Nonprofit Finance Fund Receives $55M in New Markets Tax Credit Allocation
New York, May 23, 2019 – Nonprofit Finance Fund (NFF) is thrilled to announce today’s award of $55 million in New Markets Tax Credits (NMTC).
The NMTC Program is administered by the US Department of the Treasury Community Development Financial Institutions Fund and offers tax credits to spur investment in hard-to-finance areas that struggle to attract private investors. NMTC financing makes it possible for NFF to support high-impact nonprofits building more livable and vibrant communities with greater opportunities for residents. NFF has received $401 million in NMTC allocation since 2007 and has put these assets to work through 38 projects advancing youth development, education, and health care.
“NFF is honored to receive our ninth NMTC allocation,” said Norah McVeigh, Managing Director, Financing at NFF. “NMTCs give us the ability to offer flexible financing to high-impact nonprofits that are driving positive change in their communities. Without NMTCs, many of these projects wouldn’t happen.”
NFF put NMTC dollars to work in several ways last year, including financing facilities projects in Boston and in Everett, Washington.
In Boston, Community Servings provides medically-tailored meals to residents who suffer from critical and chronic illnesses. In 2018, NMTCs enabled NFF to support Community Servings’ goal to build a new $21-million “Food Campus,” which will allow them to expand their services. When the project is complete in fall 2019, 3,650 more diabetes and heart disease patients will receive nutritious foods, 40 more people will have the opportunity to complete job training courses annually, and 5,000 more low-income, immigrant, and minority individuals will gain access to social services, such as education, legal assistance, and health programs.
NMTCs also helped NFF invest in creating a vibrant community in Everett, Washington, by providing the YMCA of Snohomish County with capital to build a new headquarters. The new facility will give the Y the capacity to serve 30,000 people, triple the number of members that are being served at the current site. The expanded Y’s programming and services will be tailored to meet the needs of Everett’s growing immigrant population, and, in this capacity, the Y will serve as a pilot for national YMCA operations. The project will also create 39 full-time-equivalent jobs and foster collaboration with local partners. The City of Everett will build a park next to the site, and hundreds of Everett Public School District students will learn to swim as part of the Y’s aquatics education program.