NMTC Program for Affordable Housing Development

The NMTC (New Markets Tax Credit) program, alongside the Neighborhood Homes Investment Act, plays a pivotal role in facilitating affordable housing development for mixed-income communities, offering a financial lifeline to projects and income community businesses that may otherwise struggle to secure necessary funding through income community investment funds. By leveraging this program, developers can navigate the complexities of financing, including federal tax credit, federal new markets tax credits, and income housing tax credits, ensuring that communities in need receive the support they require for affordable housing development efforts. CBO Financial stands at the forefront of this effort, providing unparalleled expertise in accessing and utilizing federal new markets tax credits (NMTCs), part of the new markets tax credit program, for community betterment, including affordable housing development efforts and supporting program eligibility borrowers. With a focus on promoting environmental sustainability and community development, CBO Financial's comprehensive services empower projects aiming to make a tangible difference in the housing sector, particularly through mixed income communities and leveraging the new markets tax credit program. This information outlines how new markets tax credits can be utilized.

Key Takeaways

  • The New Markets Tax Credit (NMTC) program is a powerful tool for promoting affordable housing development, offering tax benefits to investors and financial support to projects that might otherwise struggle to secure funding.

  • To be eligible for NMTC funding under the new markets tax credit program, affordable housing projects must meet specific criteria, including location in low-income communities with CDE certification and the potential to provide a significant positive impact on the area through new markets tax credits.

  • Success stories from across the country illustrate how NMTC has been instrumental in revitalizing urban and rural areas by supporting mixed-income housing projects and stimulating local economies.

  • Applying for NMTC funding, particularly for affordable housing development efforts, requires careful planning, understanding of the program's requirements, and obtaining CDE certification. Organizations like CBO Financial, with cde certification, can provide expert guidance in navigating the application process and maximizing the chances of securing funding.

  • The economic impact of NMTC on local affordable housing markets is profound, leading to job creation, improvements in local infrastructure, and increased access to essential services for residents.

  • Future trends in the NMTC program may include a greater focus on green building initiatives and public-private partnerships, offering new opportunities for developers committed to sustainable and inclusive community development with CDE certification.

Overview of NMTC for Affordable Housing Development

What is the New Markets Tax Credit (NMTC) Program for Affordable Housing?

The New Markets Tax Credit (NMTC) Program is a federal initiative designed to spur private investment into low-income communities. It aims to make financing more accessible and affordable for projects in these areas, including housing developments. Investors receive tax credits, which reduce their tax liability in exchange for their investment in qualified projects.

Community Development Entities (CDEs) play a crucial role. They are the intermediaries that direct these investments into the eligible housing projects. Through this process, NMTC not only supports affordable housing but also fosters economic growth in underserved neighborhoods.

Key Benefits of NMTC for Affordable Housing Developers

One significant advantage of the NMTC program is its ability to lower financial barriers for developers. By offering tax incentives, it makes projects more financially attractive and viable. This reduction in cost can lead to higher profitability and encourage developers to undertake more ambitious projects.

Moreover, by participating in the NMTC program, developers have a unique opportunity to contribute to community revitalization. Their projects can provide much-needed affordable housing, stimulate local economies, and foster a sense of community pride. The potential impact on low-income areas is substantial, making NMTC an attractive option for developers focused on social benefits as well as financial returns.

Eligibility Criteria for NMTC Funding in Affordable Housing Projects

Who Qualifies for NMTC Funding in Affordable Housing Development?

To tap into the New Markets Tax Credit (NMTC) program for affordable housing, entities must first understand the eligibility criteria. The Community Development Financial Institutions (CDFI) Fund certifies Community Development Entities (CDEs). These entities play a crucial role. They are the gatekeepers of NMTC funding. To qualify, businesses and developers should reach out to certified CDEs.

It's not just about finding a CDE. Your project must align with broader community development goals. This alignment ensures that the project benefits the community at large. It's about making a tangible difference.

Types of Affordable Housing Projects Eligible for NMTC Credits

The NMTC program supports a variety of projects. Eligible endeavors often include mixed-use developments and low-income housing. These projects address critical community needs. They make communities stronger.

Sustainability is also key. Projects incorporating sustainable building practices stand out. They contribute to environmental conservation while providing affordable housing.

Success Stories: NMTC in Affordable Housing Development

How NMTC Has Supported Affordable Housing Projects Across the U.S.

The New Markets Tax Credit (NMTC) program has been a pivotal force in affordable housing development across the United States. With its support, over 35,000 housing units have been developed. These projects span from rural towns to bustling urban centers, showcasing the program's geographic diversity.

In states like California, New York, and Texas, NMTC has funded projects that address critical housing shortages. Each state presents unique challenges and opportunities, and NMTC's flexibility allows for tailored solutions. For instance, in California, the focus may be on sustainability features, while in New York, the emphasis might be on maximizing limited space.

Examples of Successful NMTC-Funded Affordable Housing Developments

One notable project is the revitalization of a dilapidated neighborhood in Atlanta, Georgia. This development not only provided 200 affordable housing units but also created over 500 jobs. It spurred economic growth in an area previously marked by high unemployment rates.

Another example is a development in Denver, Colorado, which integrated innovative design with sustainability. It features solar panels and green roofs, setting a benchmark for future projects. The impact on the local community has been profound, with significant improvements in living standards and access to amenities.

Applying for NMTC Funding for Affordable Housing Projects

Step-by-Step Guide to Applying for NMTC Credits in Affordable Housing

The journey to securing New Markets Tax Credit (NMTC) funding begins with a detailed application process. Developers must first ensure their project qualifies under the NMTC Program's criteria, primarily aimed at enhancing economic development in low-income communities. A strong application outlines the project's objectives, anticipated community benefits, and alignment with NMTC goals.

Applicants should gather comprehensive data on their project's financial viability and community impact. This includes preparing detailed financial projections and evidence of economic need within the target area. Key deadlines are critical; missing a submission window can delay your project significantly. Always check the Community Development Financial Institutions Fund (CDFI Fund) website for the most current information on application cycles and requirements.

Key Documents Needed for NMTC Applications in Affordable Housing Projects

A successful NMTC application hinges on presenting a compelling case through essential documents. These include:

  • Project proposals that clearly define the scope, budget, and timeline.

  • Financial statements showcasing the project's feasibility and sustainability.

  • Community impact assessments demonstrating how the development will serve low-income communities.

Securing letters of support from local stakeholders is paramount. These endorsements affirm the project's value to the community, aligning it closely with NMTC objectives. Stakeholder backing can significantly strengthen your application, highlighting broad community engagement and support.

How NMTC Supports Mixed-Income Housing Projects

Importance of Affordable Housing in Revitalizing Distressed Communities

Affordable housing plays a critical role in stabilizing neighborhoods. It reduces the burden of housing insecurity for many families. This stability leads to numerous social and economic benefits.

It can also attract further investment into areas that need it most. Such investments often lead to more development, creating a positive cycle of growth and improvement.

Mixed-Income Developments and the Role of NMTC

The New Markets Tax Credit (NMTC) program is pivotal in supporting mixed-income housing projects. It provides crucial financing that might not be available otherwise. This support enables the creation of housing solutions that cater to a range of income levels.

Mixed-income developments foster community integration by bringing together people from diverse economic backgrounds. This diversity enriches the community fabric and promotes inclusiveness.

Several successful mixed-income projects have been funded by NMTC. These examples serve as evidence of how strategic investment can transform communities. They highlight the program's effectiveness in promoting economic diversity within housing developments.

Affordable Housing and NMTC: Transforming Local Economies

Benefits of NMTC in Developing Affordable Housing in Low-Income Communities

The New Markets Tax Credit (NMTC) program plays a pivotal role in drawing private investment into areas that traditionally lack access to funding. By offering tax incentives, it encourages businesses and individuals to invest in low-income communities. This influx of capital is crucial for developing affordable housing projects that might otherwise be deemed too risky or unprofitable.

These investments significantly bolster local economies. They create jobs, both during and after construction, and lead to improvements in local infrastructure. Moreover, the NMTC program directly addresses the challenge of housing affordability. It makes the construction of affordable homes financially feasible, providing much-needed relief to families struggling to find safe and secure housing.

Case Study: Affordable Housing Development with NMTC Funding

A compelling example of the NMTC at work is the revitalization project in a historically underserved neighborhood in Baltimore. The project aimed to transform a dilapidated block into a vibrant community with affordable housing units. Despite facing financial hurdles and skepticism from investors, NMTC funding bridged the gap, attracting the necessary capital.

The development not only provided homes to dozens of families but also spurred further investments in the area. Local businesses flourished, and public spaces were rejuvenated. The success of this project underscores the importance of strategic partnerships and innovative financing solutions like those offered by CBO Financial. These elements are critical for replicating such achievements in other communities.

Opportunities for NMTC in Affordable Housing Development

How NMTC Promotes the Growth of Affordable Housing in Economic Zones

The New Markets Tax Credit (NMTC) program strategically places projects within designated economic zones. These areas often lack the necessary investment for growth. By focusing on these locations, NMTC fosters an environment ripe for development.

There's a synergy between NMTC and other economic initiatives. This collaboration amplifies the impact of investments. It leads to more comprehensive community development. Residents and businesses in these zones benefit from improved infrastructure and increased employment opportunities. The long-term effects are transformative, providing a solid foundation for sustainable growth.

Opportunities for Affordable Housing Developers with NMTC Credits

Developers can form partnerships with Community Development Entities (CDEs) and other stakeholders. These alliances are crucial for navigating the complexities of NMTC financing. They also open doors to additional resources and expertise.

Leveraging NMTC gives developers a competitive edge in project proposals. It's not just about the financial benefits. It's also about demonstrating commitment to community development. This aspect is increasingly important in today's market.

Emerging markets and trends in affordable housing point to a bright future. There's a growing demand for sustainable and inclusive communities. Developers who tap into NMTC credits position themselves at the forefront of this movement.

Urban and Rural Revitalization Through Affordable Housing Projects

How NMTC Funding Has Supported Urban and Rural Affordable Housing Projects

The New Markets Tax Credit (NMTC) program has played a pivotal role in revitalizing both urban and rural communities through affordable housing development efforts. In urban areas, NMTC funding has helped address the high demand for affordable living spaces, facilitating the construction of multifamily units and rehabilitation of old buildings. These projects not only provide homes but also stimulate local economies by creating jobs.

Rural regions have seen NMTC funds breathe new life into communities. Here, the focus often lies on single-family homes or smaller housing complexes, catering to the area's needs. Challenges like lower population density and limited access to services are met with innovative solutions, such as mixed-use developments that combine housing with essential services.

Successful examples include the transformation of a dilapidated warehouse into a vibrant residential complex in an urban setting and the development of a sustainable living community in a rural area. Both projects highlight the versatility of NMTC funding in addressing diverse housing needs.

NMTC’s Role in Addressing Housing Shortages in Distressed Areas

By increasing the supply of affordable homes, the NMTC program directly addresses housing shortages in distressed areas. It emphasizes strategic planning and community involvement, ensuring that projects meet the specific needs of each community. This approach is crucial in areas with critical housing needs, where the right investment can mean a world of difference.

The program's success lies in its ability to bring together various stakeholders, including nonprofit housing developers and financial institutions like CBO Financial. By offering expertise in navigating federal programs and securing financing, these entities play a critical role in bringing affordable housing projects to fruition. Their involvement ensures that even the most challenged neighborhoods have access to quality housing.

Tax Benefits for Investors in NMTC Affordable Housing Projects

Understanding the Tax Incentives for NMTC Affordable Housing Projects

The New Markets Tax Credit (NMTC) program offers a 39% tax credit to investors over a period of seven years. This structure significantly lowers the financial risk and enhances the appeal of investing in affordable housing projects. By breaking down the credit into annual increments, it ensures a steady return on investment throughout the term.

Tax incentives play a crucial role in making these projects feasible. They not only attract more investors but also provide substantial financial benefits to developers. The combination of lower project costs and increased funding opportunities creates a win-win scenario. This makes the NMTC program a pivotal tool in urban and rural revitalization efforts, following the focus on affordable housing development.

How NMTC Credits Reduce Tax Liabilities for Investors in Affordable Housing

Investors can claim NMTC credits against their federal income tax, which directly reduces their tax liabilities. The process involves making qualified equity investments in Community Development Entities (CDEs) that are then used to finance affordable housing projects. This reduction in tax liabilities is highly attractive to potential investors, offering them a tangible incentive to commit funds.

The NMTC program encourages long-term investment by requiring a minimum commitment period. This aspect ensures sustained support for affordable housing initiatives, contributing to their success and longevity. It underscores the importance of the NMTC in fostering community development and environmental sustainability, aligning with organizations like CBO Financial's mission to facilitate impactful projects.

Economic Impact of NMTC on Local Affordable Housing Markets

How NMTC Stimulates Growth in Local Affordable Housing Markets

The New Markets Tax Credit (NMTC) program plays a pivotal role in enhancing local economies by fostering the development of affordable housing. This initiative not only amplifies the availability of low-cost housing but also triggers a multiplier effect on local economies. By channeling investments into economically distressed communities, NMTC stimulates economic activities that extend beyond the immediate scope of housing.

Projects financed under the NMTC often lead to job creation, providing employment opportunities within the community. These jobs range from construction to long-term positions in property management and maintenance. Furthermore, NMTC investments support local businesses by increasing demand for services and goods, thereby bolstering the overall economic health of the area.

The sustained development and growth of communities are perhaps the most significant impacts of the NMTC program. Investments in affordable housing lead to improved infrastructure, better access to essential services, and enhanced living conditions, laying the groundwork for long-term community prosperity.

Measuring the Long-Term Economic Impact of NMTC on Housing Communities

To gauge the success of NMTC-funded projects, various metrics are employed. These include job creation statistics, economic output measures, and assessments of increased access to affordable housing. Tracking these indicators helps in understanding the tangible benefits that accrue from NMTC investments.

Economic, social, and environmental outcomes are crucial in evaluating the effectiveness of these projects. For instance, communities have witnessed revitalization, with increased stability and reduced crime rates as direct benefits of improved housing conditions. Environmental sustainability is another outcome, with many projects incorporating green building practices and technologies.

Long-term benefits are evident in numerous communities where NMTC projects have been implemented. Examples include neighborhoods that have seen significant reductions in vacancy rates, increased property values, and enhanced community cohesion. These improvements contribute to a robust local economy and foster an environment conducive to further investment and development.

Green Building Initiatives with NMTC in Affordable Housing Development

Using NMTC to Support Energy-Efficient Affordable Housing Projects

Community Development Entities (CDEs) leverage the New Markets Tax Credit (NMTC) program to integrate green building practices into affordable housing projects. This approach not only enhances living conditions but also ensures long-term cost savings and environmental benefits. Energy-efficient designs reduce utility bills and decrease carbon footprints, making these projects both economically viable and environmentally sustainable.

Examples of such initiatives include the incorporation of solar panels, high-efficiency HVAC systems, and green roofing on residential buildings. These features have led to significant reductions in energy consumption. Projects like these demonstrate how NMTC can support sustainable development goals while providing affordable housing solutions.

Case Study: Sustainable Affordable Housing Developments Funded by NMTC

A notable example of a sustainable housing project funded through NMTC is the EcoVillage initiative. This project stands out for its innovative use of green technologies and materials, which significantly lessen its environmental impact. Features include geothermal heating and cooling systems, rainwater harvesting, and energy-efficient lighting.

The role of NMTC in this project was crucial. It provided the financial framework necessary for incorporating these advanced technologies. Without the support from CDEs and the incentives offered by the NMTC program, such ambitious projects might not be feasible. The EcoVillage not only offers affordable housing but also sets a benchmark for environmentally conscious construction.

Public-Private Partnerships in Affordable Housing with NMTC

Leveraging NMTC for Public-Private Affordable Housing Initiatives

Public-private partnerships (PPPs) have opened new avenues for affordable housing development. These collaborations combine government resources and private sector efficiency. They bring together the best of both worlds to address housing shortages.

One notable example is the partnership between local governments and real estate developers. They utilize New Markets Tax Credit (NMTC) incentives to fund construction projects. This model has seen success in various cities, creating homes for low-income families. The shared benefits include not only more housing options but also job creation and community revitalization.

How NMTC Facilitates Collaboration Between Governments and Housing Developers

The NMTC program plays a crucial role in bridging the gap between public policy objectives and private investment interests. It offers tax credits to investors in community development projects, making it financially appealing for private entities to invest in affordable housing.

Aligning goals is key for successful PPPs in this sector. Both parties must work towards common objectives, such as sustainability and accessibility. Examples of effective collaborations include those that have integrated green building practices, following on from initiatives like the EPA Community Change Grant. These projects not only provide affordable housing but also contribute to environmental sustainability.

Challenges and Opportunities in Applying for NMTC for Affordable Housing

Overcoming Common Challenges in Securing NMTC for Affordable Housing Projects

Developers often face regulatory hurdles when applying for New Markets Tax Credits (NMTC). These include complex application processes and stringent eligibility criteria. Financial challenges, such as securing matching funds, also pose significant obstacles. Furthermore, logistical issues related to project planning and community engagement can delay or derail applications.

To navigate these challenges, developers should focus on thorough preparation. This involves understanding the NMTC program's requirements inside out and engaging with stakeholders early on. Building a strong case for the social and economic benefits of the project can also help. Seeking expert guidance from organizations like CBO Financial can streamline this process. They specialize in navigating the intricacies of federal programs to support community development projects.

Key Opportunities for Affordable Housing Developers in NMTC Zones

Developing affordable housing in NMTC zones offers substantial advantages. These designated areas are earmarked for economic revitalization, making them ripe for impactful projects. Developers can access a variety of funding sources, including federal tax credits, grants, and private investments. These incentives significantly lower the financial barrier to launching affordable housing initiatives.

Understanding local market dynamics is crucial for success. Developers should analyze the specific needs and opportunities within NMTC zones to tailor their projects effectively. This insight can lead to more targeted and successful affordable housing developments. Leveraging public-private partnerships, as discussed in the previous section, can amplify these efforts by pooling resources and expertise.

Future Trends for NMTC in Affordable Housing Development

Emerging Trends in NMTC Funding for Affordable Housing Projects

Recent shifts in NMTC funding have prioritized projects that offer significant social impact, including affordable housing developments. These changes reflect a broader understanding of community needs and the role of housing in fostering economic stability. Technological advancements, such as green building techniques and efficient construction methods, are increasingly influencing these projects. They not only lower costs but also enhance the living conditions for residents.

New opportunities have emerged from changes in policy and market conditions, particularly with the increased emphasis on sustainability and resilience against climate change. This shift opens doors for projects that incorporate renewable energy sources and environmentally friendly materials, aligning with the priorities of organizations like CBO Financial.

Predictions for the Future of NMTC in Affordable Housing Investment

Legislative changes loom on the horizon, with potential expansions of the NMTC program to better support affordable housing initiatives. These changes could increase the allocation of credits to projects that demonstrate a profound impact on community development and sustainability. As a result, investment strategies are likely to evolve, favoring developments that employ innovative solutions to housing challenges.

The demand for affordable housing continues to outstrip supply, underscoring the need for creative financing solutions. The future will likely see a greater focus on mixed-use developments that combine residential units with commercial spaces, creating vibrant communities. Such approaches can maximize the impact of NMTC investments, offering a sustainable model for future developments.

Final Remarks

The New Markets Tax Credit (NMTC) program stands as a pivotal catalyst in fostering affordable housing development, addressing the critical need for accessible living spaces while promoting economic revitalization. Through eligibility criteria, success stories, and a comprehensive application process, the program underscores its commitment to mixed-income housing projects and urban and rural revitalization. It not only offers tax benefits to investors but also significantly impacts local housing markets. Moreover, its support for green building initiatives and public-private partnerships highlights a sustainable approach to community development. Challenges persist, yet the future trends of NMTC promise continued innovation in affordable housing.

As stakeholders navigate the complexities of NMTC, they are encouraged to seek expert guidance to maximize their impact. CBO Financial specializes in navigating these waters, offering invaluable resources for those committed to transforming local economies through affordable housing. Their expertise ensures that projects not only meet current needs but also contribute to a sustainable future. Engaging with professionals like CBO Financial can turn the ambitious goals of affordable housing development into tangible realities, marking a step forward in community revitalization efforts.

Frequently Asked Questions

What is the NMTC program and how does it support affordable housing development?

The New Markets Tax Credit (NMTC) program encourages investment in low-income communities by providing tax incentives to investors. It supports affordable housing by making projects financially feasible, thus increasing the availability of housing options for underserved populations.

Who is eligible for NMTC funding in affordable housing projects?

Eligibility for NMTC funding primarily targets entities developing projects in low-income communities or serving disadvantaged populations. This includes developers of affordable housing who can demonstrate that their projects will have a positive economic impact on the community.

Can NMTC funding be applied to mixed-income housing projects?

Yes, the NMTC program supports mixed-income housing projects. It aims to foster diverse communities by financing developments that include both affordable and market-rate units, promoting inclusivity and economic stability.

What are the tax benefits for investors in NMTC affordable housing projects?

Investors in NMTC affordable housing projects receive federal income tax credits. These credits are calculated as a percentage of the amount invested and are claimed over a seven-year credit period, providing a significant incentive for investment in low-income areas.

How does NMTC contribute to urban and rural revitalization?

NMTC facilitates urban and rural revitalization by directing capital towards the development of affordable housing and other community-enhancing projects. This investment not only improves living conditions but also stimulates local economies, creating jobs and encouraging further development.

What challenges might one face when applying for NMTC for affordable housing?

Applicants may encounter challenges such as navigating complex application processes, meeting stringent eligibility criteria, and demonstrating the project's potential economic impact. However, thorough preparation and understanding of NMTC requirements can mitigate these obstacles.

Are there any future trends for NMTC in affordable housing development?

Future trends may include increased focus on sustainable building practices and green initiatives within affordable housing projects. There could be expanded opportunities for public-private partnerships, leveraging NMTC funding to address critical housing shortages more effectively.

Our Financing Programs

The CBO Financial team specializes in helping project sponsors secure flexible, below-market financing with a focus on high-impact projects in low-income communities. Our financial experts are skilled at combining public and private funding sources so that projects that might have otherwise stalled can move forward quickly and cost-effectively.

We’ve financed over $1 billion in high-impact investments nationwide, including $150 million using New Markets Tax Credits awarded to a CBO subsidiary. Backed by powerful funding tools and expertise, you’ll be pushed through to the finish line.

New Markets Tax Credits

A federal subsidy program designed to revitalize distressed communities by providing forgivable gap financing for up to 25% of costs for high-impact projects.
New Markets Tax Credits

Capital Magnet Fund

Grants up to $15M to CDFIs and nonprofit housing organizations to finance affordable housing and related economic development activities.
Property Assessed Clean Energy Financing

Bond Guarantee Program

A program that provides CDFIs with access to long-term, low-cost capital by guaranteeing bonds issued by qualified CDFIs, providing fixed rate financing for up to 29 years at ~100 bps over Treasuries.
Federal Historic Tax Credits

Technical Assistance Awards

Grants up to $125K to startup and existing CDFIs to build capacity to serve low-income communities by funding activities such as staff training, technology purchases, and consulting services.
Community Development Financial Institutions

Financial Assistance Awards

Matching grants up to $2M awarded to CDFIs to enhance their ability to provide loans, investments, and financial services to underserved populations.
US Department of Agriculture

Small Dollar Loan Program

Up to $500K to provide a loan loss reserve to support making affordable consumer loans to low-income individuals for up to $2,500, helping them avoid predatory lending practices.
Redevelopment Assistance Capital Program

CDFI Certification

A designation for specialized financial institutions that provide financial products and services in low-income communities and to targeted populations that lack access to financing.
Puerto Rico Financing Programs

EPA Programs

Community Change Grant Program

A $10M to $40M grant program that supports community-led projects aimed at improving environmental and public health outcomes in underserved communities.
New Markets Tax Credits

Clean Communities Investment Accelerator

Provides community lenders with grants up to $11M to help accelerate investment in clean energy and sustainable infrastructure projects in low-income communities.
Property Assessed Clean Energy Financing

National Community Investment Fund

Loans and guarantees will be made directly to projects with this funding starting in early 2025.
Federal Historic Tax Credits

USDA Programs

Business & Industry

A program that provides loan guarantees up to $25M to rural businesses to improve, develop, or finance business, industry, and employment.
New Markets Tax Credits

Community Facilities

A program that offers direct loans, loan guarantees, and grants to develop essential community facilities in rural areas up to $5M.
Property Assessed Clean Energy Financing

Rural Energy for America Program

A program that provides grants up to $1M and loan guarantees to agricultural producers and rural small businesses for renewable energy systems and energy efficiency improvements.
Federal Historic Tax Credits

Other Funding Programs

Federal Historic Tax Credits

The federal Historic Tax Credit is available for the rehabilitation of historic, income-producing buildings determined by the Secretary of the Interior, through the National Park Service, to be “certified historic structures” for approximately 20% of project costs.
New Markets Tax Credits