In Fall 2009, NFF was awarded $60 Million in New Markets Tax Credits,  which it is using to attract private capital. With this capital, NFF is providing loans at reasonable rates to nonprofits serving low-income communities. In total, NFF has received $130 million in New Markets Tax Credit allocations.

NMTC loans are available for community facility projects over $5 million that involve acquisition, substantial renovations, leasehold improvements, or new construction of community spaces such as charter schools, health clinics, community centers, arts & cultural spaces, and others.

With its 2006 $20 million NMTC allocation, NFF financed three projects in 2007 and early 2008.

• NFF partnered with Citibank to help The Worcester Center for Performing Arts (WCPA) undertake a $30 million renovation to transform a historic theatre in downtown Worcester into the Hanover Theatre for the Performing Arts, a new 2,300-seat performing arts space.

• A $9 million NFF NMTC investment arrangement allowed The National Consumer Law Center (NCLC), one of the nations leading resources for information on consumer law, credit practices, and the rights of low-income consumers, announced today a new $9 million tax credit investment arrangement that will enable NCLC to purchase a historic building in downtown Boston. The new NCLC headquarters will allow the organization to expand its staff and dramatically increase its work on behalf of low-income consumers.

• NFF partnered with JPMorgan Chase Bank for a $5 million NMTC project to help PROCEED, a community services organization in Elizabeth, New Jersey, expand its National Center for Training , Support and Technical Assistance and to house four (4) classrooms for its existing preschool programs, expand service for senior citizen programming and provide additional administrative office space.

HOW DO I FIND OUT MORE?

Nonprofits: To see if your project can qualify for NMTC financing, contact your nearest local NFF office.

NMTC Investors, Leveraged Lenders and other CDEs: If you are interested in partnering with NFF on NMTC deals, please contact your nearest local NFF office. To learn more about NFF’s terms and conditions, please click here for our term sheet.