One of our strongest resources is the New Market Tax Credit program (NMTC) awarded to us from the federal government. Back on Oct. 30, I announced our award of $50 million in NMTC funding – a great achievement for us and for Ohio’s distressed communities (discover more in the NMTC article category). As part of the award, $30 million has been specifically set aside for development projects in non-metropolitan counties. These are counties that are not directly connected to major Ohio cities, and capture some of the most distressed regions in the state. See the map of qualifying non-metro counties.
The NMTC program is an important community revitalization tool that has generated significant support from the Obama Administration, which recently proposed authorizing NMTC at $5 billion in 2010 and 2011 (see my recent post for more). Through this program, emerging markets receive the benefit of access to more capital investment, lowered interest rates, lowered risk to lenders, and investment in the community. It’s a win-win for everyone.
Are you part of a distressed community that is in need of development funding? We are now accepting proposals from developers, community lenders and businesses interested in applying for part of $30 million in NMTC loans for rural and non-metropolitan areas. We’d love to hear from you and how we might partner together. Learn more about a few of our NMTC success stories – Save-a-Lot grocery store in Columbus, and Ohio Basic Minerals in Jackson, Ohio. Both utilized NMTC funding to create jobs, expand offerings and revitalize distressed parts of their respective communities. We look forward to seeing how we can assist you in these ways with New Markets Tax Credit funding.
