Your support is urgent to sign on to a letter to Congress in support of the New Markets Tax Credit, or NMTC, Program.

NMTC Sign On Alert

Dear Colleague,
 
Nelson Black, Chief Lending Officer of the Florida Community Loan Fund and a member of the board of the National New Markets Tax Credit Coalition has asked me to reach out to you.

The purpose of this email is to ask your organization to sign-on to a letter of support to Congressional Members in support of House Bill 1098, which is seeking to make NMTC a permanent part of the Tax Code.

As you may know, Florida Community Loan Fund has deployed over $187 million in financing using New Markets Tax Credits to some 20 projects across the state that would not have been possible “but for“ the credit.

We believe NMTC is an essential tool for addressing community development in ways that create jobs and projects that positively impact communities like yours.

Currently, Congress is crafting a tax overhaul that could jeopardize the future of the New Markets Tax Credit.  We therefore want to urge you to make your voice heard in Washington, DC TODAY.

Without the NMTC, our most distressed communities could be deprived of billions in financing for business expansions, healthcare centers, manufacturing facilities, schools, and service providers.

As an organization that understands the benefits from NMTC, we are asking you to register your support for NMTC and help make NMTC a permanent part of the federal tax code.

To read the sign-on letter and sign-on in support of an NMTC extension click here:
The letter is seeking sign-on by organizations, not  individuals.  Any business, local elected official, municipality, agency, nonprofit, trade association, or other entity can sign on to the letter.

The deadline for signatures is Thursday, October 12th.

NMTC can serve Florida for years to come so we hope you will take the time to sign-on to help ensure that NMTC can continue to benefit projects and communities.


​If you have questions on the NMTC Program or would like to learn more about its importance in Florida and nationwide, please contact Joy Beaton, Diector of Government Relations, at jbeaton@fclf.org or call 407.246.0846. Thank you for your consideration of this request and for your support of the NMTC Program.
Joy Beaton, Director of Government Relations
FLORIDA COMMUNITY LOAN FUND

FCLF Florida Community Loan Fund


Why Support NMTC?
• NMTC works. The Credit delivered over $75 billion in capital to economically distressed communities between 2003 and 2014, directly creating over 750,000 jobs. 80% of investments were made in urban areas and 20% in rural areas.(1)

• NMTC Pays for itself. NMTC investments in businesses in low-income communities and the jobs created by those businesses generated over $984 million in federal tax revenue in 2012, more than covering the $800 million cost of the program in the same year.(2)

• NMTC answers to local market interests and priorities. NMTC finances a wide range of businesses and project types (excluding housing) in distressed low-income communities. Instead of Washington picking winners and losers, NMTC places the project underwriting responsibility with community development entities (CDEs) with deep ties to the communities in which they work.(3)

• NMTC is one of the only market driven resources available for community revitalization. Over the last 40 years, Federal spending on community development, as measured by a share of GDP, has dropped by 75%. As a result there is tremendous pent up private investment demand for NMTC. Between 2003-2014, NMTC applications totaled over $315 billion versus $50.6 billion in total credits awarded.(4)

• NMTC is a tested and proven method for leveraging private capital. Every $1 in foregone tax revenue generally leads to $8 in private capital investment in distressed communities. (
5)
 
Notes: 
1 CDFI Fund Agency Financial Report, FY 2013.
2 NMTC Economic Impact Report, December 2012.
3 National NMTC Coalition testimony to the House Ways and Means Committee, 2013.
4 NMTC Coalition, 2016 Progress Report
5 U.S. Department of Treasury.