NMTC Program Projects Financed In 2005

July 18, 2007

The CDFI Fund requires all Community Development Entities (CDEs) that receive New Market Tax Credit (NMTC) allocations to provide annual reports detailing how the NMTC proceeds were invested in low-income communities. These reports are provided by CDEs, along with their audited financial statements, within six months of the end of their fiscal years.

Through the FY 2005 reporting period, CDEs disbursed a total of $2,975,204,230 to 686 different Qualified Active Low-Income Community Businesses (QALICBs) – including both real estate projects and operating businesses in low-income communities.

• 548 projects (79.88% of total) were located in metropolitan areas. These projects received $2,666,427,613 in NMTC financing (89.62% of total).
• 138 projects (20.12% of total) were located in non-metropolitan areas. These projects received $308,766,617 in NMTC financing (10.38% of total).
• The principal use of funds in 338 projects (49.27% of total) was to support real estate development/acquisition/rehabilitation. These projects received $1,962,343,995 in NMTC financing (65.96% of total).
• The principal use of funds in 348 projects (50.73% of total) was to support general business operations (e.g., working capital loans, equipment loans). These projects received $1,012,860,236 in NMTC financing (34.04% of total).

NMTC investments supported a wide variety of projects, including coal companies, charter schools, health care facilities, condominiums, timberlands, religious institutions, child care providers, supermarkets, restaurants, museums, hotels, performing arts centers, pharmacies, convenience stores, manufacturers, processors, distributors, trucking companies, printing companies, waste management companies, sporting goods stores, business incubators, office buildings, shopping centers, substance abuse treatment facilities, car dealerships, florists and recording studios.

A summary report listing all QALICBs financed by CDEs in FY 2005 can be found at FY 2005 NMTC Data