During the ups and downs of recovery, acquiring and making the most of funding has been critical for distressed communities. A new report details the recent results from one such source, the New Markets Tax Credit program.
"A new report on the New Markets Tax Credit (NMTC) indicates the federal tax credit was responsible for creating nearly 40,000 jobs last year," according to an announcement written by Paul Anderson on the New Markets Tax Credit Coalition website. The NMTC was created in 2000, though its inner workings might remain a mystery to some.
According to the announcement, the 2015 NMTC Progress Report [pdf] "includes data from 67 Community Development Entities (CDEs), representing $16.8 billion in total NMTC allocations from 2003 through 2014. The report findings also demonstrate the importance of the NMTC to the manufacturing economy, which has been in steep decline over the last couple decades. In 2014, the program created nearly 10,000 manufacturing jobs. Other projects included community facilities and other important amenities such as healthcare facilities, social service facilities, and schools and vocational training facilities. More than 71 percent of these projects were located in severely distressed communities that far exceed the statutory requirements for poverty and income."
The coalition also released a video, embedded below, explaining how the NMTC works and showcasing a few example projects.
The New Markets Tax Credit at Work from NMTC Coalition on Vimeo.
FULL STORY: NMTC PROGRESS REPORT RELEASED
Free ‘Bootcamps’ Help Small Cities Secure Federal Grants for Infrastructure
Participants in the Local Infrastructure Hub bootcamps have a 40 percent success rate on federal grant applications for transportation, climate, food mitigation, rail, and broadband projects.
Ohio Announces 320 'Opportunity Zones'
The new Opportunity Zones program is one to watch as states around the country throw their hats in the ring.
Texas Designates 628 Opportunity Zones
The state of Texas gives an early indication of the potential scale of the new Opportunity Zones program—an emerging program that will be rolling out across the country in the coming days and weeks.
Trump Administration Could Effectively End Housing Voucher Program
Federal officials are eyeing major cuts to the Section 8 program that helps millions of low-income households pay rent.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
Canada vs. Kamala: Whose Liberal Housing Platform Comes Out on Top?
As Canada votes for a new Prime Minister, what can America learn from the leading liberal candidate of its neighbor to the north?
Washington State’s Parking Reform Law Could Unlock ‘Countless’ Acres for New Housing
A law that limits how much parking cities can require for residential amd commercial developments could lead to a construction boom.
Wildlife Rebounds After the Eaton Fire
Following the devastation of the Eaton Fire, the return of wildlife and the regrowth of native plants are offering powerful signs of resilience and renewal.
LA to Replace Inglewood Light Rail Project With Bus Shuttles
LA Metro says the change is in response to community engagement and that the new design will be ready before the 2028 Olympic Games.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Central Transportation Planning Staff/Boston Region MPO
Heyer Gruel & Associates PA
Institute for Housing and Urban Development Studies (IHS)
City of Grandview
Harvard GSD Executive Education
Regional Transportation Commission of Southern Nevada
Toledo-Lucas County Plan Commissions