Federal New Markets Tax Credits
A product of bipartisan collaboration and support, the New Markets Tax Credit (NMTC) program was authorized by President Bill Clinton in 2000 when he signed into law the Community Renewal Tax Relief Act. The program was designed to encourage private investment in low-income communities across the country that may be underserved by traditional capital markets.
In each round of financing made available through the Department of Treasury’s CDFI Fund, hundreds of Community Development Entities participate in a competitive application process to request the right to manage a portion of these funds. Stonehenge has won funding awards in eight rounds of the program and actively manages $625MM of Federal NMTC Allocation, making it one of the most successful managers in the NMTC Program.
Stonehenge invests these funds nationally in operating business projects that exhibit strong job creation metrics and a positive impact on minority populations. Special consideration is given to projects located in areas of greater distress, non-metropolitan areas, projects located in underserved states as designated by the CDFI Fund or projects that meet the mission of the healthy foods financing initiative. For more information on what states have their own State New Markets Tax Credit Program, please see State NMTC Programs.
Stonehenge studies the direct and ancillary impact of each investment with help from its partner, the National Urban League. For more information on this partnership, please see National Urban League.
For more information on the Federal NMTC Program, or to let us know about a project you are working on, please contact us and we will respond to you within one business day.
This institution is an equal opportunity employer.