The NMTC program is intended for borrowers / projects that can demonstrate new, quality, permanent job creation for low-income communities throughout New York State, or otherwise provide goods and services that benefit residents of those communities.
The Empire State New Market Corporation (“ESNMC”), a subsidiary of Empire State Development (“ESD”), is a certified Community Development Entity under the federal Department of Treasury’s CDFI Fund. In November 2016, ESNMC received a second New Markets Tax Credits allocation award of $55 million, and expects to deploy the allocation during the 2017 and 2018 calendar years.
Borrowers must meet the definition of a “Qualified Active Low-Income Community Business” as defined under the NMTC Program guidelines. In addition, investments must be located in census tracts that meet the definition of “higher distress” per NMTC program guidelines (see definitions below).
ESNMC will target:
NMTC product types:
ESNMC will consider, on a case-by-case basis, other investments that may not fit these categories.