The New Markets Tax Credit Coalition released its 2019 New Markets Tax Credit Progress Report, sponsored by Stonehenge Capital. The Report highlights the impact of NMTC investments in 2018, including the financing of 286 projects in 48 states, Puerto Rico and the District of Columbia and the creation of 58,360 jobs in the manufacturing, small businesses, schools,healthcare, tourism and hotels and warehousing, energy, waste management and timber industries. Participants, including Stonehenge Capital, utilized $3.2 billion in NMTC allocation to deliver $6.1 billion in total project investment in low-income and severely distressed communities.
Two Stonehenge projects – Flex-N-Gate in Detroit, MI and Romark Pharmaceutical in Manati, Puerto Rico – are featured in the Report.
The NMTC Program is set to expire at the end of this year. As the Report demonstrates, the NMTC Program exceeds its goals of delivering capital to low-income rural and urban communities and creates high quality jobs for local economies to thrive.
Click here to view the report.