The Nonprofit Finance Fund has announced a $40 million new markets tax credit (NMTC) allocation in support of community development projects in low-income areas across the United States.
Established by the Department of Treasury, the NMTC program awarded $3.6 billion to seventy organizations nationwide in 2011. With its allocation, NFF has created an NMTC product that provides flexible loan terms and an equity-investment feature that enables nonprofits to affordably complete facility improvements and finance projects that create environmentally sustainable outcomes.
"Though some have declared the recession over, the nonprofit organizations we work with — particularly those providing frontline services to needy Americans — are increasingly forced to put off needed infrastructure and operations investments to cover the gap left by government cutbacks," said NFF chief executive officer Antony Bugg-Levine. "Our NMTC allocation will attract investors to promising facilities projects in struggling communities and ensure that high-performing organizations can continue to serve as beacons of justice and equity."