New Markets Tax Credits serve as a flexible tool to spur commercial real estate development opportunities in low-income communities. NMSC has invested in and asset manages a range of projects from grocery stores in food deserts to community centers and charter schools that create jobs, support broad-based redevelopment efforts, improve streetscapes, support community safety efforts and clean up toxic sites, all while offering a range of products and services that are too often lacking in disinvested neighborhoods.
Our asset types include:
- Retail/shopping centers
- Public charter schools
- Community health centers
- Arts centers
- Athletic facilities
- Office space
- Financial Opportunity Centers
Redevelopment CatalystNMSC invests in projects that are both financially sound and significant assets to their community at large. In neighborhoods already in the first stages of redevelopment, New Markets projects reinforce early gains and help both connect to existing redevelopment efforts and encourage additional capital investment by their customer traffic and success. For communities still struggling with commercial blight, New Markets investments can be the catalyst for change. The new retail, community centers, athletic fields and entertainment venues not only provide desperately needed programs, products and services to residents. They attract a diverse cross section of customers who generate local income and help energize the local environment. When we return blighted land to productive use, neighborhood safety improves. Tax receipts grow and communities given up for lost can become good places to live, work, do business and raise families.
Job CreationNMSC investments help restore the built environment in low-income communities. But they also help revitalize the local economic foundation, driving jobs and commerce to disinvested neighborhoods. Since 2002, we have funded projects that have created almost 17,000 temporary and permanent jobs—including those connected to construction or rehabilitation of new facilities and the ongoing positions connected to the businesses. In Chicago, a new Target in Uptown helped redevelop a major commercial corridor and create and retain 205 permanent jobs. A new Fresh & Easy grocery store in south L.A. generated 23 new jobs while making healthy food available in a food desert. A Boys and Girls Club in Phoenix brought new programs and services to the metro-area, along with 22 jobs. And a KIPP charter school in Washington, D.C. created 81 jobs while helping expand the educational opportunities for 1,500 low-income students. For more on job creation in different communities, visit our project portfolio here.
Many of our project have a green focus or incorporate environmentally friendly elements: they remediate contaminated brownfields, conserve water and energy, utilize recycled building materials, or create green space. The approach reflects NMSC’s strong belief that green development is just as important to low-income communities as it is to their more affluent neighbors. It gives neighbors a chance to live healthier lives, creates new green jobs, and reduces operational costs for facilities—ensuring they can offer more programs and services to communities hungry for economic opportunity.
For a look at what green economic development looks like, consider the Jessie Ball duPont Center in Jacksonville, Florida. NMTCs helped redevelop 88,000 SF of formerly vacant space into the central hub for Jacksonville's nonprofit sector. The Jessie Ball duPont Fund has long championed energy conservation and supports nonprofits' efforts to track and monitor energy usage, develop energy plans, and retrofit buildings with energy saving materials. The Center gives the Jessie Ball duPont Fund the opportunity to put its green tenets into practice, and early data shows that the Center's energy efficient features reduce energy consumption by almost 33 percent.