The New Markets Tax Credit (NMTC) program has been issuing tax credits for more than two decades as a driving force for investors to aid low-income communities across the United States. In September 2023, Cherry Bekaert’s The Innovate Fund, a Community Development Entity (CDE), received a $50 million allocation in NMTC. With this money, The Innovate Fund will continue to support and enhance community development projects in North Carolina, South Carolina, Tennessee and Georgia low-income communities.
Brooks Nelson, Partner and Strategic Tax Leader, and Sarah McGregor, Tax Director, talk with Laurel Tinsley, Managing Director of Cherry Bekaert’s Strategic Financing Services group, about the obstacles and opportunities for those applying to the NMTC program and how The Innovate Fund is a key source of financing for lenders when taking on a community development project.
Listen to learn more about:
- 02:54 – Background on NMTC, CDE and CDFIs
- 09:00 – What it means to be awarded NMTC allocations
- 15:02 – Recent learnings from NMTC awards
- 17:46 – Navigating NMTC allocation complexities
- 22:46 – Key focus that would help people win future NMTC allowances
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