The New Markets Tax Credit Coalition recently released its 2018 New Markets Tax Credit (NMTC) Progress Report. The following can be reported for NMTC activity in 2017:
- Community development entities (CDEs) used $3.9 billion in NMTC allocation to finance 272 projects amounting to $5.8 billion in total capital.
- CDEs financed the construction or rehabilitation of nearly 19 million square feet of commercial real estate.
- Projects financed by the NMTC in 2017 created nearly 60,000 jobs
- Over 23 percent of 2017 NMTC projects were in non-metropolitan counties
- 83 percent of NMTC projects in 2017 were in severely distressed communities.
