbusinesses:
Real Estate: NMTCfinancingsupportedtheconstrucDonorrenovaDonof
miqqionsq:ft:ofreaqestateandtheconstrucDonorrenovaDonofdhousing
units, 2,599 of which were targeted to low-to-moderate-income households.
EQUITY PRICING
NMTC equity pricing increased over the course of : The median price
reported was 74 cents, and pricing ranged from 50 cents to 93 cents.
9 2022 NMTC Progress Report
N M TC P roject s
HIGHLIGHTS
STRENGTHENING COMMUNITY ASSETS
Expanding Access to Healthcare: The NMTC expanded healthcare
accessfor:miqqionindividuaqsthroughprojectsandservice
providers:Thoseprojectsincqudedfederaqqyquaqifiedheaqthcenters
and free clinics.
Expanding Access to Services:
N SixtyJtwopercentofprojectsincqudedatqeastonecommunity
faciqitydaffordabqehousingdnonprofitdorsociaqservicecomponent:
Thosenewcommunityresourcesadduptononprofitsdheaqth
centersdchiqdcarecentersdqibrariesdcommunitycentersdandother
communityfaciqiDesandsociaqserviceproviders:
• er vO dchiqdrenwiqqattendanewschooqdparDcipateina
newouy thprogramdorstayinaNMTCJfinancedchiqdcareorearqy
educaDonfaciqity:
• er vO rdindividuaqswiqqreceiveocaD v onaqtrainingdtake
advantageofexpandedcoqqegeanduniversityfaciqiDesdreceive
financiaqeducaDondorparDcipateinotheraduqteducaDonor
workforce development programs.
• ood F banksdpantriesdandcommunityfoodprogramsfinancedin
wiqqfaciqitateanesDmatedmiqqionmeaqstothefood
insecure.
• earqy N rdpeopqeeachear y wiqqvisitNMTCJfinanced
performingartsfaciqiDesdmuseumsdrecreaDoncentersdandother
newcuqturaqameniDes:
TRENDS Housing usiness
B ncu
I bators
Healthcare Mixed-use
RecreaDon onJG
N roceryRetaiq
Ruraqrojects
P Urbanrojects
P
VocaDonaqTraining Youth Centers
“
“New Market Tax Credits allow us to keep this facility maintained and equipped with
the latest technology for many years to come. Because of fully-funded projects like the
[Frances Wilson Science Center], Ozarks is able to continue its commitment to keeping
high-quality, private education affordable and accessible and to limiting student debt."
-University of the Ozarks President Richard L. Dunsworth
10 2022 NMTC Progress Report
ABOUT THE NMTC
Communities count on the New Markets Tax Credit to make
important investments possible.
TheewN arkets
M Taxredit
C PNMTCQisanimportantsourceoffinancingfor
businessesandcommunityfaciqiDesinmericafs A mostdistressedruraqandurban
communiDes:ongress
C authorizedtheNMTCintobringdownthecostof
CapitaqincommuniDesoutsideoftheeconomicmainstream:Taxpayersreceivea
percentfederaqtaxcreditPtakenoversevenearsQ y forquaqifiedinvestmentsinto
ommu
C nityevD eqopmentnD
E DesPCsQdDE organizaDonswithatrackrecordofqoans
and investments in underserved areas. CDEs use the proceeds of those investments
tofinancebusinessexpansionsdcommunityfaciqiDesdandotherprojectsprioriDed z
bycommuniDes:
LEGISLATIVE STATUS
TheNMTCisnotapermanentpartthetaxcode:TheiniDaqauthorizaDonforseven
ears
y KtoKas
w incqudedintheommu C nityRenewaqTaxReqiefctA of
PP:L:rJQ:SincethatDmedongress
C hasextendedtheNMTCeightDmes:
ost
M recentqydthemnibu
O sandVIOC DReqiefandResponsect A ofPP:L:rJ
rQdextendedtheNMTCforfiveears
y fromtoatjbiqqioninannuaq
aqqocaDonauthoritydtheqargestextensioninthehistoryoftheredit: C
NMTC PERMANENCE CAMPAIGN
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C expiresecember
D d:ThebiparDsan New
Markets Tax Credit Extension Act of 2021 PH:R:andS:rQouw qdextendthe
programindefiniteqyandexpandboththeaqqocaDonqeveqandinvestorbase:
S. 456 H.R. 1321
ed
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D andRoy ed
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Blunt (R-MO). andike
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NMTCprojectdwhichas
w financedbyascoma
M ommu
C nityevD eqopment,
invoqvedtherehabiqitaDonofthehistorichiqqips
P acking
P ompany
C dactory
F
dF intoamixedJusetechnoqogyhubdesignedtosupportinnovaDonand
coqqaboraDonintheregionfsaquacuqtureandAgTechindustries:11 2022 NMTC Progress Report
WHO SUPPORTS THE NMTC?
The N M TC receiv es broadd bipartisan su pport: I t w as enacted by a D emocratic presidentd impqemented by
a Repu bqican presidentd and has been ex tended by Repu bqican and D emocratic C ongresses: To dated
members of the th C ongress hav e ex pressed su pport for the N M TC at some point du ring their time in
C ongressd either by cosponsoring qegisqation that w ou qd ex tend or ex pand the N M TC d signing a qetter caqqing
for an ex tension or ex pansiond or making a pu bqic statement in su pport of the N M TC :
House (230/433 or 53%) unnd
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Adams, Alma (D-NC) Eshoo, Anna (D-CA) LawsondqA PDJFLQ Sánchez, Linda (D-CA) Carper, Tom (D-DE)
Amodei, Mark (R-NV) Estes, Ron (R-KS) eed L arbara B PDJCAQ Sarbanesdohn J PDJMQ
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AxnedCindyPDJIAQ ergu F sondrew D PRJGAQ evL indndy A PDJMIQ Schakowskydan J PDJILQ Collins, Susan (R-ME)
Bacon, Don (R-NE) itzF patrickdrian B PRJPAQ ofgrend L ZoePDJCAQ Schiffddam A PDJCAQ Coons, Chris (D-DE)
Baird, Jim (R-IN) osterd F iqq
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Bass, Karen (D-CA) Gallagher, Mike (R-WI) uetkemey L erdqaine B PRJMQ O ScottdavD idPDJGAQ uckwD orthdTammyPDJILQ
eatt B dy oyJ cePDJOHQ Garamendi, John (D-CA) aqoney M dSeanPDJNYQ Sewell, Terri (D-AL) urbind
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Blumenauer, Earl (D-OR) onz G aqezdnthony A PRJOHQ McEachin, Donald (D-VA) Smith, Jason (R-MO) rassqey G dChuckPRJIAQ
Blunt Rochester, Lisa (D-DE) onz G aqezdVicentePDJTXQ McGovern, Jim (D-MA) SmuckerdLqoydPRJPAQ Hassan, Maggie (D-NH)
Bonamici, Suzanne (D-OR) ottG heimerdosh J PDJNJQ cKM inqeydavD idPRJWVQ Sotodarren D PDJFLQ einrichd H arD
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ouB rdeauxdCaroqynPDJGAQ Graves, Sam (R-MO) eeksd M regory
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row B ndnthony A PDJMQ
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Careydike M PRJOHQ Herrera, Jaime (R-WA) Moore, Gwen (D-WI) Thompson, Mike (D-CA) KqobuchardmyA PDJMNQ
Carqderry J PRJALQ Higgins, Brian (D-NY) Morelle, Joe (D-NY) TonkodauP qPDJNYQ eahy L dat P PDJVTQ
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Crow, Jason (D-CO) eqqy K dTrentPRJMSQ etersd P ScottPDJCAQ Wiqsondrederica F PDJFLQ Sinemadyrsten K PDJAZQ
Davids, Sharice (D-KS) eqqy K dRobinPDJILQ ingreed P CheqqiePDJMEQ Womack, Steve (R-AR) Smith, Tina (D-MN)
Davidson, Warren (R-OH) Khanna, Ro (D-CA) qaskett P dStaceyPDJVIQ Yarmuth, John (D-KY) Stabenowdebbie D PDJMIQ
avD isdanny D PDJILQ Kildee, Dan (D-MI) ocand P ark
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avD isdRodneyPRJILQ Kilmer, Derek (D-WA) osey P diqq B PRJFLQ Senate (67/100) Tester, Jon (D-MT)
eFD aziodete P PDJORQ Kind, Ron (D-WI) ressqey P danna yA PDJMAQ aqdw
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DeLauro, Rosa (D-CT) Kirkpatrickdnn A PDJAZQ Quigqeydike M PDJILQ qackbu
B rndarshaM PRJTNQ Warner, Mark (D-VA)
DelBene, Suzan (D-WA) KrishnamoorthidRajaPDJILQ Rice, Tom (R-SC) Blumenthal, Richard (D-CT) Warrendqiz E abethPDJMAQ
emingsd D VaqPDJFLQ Kuster, Ann (D-NH) RodgersdCathyPRJWAQ quB ntdRoyPRJMQ O Wicker, Roger (R-MS)
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euD tchdTedPDJFLQ Larsen, Rick (D-WA) Rushdobby B PDJILQ Brown, Sherrod (D-OH)
iaz D JBaqartdario M PRJFLQ Larson, John (D-CT) Rutherforddohn J PRJFLQ Burr, Richard (R-NC)
ingeqqd D ebbie
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Orange denotes cosponsors of the NMTC Extension Act of 1999.
Qote9
N AsofrFrFdthereere w fiqqedseatsPincqudingDCdGUddMP PRdandVIQandacancies
v inthethongress:
C
Qn I evaquaDngpubqicstatementsinsupportoftheNMTCdew excqudedongressionaq
C pressreqeasescongratuqaDngaconsDtuentfor
receivinganNMTCaqqocaDonawarddunqessthepressreqeaseincqudedaquotefromthememberofongress
C expressingstrongpraise
for the NMTC program.
Qiqqs
B insupportoftheNMTCexcqudeconsoqidatedappropriaDonsbiqqsandotherqargeqegisqaDev packages:12 2022 NMTC Progress Report
HOW THE NMTC WORKS
MOBILIZING Capital FOR HIGH-IMPACT PROJECTS FOR 20+ YEARS
tA thecenteroftheNMTCprogramareommu
C nityevD eqopmentnD
E DesPCsQ:
DE CDEmuA stbe
adomesDccorporaDondhaveademonstratedmissionofservingorprovidingCapitaqtoqowJincome
communiDesorpeopqedandmaintainaccountabiqitytoresidentsofqowJincomecommuniDesthrough
representaDononagoverningoradvisoryboard:ost M sCDE areaffiqiatesofmissionJdrivenorganizaDons
qikesd
CDFI forJprofitenDDesdcommunitydeveqopmentcorporaDonsdgovernmentenDDesdorbanks:sCDE
craftahighJimpactbusinesspqanandappqytotheund CDFI forNMTCaqqocaDon:f I successfuqdtheycan
begintoraiseequityfrominvestorsanddepqoyittoprojects:
CD BUSINESSINCUBTOA R
CDFIUND CD apply Es Example: CDE provides a loan or
FI
Fu to
Theommu
C nityevD eqopmentinanciaq
F nd equitytobusinessincubator:
nsD
I tuDonsPCDFIQund F withinthe Example: CDE provides loan or
epartment
D ofTreasuryadministersthe equitytomanufacturer:
programdawardsNMTCaqqocaDonto
CDEs, and tracks compliance. CDE
toCDE
tin MANUFCTURE
A R
tm e n Example:
ev s CDE provides sCDE usetheproceedsofequity
iy n
qE uit qoanorequity investments to provide low-cost
toacommunity CapitaqPusuaqqyqoansQtoprojects
health center eqigibqecommuniDes:ospitaqsd
H
incubatorsdandmanufacturersare
INVESTOR commonprojectsbuttheprogram
Taxcreditinvestorsaremostqyreguqated providestheflexibiqitytofinancea
financiaqinsDtuDons:Theyreceive ariety
v ofrevitaqizaDonprojectswith
percenttaxcredittakenoverears
y in support from leaders and residents of
exchangeformakingequityinvestments QHF C qowJincomecommuniDes:
into a CDE.
ADDRESSING THE CAPITAL GAP IN DISTRESSED COMMUNITIES
TheNMTCprovidesgapfinancingdaqqowinginvestmenttoflowtoareasunderservedbyconvenDonaqqendersdinvestorsand
firmsoftenqacksufficientdatatoassesspropertyaqu
v eorconsumerdemandinqowJincomecommuniDesdwhereinformaq
economiesdistortdata:TheCapitaqgapdeprivesbusinessesoftheinvestmentdoqqarsneededtosetupshopandexpanddandit
preventscommuniDesfromfinancingnewheaqthcarefaciqiDesdcommunitycentersdandcuqturaqameniDes:
Exampqe9magine
I anonprofitneedsjmiqqiontoconstructanewfaciqityandtomeetgrowingdemanddbuttheycanonqysecure
acombinaDonofjmiqqionfromdonorsandconvenDonaqqenders:TheNMTCfiqqsthejmiqqiongapandmakestheexpansion
possibqe:
$15 MILLION TOTAL PROJECT COST
$12 MILLION IN $3 MILLION GAP
CONVENTIONAL FINANCING13 2022 NMTC Progress Report
2021 PROJECT: AGAPE VILLAGE HEALTH CENTER, ORLANDO, FL
N M TC A L O CTI A O N 9 F LO RI D A C O M UN I TY LO A N F UN D: I N VE STO R9 U:S: B A N K C O M UN I TY
D E VE LO P M E N T C O RP O RATI O N
A gape N etw ork is bu iqding the A gape Viqqage H eaqth C enter9 nearqy d sq: ft: in
mu qtipqe bu iqdings w hich w iqq incqu de a heaqth and cou nseqing centerd s su pportiv e hou sing
cottagesd an earqy chiqdhood edu cation centerd and a teaching kitchen: Serv ices prov ided
at the Viqqage w iqq incqu de primary heaqthcared behav ioraq heaqthcared parenting and famiqy
dev eqopment edu cationd qife skiqqs trainingd job readiness cou nseqingd day care and earqy
childhood education.
2021 PROJECT: FORT PECK WELLNESS CENTER, POPLAR, MT
N M TC A L O CTI
A O N 9 M O F I : I N VE STO R9 U:S: B A N C O RP C O M UN I TY D E VE LO P M E N T C O RP O RATI O N :
N earqy j miqqion in N M TC financing su pported the Fort Peck Weqqness C enter projectd
a d sq: ft: heaqth cqinic and recreation center offering9
• A safe, secure, and supportive environment to promote an improved sense of self
w eqqJbeing8
• A pooqd gy md and w orkou t equ ipment for phy sicaq fitness8
• A cultural arts, education, and dance center to create a positive environment and
promote tribaq cu stoms8
• A healthcare clinic with medical exam rooms, dental rooms, offices for providers, and
therapy rooms8
• Telemedicine rooms with an on-site nurse to allow patients to get exams over video
conference w ith speciaqiz ed prov iders not av aiqabqe on the reserv ation8 andd
• A chiqdcare faciqity:14 2022 NMTC Progress Report
2021 PROJECT: SOUTHERN CHAMPION TRAY, CHATTANOOGA, TN
N M TC A L O CTI
A O N 9 NTI
A O N A L N E W M A RK E TS F UN Dd L C 8 A M C RE F C O M UN I TY C A P I TA L d L C 8 SO UTH E RN
C O M UN I TY C A P I TA L d L C 8 M UN I STRATE G I E Sd L C 8 TRUI ST C O M UN I TY C A P I TA L d L C : I N VE STO R9 TRUI ST
Sou thern C hampion Tray PSC TQ is a Jy earJoqd su stainabqe paperboard packaging conv erter
speciaqiz ing in food packaging for the groceryd bakeryd and restau rant indu stries: SC T constru cted
and equ ipped a new conv erter faciqity in C hattanoogad TN to meet demand for its cqosabqe food
packaging produ cts driv en by increased toJgoFtakeou t food ordering du ring the C O VI D J
pandemic and higher cu stomer demand for ecoJfriendqy aqternativ es to pqasticJbased and
sty rofoam packaging: P aperboard packaging redu ces w aste in qandfiqqs and tox ic materiaqs u sed in
the manu factu ring process by being both recy cqabqe and compostabqe: E ach y eard SC T u tiqiz es an
estimated d tons of recy cqed paperboard:
2021 PROJECT: CENTRAL STATES REPROCESSING
WattsdOK
N M TC A L O CTI
A O N 9 RE I D E VE LO P M E N T C O RP:
INVESTOR: ARVEST BANK
entraq
C StatesReprocessingPCSRQisagrowingpqasDcs
recycqerwithanewqocaDoninWatts:NMTCfinancing
heqpedCSRtocoverthecostsofacquisiDonofanexisDng
pqantandequipment8toretrofitthepqant8toacquirenew
equipment8andtoprovideiniDaqorking
w capitaq:
2021 PROJECT: HABITAT FOR HUMANITY OF
HILLSBOROUGH COUNTY
iqqsborou
H ghouC ntydFL
N M TC A L O CTI
A O N 9 H A B I TAT F O R H UM A N I TY N M TC d L C
I N VE STO R9 U:S: B A N C O RP C O M UN I TY D E VE LO P M E N T C O RP O RATI O N
iqqsborou
H ghabitat
H usedNMTCfinancingforthe
development of 25 homes in the Tampa area. The
homesareaestheDcaqqycompqimentarytotheqocaq
neighborhoodsanddesignedforresiqienceandqongJ
termsustainabiqityreqaDev tohurricaneinsurancecostsd
energyandater
w efficiencydandproductdurabiqity:The
homesareqocatedinthreedifferentdisinvestedareasof
iqqsborou
H ghouC nty:15 2022 NMTC Progress Report
SURVEY OF 2021 ACTIVITY
Analysis of 277 projects accounting for $3.2 billion
in NMTC allocation deployed in 2021.
Thiseard
y sCDE parDcipatedinthesurvey:Theiranswers
ere
w suppqementedbydatafromtheffice
O oftheomptroqqer
C
oftheurrency
C dpen
O orporated
C aseqq
w asannuaqreports
andotheronqinemateriaqsfromNMTCJfinancedbusinesses
andnonprofits:
2021 PROJECT EXAMPLE: ROSES SOUTHWEST PAPERS INC.
CDES9FINACEWMEXIdOC STOOMUN
NEHGC ITYDEVEOPMENT:
L
INVESTOR9WEARGFL :O
RosesSouthwestapers
P nc:
I isahighJquaqitypaperproducts
manufacturerqocatedinqbu A querquedewN exM ico:Theinvestment
wiqqaqqowthefamiqyJownedandoperatedbusinesstoincreaseits
manufacturingcapacityandtoshifttowardsrenewabqeenergysourcesby
acquiringsoqarpaneqs:r 2022 NMTC Progress Report
INTRODUCTION
The 2022 New Markets Tax Credit (NMTC) Progress Report was prepared for the NMTC
oaqiD
C ondanaDonaqmembershiporganizaDonofommu C nityevD eqopmentnD
E DesPCsQ
DE
and investors organized to advocate on behaqf of the NMTC: ery vE ear
y since d
the NMTC oaqiD
C on has surveyed sCDE on their ork
w deqivering biqqions of doqqars to
businessesd creaDng jobsd and rejuenaD v ng the parts of the country that have been qeft
behind: urO annuaq NMTC Progress Report presents the findings of the CDE survey and
providespoqicymakersandpracDDonerswiththeqatesttrendsandsuccessesoftheNMTC:
ifty
F JsevensCDE parDcipatedinthiseargs
y survey:Theirdataas
w suppqementedbypubqicqy
avaiqabqeNMTCtransacDondataaseqq
w asdatafrompenC
O orpratesandtheffice
O ofthe
omptroqqer
C ofurrency
C :
Thesurveyfindingsshowasignificantincreaseintheamountofinvestmentinareas
struggqingwithhighunempqoymentandpoverty:
WHAT'S NEW
• ddiD
A onaqsurveydataonVIOC DJJreqatedchaqqenges:
• qook
A ativD ersitydquE itydandncqu
I sioniniDaDes:
v
• naqy
A sisofgbutJforgtests:
A WORD ABOUT OUR METHODOLOGY
ThisreportcombinesmuqDpqedatasourcesonNMTCprojects:Theprimarysourceis
NMTCoaqiD
C onsurveydatafromsCDE coqqectedinthespringof:Wesuppqement
that datawith extensive onqine research on projects byeveryCDEwith NMTC aqqocaDon
avaiqabqein:Weaqsointegrateddatafromtheffice O oftheomptroqqer
C ofurrency
C gs
aDN onaqank
B ubqic
P Weqfarenv I estmentuthority
A :
oN NMTCprojectisthesamedbutthemajorityofprojectsinvoqvetheprovisionoforking w
CapitaqdpurchasesofequipmentdandtheconstrucDonorrehabiqitaDonofcommerciaqreaq
estate: nI d a majority of projects aqso incquded muqDpqe discrete components: or F
exampqed a CDE might finance reaq estate with qowJcost space for smaqq businesses and
nonprofitserviceproviders:Todeterminetenantbusinessesandnonprofitsforreaqestate
projectsdew usedaarietyv ofonqinesourcesdincqudingebsites w fortheQALICBanddata
fromoopnetd
L acommerciaqreaqestateqisDngebsite:
w
2021 PROJECT: BUENO FOODS, ALBUQUERQUE, NM
N M TC A L O CTI
A O N 9 F I N A C E N E W M E XI C O: I N VE STO R9 WE L S AF RG O
B u eno Foods is pqanning a pqant
expansion on its current manufacturing
campus located in the South Barelas
I ndu striaq P ark in A qbu qu erqu ed N ew
M ex icogs Sou th Vaqqeyd an economicaqqy
depressed area of the C ity:17 2022 NMTC Progress Report
2021 NMTC Projects
PROJECT TYPES
anu
M facturingas w onceagainthemostpopuqaruseofNMTCaqqocaDonPpercentofprojectsQ
foqqowed byheaqthcare P: percentQd housing P: percentQd nonprofit hubs and sociaq service
campusesP:percentQandmixedJuseP:rpercentQ:
PROJECT COMPONENTS
M any N M TC projects are mu qtiJfacetedd MULTI-COMPONENT EXAMPLE:
combining a v ariety of asset cqassesd ty pes ESPERANZA PHILLY 2.0
of organizations, facilities, and real estate
u ses: O f the projects financed in Philadelphia, PA
d projects P : percentQ incqu ded C D E S9 N O P RO F I T F I N A C E F UN Dd P N C :
I N VE STO R9 P N C
multiple components. In dollar terms, the
share of NMTC allocation targeted to ewN construcDononaacant
v brownfieqdsiteofa
mu qtipqeJcomponent projects w as j : eqqness
w centerwithacommunityJbasedfitness
centerandchiqdcareaseqq w asamuqDpurpose
biqqion ou t of j : biqqiond or : percent:
educaDonandcommunityspace:Thisishase P ofa
muqDJphaseproject:
Example:
• The Key er Row project has retaiqd
w orkforce hou singd affordabqe
housing, and restaurants.
We identified 578 separate components
of the projects: There is aqso a fu qq
tabqe of project components at the end of
this report.18 2022 NMTC Progress Report
2021 NMTC Project Components
HEALTHCARE
In 2021, 73 NMTC projects expanded access to healthcare services in
low-income communities. Healthcare projects included 50 Federally
Qualified Health Centers and free clinics.
COMMUNITIES
TARGETED
Nationwide, 8.7 percent
of the population is
u n i n s u re d : Th e F Q H C s
and free health clinics
are located in zipcodes
w h e re : r p e rce nt of the
population is uninsured.
FAMILY HEALTH CENTER ON VIRGINIA
McKinney, TX
C D E S9 P N C C O M UN I TY PA RTN E RSd I N C :dTE XA S M E ZZA N I E F UN Dd I N C :
I N VE STO R9 I N D E P E N D E N T B A N K G RO UPd I N C :
onstru
C cDon of a new d sq: ft: medicaq buiqding for a federaqqy
quaqified heaqth center: n I addiDon to heaqth servicesd the enter
C
supportspaDentsbyqinkingthemtopartnersthatprovidecriDcaqbasic
resourcesdincqudingsociaqservicesdtransportaDonandheaqthyfoods:
The enter
C is expecDng to serve approximateqyd undupqicated
paDentsFyeardregardqessoftheirabiqitytopayandempqoyatqeast
peopqefromtheqocaqcommunity:
YAKIMA VALLEY FARMWORKERS CLINIC
Portland, OR
C D E 9 RA ZA D E VE LO P M E N T F UN D: I N VE STO R9 U:S: B A N C O RP
C O M UN I TY D E VE LO P M E N T C O RP O RATI O N :
The project supports the construcDon of a new Jstoryd rd sq:
ft: medicaq and dentaq cqinic that wiqq repqace an exisDng faciqity that
is onqyd sq: ft:The faciqitywiqq incqude medicaq exam roomsd
dentaq chairs8WICFNutriDon Servicesdommu
C nityeaqth
H Servicesd
ntegrated
I ehav
B ioraq eaqth
H Servicesd a harmacy
P d and a Lab and
anDcipatesservingdsuniqueindividuaqsannuaqqy:19 2022 NMTC Progress Report
“
The New Markets Tax Credits provided by PCDC will allow us to provide vital
healthcare to an underserved population in Rhode Island. With so many living
below the federal poverty level, it is crucial that PCDC continue to provide
healthcare and other services to our community.
Providence Community Health Center CEO Merrill Thomas on the new,
Atwood Street federally qualified health center.
50
11
10
2
GRACE COMMUNITY HEALTH CENTER
Corbin, KY
C D E S9 L I SC d C A P I TA L O N E d C O M UN I TY H E ATH
L C E N TE R C A P I TA L F UN D:
I N VE STO R9 C A P I TA L O N E
The project wiqq renovate an exisDng singqe floor sd sq: ft: former JMK art
buiqding: The goaq of the project is to create a centraqized medicaq campus by
combining aqq three cqinics and expanding service offerings at a goneJstopJshopg
for comprehensived integrated heaqthcare services to incqude primary cared dentaq
servicesdpediatricsdbehavioraqdandpharmacy:
HOPE CLINIC HEALTH AND WELLNESS CENTER
Houston, TX
C D E S9 C H A SE N E W M A RK E TS C O RP O RATI O N d P E O P L E F UN Dd P RI M A RY C A RE
D E VE LO P M E N T C O RP O RATI O N : I N VE STO R9 C H A SE C O M UN I TY E QUI TYd L C
The project consists of the construcDon of a new d sq: ft:
federaqqy quaqified heaqth center and eqqness
w faciqityd aqqowing the
cqinictoprovideprimarycaredbehavioraqheaqthandspeciaqtyservices
to d paDents through about d visits annuaqqy: The faciqity
as
w estabqished by a minorityJcontroqqed nonprofit organizaDon to
providequaqityheaqthcareservicestoaqqpeopqeinthereater
G ouH ston
areadregardqessofthepaDentfsabiqitytopay:Cqinic
HOPE servesqow ‐
incomeduninsureddandunderJinsuredpaDentsdandthosewithqimited
ngqish
E proficiency:20 2022 NMTC Progress Report
2021 NMTC Project Components
MANUFACTURING AND
INDUSTRIAL BUSINESSES
In 2021, the NMTC supported 111 industrial sector businesses
and projects, from small, craft manufacturers to large-scale
automobile parts facilities.
BIEWER WINONA SAWMILL
Winona, KS
C D E S9 H E A RTL A N D RE N A I SSA N C E F UN Dd WAVE L A N D
C O M UN I TY D E VE LO P M E N Td C O N SO RTI UM A M E RI C A d
C A P I TA L O N E C O M UN I TY RE N E WA L F UN D:
I N VE STO R9 C A P I TA L O N E
125 FTE JOBS CREATED
onstru
C cDon andequipping ofasdrsq:ft:stateJ
ofJtheJartsoutherneqqow
y pinesawmiqqwithanannuaq
producDoncapacityofmiqqionboardfeet:aciqity
F
is qocated in the naDongs qargest southern eqqow
y pine
Dmberbasket:
mSEED GROUP, LLC
South Holland, IL
C D E 9 A DVA N TA G E C A P I TA L C O M UN I TY
D E VE LO P M E N T F UN Dd L C
mSeed Group is an African American and woman-owned
contract manufacturer of smaqq to midJsized beauty and
cosmeDcbrands:Thisprojectprovidedthecompanywith
orking
w capitaq and funds to purchase new equipment:
These funds wiqq heqp the ompany
C to grow and be abqe
toserviceaddiDonaqcqients:21 2022 NMTC Progress Report
“
This is tremendous news for the City of Hornell...This project will
allow for significant infrastructure improvements to the Shawmut
Industrial Park, foster investment in the area, and create hundreds
of good paying jobs. Hornell will be one of the only places in the
U.S. producing train passenger car shells. Thank you Senator
Schumer for helping secure Hornell’s spot on the map as one of
the train manufacturing hubs for America!
-John Buckley, Mayor of the City of Hornell, on Alstom
Transportation, Inc.'s new manufacturing facility.
ALSTOM TRANSPORTATION
Hornell, NY
s
C D E S9 H A M P TO N RO A D S VE N TURE Sd C DVC A d RURA L D E VE LO P M E N T PA RTN E RSd
L I SC d B LUE H UB C O M UN I TY C A P I TA L d C H A SE N E W M A RK E TS C O RP O RATI O N :
I N VE STO R9 C H A SE C O M UN I TY E QUI TYd L C
s F TE J O B S C RETE
A Dd RE TA I N E Dd C O N STRUC TI O N
JOBS
NMTCfinancingsupportedtheconstrucDonofadsq:ft:raiqcar
manufacturing faciqity wiqq expand qstomgs A speciaqized manufacturing
equipment qine to ruraq merica8 A a type of producDon currentqy done
overseas:This projectwiqq secureorneqq H as theirqongJterm US raiq car
manufacturinghubdwhiqecreaDngandsecuringexisDngquaqityjobsina
severeqydistressedcensustractandpportu O nityZonethatexperiences
ahighprovertyrateandqowmedianincome:
CONTAINER TECHNOLOGIES INDUSTRIES
Helenwood, TN
C D E S9 TH E I N O VATE F UN Dd TH PA WAY L E N D I N G : I N VE STO R9 U:S:
B A N C O RP C O M UN I TY D E VE LO P M E N T C O RP O RATI O N :
20 FTE JOBS CREATED, 39 RETAINED, 12 CONSTRUCTION JOBS
The new construcDon and equipment purchases for the expanded
rdJsquareJfoot industriaq faciqity to fabricate speciaqty nucqear
waste containers, which are used to hold hazardous waste, materials,
andequipmentremovedthroughthedeacDaDv onanddemoqiDonof
contaminatedfaciqiDes:
TOMMY CAR WASH SYSTEMS EXPANSION
Holland, MI
C D E 9 M I C H I G A N C O M UN I TY C A P I TA L d C I N A I RE d O L D NTI
A ONAL BANK
I N VE STO R9 O N B C O M UN I TY E QUI TY
r F TE J O B S C RETE
A Dd RE TA I N E Dd C O N STRUC TI O N J O B S
Tommy Car Wash Systems wiqq expand its manufacturing capacity by
construcDnganewheadquartersandmanufacturingfaciqity:Theprojectsited
insoutheastoqqandd H MIdhadbeenacant v formorethanears:
y22 2022 NMTC Progress Report
2021 NMTC Project Components
HOUSING AND
EMERGENCY SHELTERS
In 2021, 69 NMTC projects included a variety of forms of housing,
including single-family housing, affordable rental units, emergency
shelters, market-rate housing, and supportive housing. NMTC projects
created a total of 3,790 housing units, 2,599 of which were affordable.
COMMUNITY DEVELOPMENT CORPORATION OF BROWNSVILLE
Brownsville, TX
C D E 9 H O USI N G PA RTN E RSH I P N E TWO RK d U:S: B A N C O RP C O M UN I TY D E VE LO P M E N T C O RP O RATI O N
With j miqqion in NMTC financingd come dream come build constructed projects: The first
project as
w a scattered sited acquisiDon rehab deveqopment of homes in row B nsviqqe and
adjacent communiDes to heqp aqqeviate bqight and to reinvigorate neighborhoodsd whiqe
providing homeownership opportuniDes to predominantqy LaDno qowJtoJmoderateJincome
famiqies: The second project supported hase
P I of the aqo
P qto
A rov
G es neighborhood: roject
P
financing ent w toward infrastructure
costs and approximateqy homesd aqq of
whichwiqqbesoqdtoowL JIncomeersons
P
in order to meet Targeted opu P qaDons
requirements: The deveqopment is cqose
totherow
B nsviqqeSportsarkP andthesite
ofanschooq
IDEA partnership:n I addiDond
the qocaDon has easy access to jobs and
community services and offers ameniDes
tobuiqdcommunityandencourageheaqthy
living. Smith NMTC consulted on the
project:23 2022 NMTC Progress Report
“
The Sawyer Art Apartment is a great example of
Detroiters rebuilding Detroit in a way that is affordable
for the residents who stayed in this community. This is a
development team from Detroit that is truly community-
focused."
-Detroit Mayor Mike Duggan on a new three-story
building with 38 affordable apartments and ground-
floor retail.
33
ARLINGTON LIFE SHELTER
Arlington, TX
C D E 9 C O M UN I TY RE I N VE STM E N T F UN Dd USA : I N VE STO R9 C H A SE C O M UN I TY E QUI TYd L C
NMTCfinancingsupportedthesubstanDaqrehabiqitaDonofafaciqitythatprovidesempqoymentdeducaDond
chiqdcareandhomeqessservicesinTarrantouC ntydTexas:
CARITAS CENTER
Santa Rosa, CA
C D E S9 N E W M A RK E TS C O M UN I TY C A P I TA L d C L E A RI N G H O USE C D F I d C H A SE N E W M A RK E TS C O RP O RATI O N d E SI C
N E W M A RK E TS PA RTN E RS :L P I N VE STO R9 C H A SE C O M UN I TY E QUI TYd L C
Caritasenter C isanewJstoryrdsq:ft:faciqitywhichwiqq
providesupporDev servicesforthehomeqessandnearhomeqessd
amedicaqrespiteforhomeqesspersonsandaederaqqy F Quaqified
eaqth
H enter:
C Caritasenter
C wiqqcentraqizeandexpandexisDng
services and programs into a single comprehensive homeless
supportservicesfaciqityincquding9afamiqysupportcenter
andead H Startprogram8avN igaDonFDayenter
C providing
desperateqyneededshorttermtransiDonaqhousingservicesd
educaDonaqresourcesandheaqthservices8aTransiDonaqob J
rogram
P providingjobtrainingdmentoringdandpeersupport
tothosewhohaveexperiencedhomeqessness8andapqace
forhomeqessindividuaqstoconDnuerecoveringaftertheyare
discharged from a hospital.24 2022 NMTC Progress Report
2021 NMTC Project Components
EDUCATION
In 2021, 55 NMTC projects included components expanding
access to vocational training or supporting K-12, community
college, and university equipment and facilities.
ote9
N thetotaqaboveincqudesadifferentcrossJsecDonofprojectsthanthetotaqchiqdrenservedcitedearqier
intheighqights
H secDonofthereport:Thistotaqcombinesaqqaduqtandouy theducaDoninDaDes
v butexcqudes
ouy thprogramsandchiqdcare:
THE FIELD SCHOOL
Chicago, IL
C D E 9 NTI
A O N A L TRUST C O M UN I TY I N VE STM E N T C O RP O RATI O N d I N VE STO R9
U:S: B A N C O RP C O M UN I TY D E VE LO P M E N T C O RP O RATI O N :
400 STUDENTS SERVED ANNUALLY
NMTCfinancingsupportedrenovaDonofanemptyschooqbuiqding
toserveasthenewdqargerhomeofTheieqd
F Schooqdanindependent
eqementaryschooqstartedintoprioriDez theeducaDonaqneedsof
qowJincomestudentsontheest
w sideofChicago:tI currentqyservesreJK
P
throughthgrade:TheSchooqusesadisDncDev pedagogicaqapproach
thatisacademicaqqyrigorousandhoqisDcdwithastrongemphasisonarts
programmingdfamiqyengagementdandcommunityrevitaqizaDon:
JACKSON COUNTY AUTISM
Jacksonville, FL
C D E 9 L I SC : I N VE STO R9 TRUI ST:
250 STUDENTS SERVED ANNUALLY
ewN construcDonofanuDsm
A enterd
C runbyndeav
E ororw
F ardd
thenonprofitdexcqusiveproviderofuDsm
A servicesofackson
J
ouC nty:ThecenterprovidesocaD
v onaqtrainingandtherapyfor
peopqewithuDsm
A andsimiqardisabiqiDes:NMTCfinancing
wiqqenabqeconstrucDonofthefaciqityandpurchaseofequipment
for training.25 2022 NMTC Progress Report
“
We will be able to better serve our students and community with
upgraded classrooms, a full gymnasium, and space for the family team
as well as the community. Being in one building will also allow us to
streamline resources and more efficiently serve students in Pre-K-12th
grade.
-St. Paul City School Executive Director Meg Cavalier about the
Charter School No. 402 project. CDEs: Midwest Minnesota CDC,
SB New Markets CDE LLC. Investor: U.S. Bancorp CDC.
KIPP WHITTIER
44
Philadelphia, PA
C D E S9 TRUI ST C O M UN I TY C A P I TA L d NTI A O N A L TRUST C O M UN I TY
I N VE STM E N T C O RP O RATI O N C : I N VE STO R9 TRUI ST:
13
STUDENTSSERVEANUA
D YL
TherehabiqitaDonoftheformerWhiDfierqementary
E
Schooqthathasbeencqosedsinceune J :Upon
12 wiqq
compqeDondthesdsq:ft:renovatedfaciqity
beqeasedtohiqadeqphia
PKI CharterSchooqand
serve as home to its middle school program, allowing
theschooqtoexpandfromrstudentsto:
4
CAF VOCATIONAL TRAINING CENTER
Dallas, TX
C D E S9 P N C O M UN I TY PA RTN E RSd P E O P L E F UN D N M TC d D A L A S D E VE LO P M E N T F UN D: I N VE STO R9 P N C :
23,000 STUDENTS SERVED ANNUALLY
onstru
C cDonanddeveqopmentofanapproximateqydsq:ft:
educaDoncenterwithanaviaDoncareer ‐driv enfocusinaqqasd
D TX:
TheprojectincqudesaSTEnnov
MI aDonangard
H CqassroomsFLabsand
TechnicaqWorkshops:ThecenterwiqqcreateeducaDonaqopportuniDes
fordisadvantageddatJriskstudentsandwiqqfocusoncreaDnga
pipeqineofhighschooqgraduateswithempqoyabqeskiqqsthrough
CareerTechnicaqduE caDonaviaDonJreqatedprogramming:
4
SEED SCHOOL OF LOS ANGELES
Los Angeles, CA
C D E S9 C H A SE N E W M A RK E TS C O RP O RATI O N d C I VI C B UI L D E RSd L A C H A RTE R SC H O L N E W M A RK E TS C D E d TH E LO S A N G E L S
D E VE LO P M E N T F UN D: I N VE STO R9 C H A SE C O M UN I TY E QUI TYd L C :
400 STUDENTS SERVED ANNUALLY
onstru
C cDonofanewpubqiccharterboardingschooqtoserve
highschooqstudents:Theprojectwiqqincqudedormroomsd
cqassroomsdanartroomdascienceqabsqibrarydadininghaqqdafuqqgymd
outdoorrecreaDonspacedandapartmentunitsforstaff:SEEDLA
wiqqbethefirstpubqicboardingschooqinCaqifornia:r 2022 NMTC Progress Report
2021 NMTC Project Components
DIVERSITY, EQUITY AND
INCLUSION
In 2021, momentum continued to build behind investor and
CDE-led equity and inclusion initiatives.
Examples:
• WorkingwithsMDI anddiverseJqedsd CDFI organ
JPM Chaseisprovidingpremium
NMTCinvestmentpricingforqackJow B neddqackJqed
B andqackJserv
B ingnonprofitsand
businessesandheqpingtodirectNMTCfinancingtomeaningfuqcommunityprojectsd
incqudinggrocerystoresdsheqtersdheaqthcarecqinicsandsmaqqbusinesses:
• U:S:ankgs B CDEdpqedgedtouseitsmostrecentNMTCaqqocaDonawardtosupport
projectsfocusedonraciaqequityandcqosingtheraciaqeaqth w gap:tI aqsodepqoyssome
ofitsownaqqocaDontoemergingandpersonofcoqorJqeds: CDE
• LISCgsewN arkets
M Supportompany
C partneredwithdwE ardsLifesciencesannounced
thecqoseofjmiqqionfortherov P idingReaqpportu O niDesforrogress
P bydwE ards
LifesciencesPPROPELQund: F ThePROund
FPEL isaNMTCequityfundfocusedon
advancingprogresstowardsraciaqequitybycqosingtheheaqthdeaqthd w andopportunity
gapsincommuniDesofcoqor:
• Theund CDFI qauncheditsNMTCrogram P aDN ev niD
I aDed v anefforttoincreaseewN
arkets
M Taxredit
C PNMTCQinvestmentinederaq F ndian
I ReservaDonsdffJReservO aDon
TrustLandsdawH aiianome H Landsdandqaska A aDN ev ViqqageStaDsDcaqreas:
A
NATIONAL URBAN LEAGUE EMPOWERMENT CENTER IN HARLEM
Harlem, NY
C D E 9 N YC RC D E : OTH E R PA RTN E RS9 G O L D M A N SA C H S URB A N I N VE STM E N T G RO UPd E M P I RE STATE
D E VE LO P M E N Td N E W YO RK STATE H O M E S A N D C O M UN I TY RE N E WA L d A N D H A RL E M C O M UN I TY
D E VE LO P M E N T C O RP O RATI O N :
NMTCfinancingassistedintheconstrucDonoftheaDN onaqUrbaneagu L empow
E ermententer
C
inarqem:
H TheconstrucDonoftheaDN onaqUrbaneagu L empow
E ermententer
C isoneofthemost
significanteconomicdeveqopmentprojectsinarqemfs H recenthistory:ocated
L onthStreetd
thempow
E ermententer C wiqqincqudetheUrbaneagu
L efsnewheadquartersaseqq w astheUrban
CiviqRightsuseu M mExperiencedewN YorkCityfsfirstciviqrightsmuseum:Theprojectwiqqaqso
incqudetheaDN onaqUrbaneagu L ensD
I tuteforRacedquE aqityandusDJ cedaqongwithunitsof
affordabqehousingandbeqowmarketofficespacefornonJprofitsandcommunitygroupsincquding
ne O undred
H qack
B en
M ofewN YorkdUnitedegro
N oqqege
C und
F ewN YorkdandthearqemJ
H
basedazJ zmobiqe:27 2022 NMTC Progress Report
HOWARD BROWN CENTER'S BROADWAY YOUTH CENTER
Chicago, IL
C D E 9 USB C D E L C : I N VE STO R9 U:S: B A N C O RP C O M UN I TY D E VE LO P M E N T C O RP O RATI O N :
inances
F theconstrucDonofadsq:ft:faciqitythatwiqqprovide
primarycaredbehavioraqheaqthservicesdsociaqsupportdpharmacydmedicaq
qaboratoryandcuqturaqprogramingtoqowJincomeTGB L ouy ths:The
faciqityoffersastabqepqaceofrespitetothousandsofouy thexperiencing
homeqessnessandhousinginstabiqity:Asitsfirstpermanenthomedournew
YCB wiqqcreateopportunitydsecuritydandaccessforTQ GB L ouy thandtheir
aqqiescitywide:
DESTINATION CRENSHAW (FEATURED ON THE COVER)
Los Angeles, CA
C D E S9 L I SC d B UI L D I N G A M E RI C A C D E d B SD C A P I TA L D B A L E N D I STRYd USB C D E L C : I N VE STO R9 U:S: B A N C O RP C O M UN I TY
D E VE LO P M E N T C O RP O RATI O N
esD
D naDonrenshaw
C PDCQisareparaDev deveqopmentdopenJairmuseumprojectandoneoftheqargest
bqackpubqicartprojectsintheU:S:Thisprojectwiqqcommissionmorethanorks w bybqackarDsts
whohavestrongDestotheos
L ngeqes
A communitydcreaDngapipeqineofork w andjobsforemergingd
seasonedandinternaDonaqqyrenownedarDsts:Thisisacuqturaqbqackstamponrenshaw C ouB qevardd
comparabqetothoseinChinatowndariachi
M qaz
P adoreatow
K nandotherqocaqethnicencqaves:
ThecommunityJqedprojecthasfivecentraqcomponents9acuqturaqqystampedinfrastructureprojectd
atransformaDev uniontrainingandempqoymentprogramdaqocaqsmaqqbusinessresiqiencyprogramd
environmentaqequitydandabqackarDstjobprogram:Thisunprecedentedapproachtoprotectand
revitaqizethecommunityofrenshaw
C wiqqtakepedestriansthroughthebusinessdistricttosupportits
revivaqandrestoretheecoJsystemofSouthos L ngeqes
A throughthecreaDonofsafedheaqthydandvibrant
spacesthatfaciqitateeconomicsecurityandentrepreneurshipforqack B residents:TheQAwiqq
LICB fund
theconstrucDonofSankofaark P andtheprogrammingthattakespqaceinthepark:Sankofaark P isnamed
afterthetradiDonaqfrican
A symboqofabirdmidJflight:tI wiqqbethefirstparkcompqetedaspartofthe
esD
D naDonrenshaw
C pubqicartandenvironmentaqrevitaqizaDonproject:Sankofaark P wiqqbedsq:
ft:andaddgreenspacetothearea:tI wiqqfeatureartinstaqqaDonsfromprominentqackB arDstsincquding
ehinde
K Wiqeydaren
M assingerd
H rDA stLaneandCharqesickson:
D
Thecoreorkw intendstocounterthenegaDev effectsoftheLAXFCrenshawtransitqinecausedby
restoringtheecoJsystemofSouthos L ngeqes
A throughthecreaDonofsafedheaqthydandvibrantspaces
thatfaciqitateeconomicsecurityandentrepreneurshipforqack B residents:ToadvanceraciaqandspaDaq
jusDcedtheparkwiqqincreaseequitabqeaccesstoparksandopenspaceandincqudepaverscreaDng
aqkabqe
w sidewaqksdqandscapingdshadestructuresdbikeqanesandsafetyimprovements:er vO snew
treesandten>pocketparks?wiqqmakeupdsq:ft:ofsustainabqeqandscaping:Thereisapercent
qocaqhiringrequirementandanapprenDceprogramaimtoheqpsustainoverqocaqsmaqqbusinessesand
nonprofitsandcreateoverpermanentjobsandoverrconstrucDonjobs:28 2022 NMTC Progress Report
2021 NMTC Project Components
EARLY CHILDHOOD EDUCATION,
YOUTH PROGRAMS
In 2021, 34 NMTC projects included components expanding
daycare, early childhood education, after school programs, and
other programs for young people.
ote9
N thetotaqaboveincqudesadifferentcrossJsecDonofprojectsthanthetotaqchiqdrenservedcitedearqier
intheighqights
H secDonofthisreport:Thistotaqincqudesonqyouy thprogramsandchiqdcaredbutitexcqudes
schools.
ACCESS YOUTH ACADEMY
San Diego, CA
C D E 9 C I VI C O M UN I TY PA RTN E RS: I N VE STO R9 U:S: B A N C O RP C O M UN I TY
D E VE LO P M E N T C O RP O RATI O N :
1,300 YOUTH SERVED
onstru
C cDonofanewdsq:ft:buiqdingthatwiqqhouseanineJcourtd
stateJofJtheJart squash faciqity and qearning center for ccess
A Youth
cademy
A fseducaDonaqsupportprogramwhichusesthesportofsquash
as a cataqyst to transform the qives of underserved ouy th: rP oject wiqq
aqqowYAA toincreaseitsmaximumcapacityfromtodstudents:
YMCA OF THE EAST BAY'S CHERRYLAND EARLY LEARNING CENTER
Hayward, CA
C D E 9 LO W I N C O M E I N VE STM E N T F UN D I N VE STO R9 WE L S AF RG O
sCHILDRENSERVED
RenovaDon of a faciqity to house the earqyqearning center:qq
A of the s
chiqdrenwiqqbeservedundertheeadH Startorarqy E ead
H Startprograms
aqongwithsignificantmedicaqsupportservices:Thoseincqude9increased
accesstomedicaqanddentaqexamsdbehavioraqheaqthscreeningsdmentaq
heaqth consuqtaDond vision and hearing screeningsd earqy intervenDonF
speciaq educaDon for eqigibqe chiqdrend and referraqs to community
agencies.29 2022 NMTC Progress Report
“
It’s an extremely important project for us. We will now be able to
provide a state-of-the-art facility. And we are really excited that we
will be able to add close to 60 more kids.
-Johan Lopez, President of the Greater Lawrence Community
Action Council's Board of Directors
GREATER LAWRENCE COMMUNITY ACTION COUNCIL CHILDCARE CENTER
Lawrence, MA
C D E 9 RA ZA D E VE LO P M E N T F UN D: I N VE STO R9 N O RTH E RN TRUST: P ROJ E C T PA RTN E R9 M A SSD E VE LO P M E N T
CHILDRENSERVED
TheprojectincqudestheconstrucDonofanewtwoJstoryddsq:ft:moderndchiqdJorientedfaciqitythat
wiqq improve the quaqity of educaDond chiqd safety and funcDonaqity for the chiqdren and staffd repqacing a
Jyearoqdconvertedsupermarketthatas w neverintendedtobeaneducaDonaqfaciqity:Thenewbuiqding
wiqqaddspaceforphysicaqdoccupaDonaqdandspeechtherapydaqongwithanewkitchenfaciqitytoprepare
heaqthy meaqs: The project wiqq aqqow for a percent increase in enroqqment: Without NMTC financingd
thechiqdcarecenterouw qdnotbeabqetoaddrnewseatstoserveatotaqofchiqdrend percentof
whom are low-income.30 2022 NMTC Progress Report
2021 NMTC Project Components
RETAIL, PROFESSIONAL
SERVICES, AND MISC.
COMMERCIAL SPACE
“
"As you look up and down the street, you see it's different than it was a year ago. We're going to
continue to do that. Detroit Pizza Bar is definitely the important next step in revitalizing West
McNichols. In partnership with the supporters at Invest Detroit and the Strategic Neighborhood
Fund, this restaurant demonstrates what a visionary approach to business development can do."
JGenevaWiqqiamsdecu
Ex eDv irector
D fortheLiverqqiance
A inetroit:
D
LYONS LUMBER
Frankfort, KY
C D E 9 WE SB A N C O B A N K C O M UN I TY D E VE LO P M E N T C O RP O RATI O N :
INVESTOR: WESBANCO BANK, INC.
4 NEW JOBS CREATED
NMTCfinancingaqqowedons
yL umber
L topurchaseinto
amajornaDonaqbrandhardwarechainaseqq w asmake
thenecessaryrenovaDonsandfitJuptothebuiqdingto
accommodatebringingthebrandonboard:31 2022 NMTC Progress Report
2021 NMTC Project Components
MISC. NONPROFITS AND
SOCIAL SERVICES
“
We knew we needed to operate in a larger facility for years. Our current facility
does not have the equipment, kitchen, prep space, loading and delivery docks to
sustainably serve current clients. We never want to turn clients away and our goal
is to reach as many clients in need as possible. This campaign and groundbreaking
ceremony is a step forward towards achieving that.
-Vinsen Fairs, CEO of the NMTC-financed Meals on Wheels San Antonio
TREES ATLANTA
Atlanta, GA
C D E S9 C H A SE N E W M A RK E TS C O RP O RATI O N d I N VE STTL
A A N TA d
I N VE STO R9 C H A SE C O M UN I TY E QUI TYd L C
onstru
C cDonofhighqysustainabqebuiqdingtoserveasthe
headquartersforTreestqantafs
A extensiveoperaDons:tI incqudes
dedicatededucaDonandoutreachspacesdwithaddiDonaq
spaceforstorageoftreepqanDngehicqes v andequipmentdand
muqDJfuncDonaqoutdoorprogramandeventspaceconnecDng
eqtL
B inetraiq:row B A nfieqdsitewiqqundergoremediaDonand
exisDngstructuredemoqishedtocreateatreeJfiqqedcampus:
TheprojectaqqowsTreestqanta
A toconsoqidateandexpandits
programmingatasingqeownedsiteinastrategicqocaDon:
NORTH AUSTIN COMMUNITY CENTER
Chicago, IL
C D E S9 C H I C A G O C O M UN I TY LO A N F UN D F LO WTH RO UG H F RO M USB C D E : B M O H A RRI S N E W M A RK E TS F UN Dd
E N H A N C E D C O M UN I TY D E VE LO P M E N Td I N VE STO R9 U:S: B A N C O RP C O M UN I TY D E VE LO P M E N T C O RP O RATI O N :
OTH E R P ROJ E C T PA RTN E RS9 C H I C A G O N E I G H B O RH O D I N TITI
A VE S:
ong
L aacant
v qotdbutsoonacenterforcommunitygatheringsd
sportsdeducaDonandfeqqowshipdconstrucDonisunderway
ontheorth
N usDA nommu
C nityenter
C PNCQd
A ajmiqqion
projectdsponsoredthe yB and
H Cqubdthatwiqqthatwiqqyieqd
newopportuniDesforouy thandaduqtsinChicagogsest w side
community:32 2022 NMTC Progress Report
2021 NMTC Project Components
HEALTHY FOODS
More than 500,000 people are served by grocery stores and markets financed
in 2021. An additional 9.5 million people received assistance through food and
food pantries financed by the NMTC.
K-VA-T WINCHESTER
Winchester, TN
C D E S9 C V A P A L C H I A N C D E d TRUI ST C O M UN I TY C A P I TA L :
I N VE STO R9 TRUI ST:
NMTCfinancingsupportedtheconstucDonofagrocerystoreina
fooddesertinWinchesterdTN:Thestoreincqudesapharmacyand
aheaqthcqinicinsupportofthemedicaqqyunderservedarea:
NORTH FLINT FOOD MARKET
Flint, MI
C D E 9 M I C H I G A N C O M UN I TY C A P I TA L : I N VE STO R9 U:S:
B A N C O RP C O M UN I TY D E VE L OPMENT C O RP O RATI O N
TherenovaDonofaacant
v buiqdingonqintgs
F northside:Upon
compqeDondtherenovatedbuiqdingwiqqhometheorth
N qint
F ood
F
arketd
M afuqqJservicedcooperaDeqy
v ownedgrocerystore:
FOOD BANK OF THE ROCKIES
Grand Junction, CO
C D E 9 P N C O M UN I TY PA RTN E RSd I N C d C O L RA D O G RO WTH A N D RE VI TA L I ZATI O N F UN D
I N VE STO R9 P N C :
onstru
C cDonandequippingofafooddistribuDonfaciqityinrand G uncD
J ond
oqorado:
C ood
F ank
B oftheRockiefsnewfaciqitywiqqrepqaceaninadequate
faciqityinaqisaded
P Oand
C wiqqenabqeFBRtoscaqeoperaDonstomeet
dramaDcaqqyincreaseddemandforemergencyfoodassistanceresuqDngfrom
theVIOC DJpandemicdwiqdfiresandadownturninenergyandtourism
economies.33 2022 NMTC Progress Report
2021 NMTC Project Components
ARTS, CULTURE, TOURISM
Arkansas Arts Center
Little Rock, AR
C D E 9 H E A RTL A N D RE N A I SSA N C E F UN D: I N VE STO RS9
SIMMONS BANK, CENTENNIAL BANK
RenovaDondconstrucDonandequippingofentraq C
Arkansas's premier visual and performing arts
insDtuDon:ThenewfaciqitywiqqprovedastateJofJtheJ
arthomeforthemuseumgspermanentcoqqecDonand
speciaqexhibiDonsdartcqassesdtheaterperformancesd
qecturesdfiqmsdmusicdfesDaqsd
v andevents:
Becker County Museum
Detroit Lakes
C D E S9 M I D WE ST M I N E SOTA C D : I N VE STO R9 U:S: B A N C O RP C O M UN I TY D E VE LO P M E N T C O RP O RATI O N
ThedeveqopmentdconstrucDondandotherprojectcostsassociatedwith
anewrdssq:ft:museumbuiqdinginruraqetroit
D LakesdMN:The
new reimagined museum will connect to the Holmes Theater and feature
historydscienceandinteracDev chidrengsexhibits:Thevisionistocreate
experiencesthatwiqqattractaduqtsdchiqdrenandfamiqies:Thenewbuiqding
wiqqhaveanenDrefloordedicatedtohandsJonchiqdrengsqearninganda
science center.You can also read
