You’d think the adages about “practice makes perfect” and “repetition builds familiarity” would have some kernel of truth. The reality is that the click on the button submitting our New Market Tax Credit application always comes at the end of an excruciating journey through the process of telling the Finance Fund story.
Last Tuesday we clicked that button again for the sixth time. Though we told our story in NMTC application form five times it is still a challenge to say it in fewer words rather than more. In the vein of “you get what you work for” we have been successful in four of the applications, for which we are as surprised as we are honored. Even in our attempt to muster humility, it must be acknowledged that we have learned a great deal about NMTC since our first exposure in the late 1990s.
We’ve succeeded in finding a niche that fits our mission dead center. We’ve done relatively small deals with local businesses owned by community residents and directly connecting to improving the quality of life for low-income people. This is the one thing we do, we do it very well, and we do it over and over again.
With NMTC funding we’ve done it 30 times placing $47 million and enticing another $212 million of investments making jobs, child care classrooms, access to affordable homeownership, health care opportunities, and local businesses. We’ve been able to share and learn from other NMTC practitioners from around the country as a board member of the national NMTC Coalition as well as acting as a resource for local groups all over the country.
Considering the outcomes, I guess “easier” shouldn’t necessarily be the goal.
Tags: Finance Fund, New Markets Tax Credit, NMTC
