The New Jersey New Markets Tax Credit (NMTC) application was produced by the CDFI Fund, and CBO Financial can assist you determine how well your application might score.
The New Markets Tax Credit program is a federal tax credit that incentivizes business and real estate designers to purchase lower-income locations in New Jersey. A major part of the application figures out whether the New Jersey location served by the development is low-income, or underserved in particular distinct ways.
Standard eligibility for the New Jersey NMTC plan needs a development to be in a census zone with earnings at or lower than 80 percent area average income, or poverty to be greater than 20 percent. (Area average income describes the mean family earnings of the state, or if the tract is in a Metropolitan Statistical Area with a greater mean family income than the state as an entire, the median household income of the MSA.).
CBO Financial syndicates federal New Markets Tax Credits to vitalize retail areas, tidy up brownfield locations and strengthen investment in housing, schools and area services in New Jersey.
There are two ways to connect to the program. To money a single job, you will need to obtain CDEs that presently have an allowance and have a financial investment strategy that matches your service design and geographical area.
If you have a relatively large project or a pipeline of tasks in requirement of financing, the best option is to form a CDE and apply straight for an allocation of NMTCs.