Since the New Markets Tax Credit program's inception in 2000, Enterprise has established itself as the largest tax credit allocatee in the nation, with a combined allocation of $515 million. Qualified Community Development Entities (CDEs) compete for these credits through an annual competitive process. Considered an innovative financing tool for community development and revitalization, the NMTC program is expected to stimulate $16 billion in private investment capital to low-income communities between 2002 and 2008.
Enterprise uses New Markets and Historic Rehabilitation Tax Credits to enhance financing for commercial and mixed-use projects
- In qualifying low-income census tracts
- With demonstrable community impact – job creation and retention, wage increases, wealth creation, provision of essential services such as childcare, health care, education
Our portfolio to date
- Placed over $415 million in commercial and mixed-use developments in urban centers and rural communities, with total development costs of over $3 billion
- 5.8 million square feet of new or rehabilitated real estate
- Developments include retail, office, industrial, community centers, a theatre, schools
Community impact
- 3,500 housing units developed or rehabilitated
- 10,000 permanent jobs created or retained
- 3,000 pre-development or construction jobs created
Benefits of the NMTC program
- Cities gain new tools for economic development
- Developers enjoy subsidized rates on debt or receive additional tax credit equity
- Investors fulfill CRA objectives and diversify their investment portfolio with commercial and mixed-used real estate
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