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Feb 27, 2012
The Nonprofit Finance Fund (NFF) has been awarded a $40 million New Markets Tax Credit allocation (NMTC) to support community development projects in low-income areas throughout the U.S. NFF will use this allocation to provide financing to help small and mid-sized nonprofit organizations better serve their communities.
The New Markets Tax Credit program provides significant incentives for investments in traditionally hard-to-finance projects. Over a period of seven years, the program rewards investors with tax credits totaling 39 percent of the total financing for select projects in qualified communities. NFF has created an NMTC product that provides attractive, flexible loan terms and an equity-equivalent feature that gives nonprofits the ability to affordably complete facility improvements. NFF will work primarily on projects in low income urban areas that will expand and improve services for community members and generate jobs. It will also seek to finance projects that create environmentally sustainable outcomes.
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