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:

  • At least 50% of its financing activities to borrowers in non-metropolitan (i.e. rural) counties as defined by the CDFI Fund
  • Operating businesses seeking growth capital for equipment, inventory, and other growth needs
  • Business or non-profit owner-occupied facilities
  • Commercial or mixed-use real estate projects

NMTC product types:

  • Small projects or businesses with borrowers seeking $200,000–$400,000 in flexible low-cost capital, as part of a total project budget of $2 million or less. 
  • Projects or businesses that have capital needs that are at least $10 million and have a $1.5–$2 million gap that can be filled by flexible low-cost NMTC capital.

ESNMC will consider, on a case-by-case basis, other investments that may not fit these categories.


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