New Markets Tax Credit Comes Of Age

Are 'New Markets Tax Credits' the vehicle to improve community and economic development in ways America has never seen?

1 minute read

December 2, 2005, 11:00 AM PST

By Chris Steins @planetizen


"The New Markets Tax Credit was born in 2000, when Congress approved it as part of the Community Renewal Tax Relief Act. Its parents were the historic preservation and low-income housing tax credits, established in 1976 and 1986 respectively.

...The larger aim of the newest tax credit, as described in 2004 by Samuel Bodman, deputy secretary of the Treasury Department, is to "empower the people who live, work, and invest in communities to make decisions about what type of ventures will create the most jobs and grow the local economy."

...Financial heavyweights have been attracted to the table. Typical is Goldman Sachs, which was awarded a $75 million new markets tax credits allocation in 2003. A subsidiary, the Urban Investment Group, acts as a syndicator, asset manager, and matchmaker for infill development in urban markets, focusing on ownership housing, mixed-use developments, and stand-alone commercial projects."

Thursday, December 1, 2005 in Planning Magazine

portrait of professional woman

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching. Mary G., Urban Planner

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching.

Mary G., Urban Planner

Get top-rated, practical training

Wastewater pouring out from a pipe.

Alabama: Trump Terminates Settlements for Black Communities Harmed By Raw Sewage

Trump deemed the landmark civil rights agreement “illegal DEI and environmental justice policy.”

April 13, 2025 - Inside Climate News

Logo for Planetizen Federal Action Tracker with black and white image of U.S. Capitol with water ripple overlay.

Planetizen Federal Action Tracker

A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.

April 16, 2025 - Diana Ionescu

Bird's eye view of large apartment complex under construction next to four-lane road near Atlanta, Georgia.

How Atlanta Built 7,000 Housing Units in 3 Years

The city’s comprehensive, neighborhood-focused housing strategy focuses on identifying properties and land that can be repurposed for housing and encouraging development in underserved neighborhoods.

April 9, 2025 - Governing

People walking up and down stairs in New York City subway station.

In Both Crashes and Crime, Public Transportation is Far Safer than Driving

Contrary to popular assumptions, public transportation has far lower crash and crime rates than automobile travel. For safer communities, improve and encourage transit travel.

3 hours ago - Scientific American

White public transit bus with bike on front bike rack in Nashville, Tennessee.

Report: Zoning Reforms Should Complement Nashville’s Ambitious Transit Plan

Without reform, restrictive zoning codes will limit the impact of the city’s planned transit expansion and could exclude some of the residents who depend on transit the most.

4 hours ago - Bloomberg CityLab

An engineer controlling a quality of water ,aerated activated sludge tank at a waste water treatment plant.

Judge Orders Release of Frozen IRA, IIJA Funding

The decision is a victory for environmental groups who charged that freezing funds for critical infrastructure and disaster response programs caused “real and irreparable harm” to communities.

5 hours ago - Smart Cities Dive