NCALL announces $20M in New Markets Tax Credits

DOVER — NCALL announced on Thursday an award of $20 million in New Markets Tax Credits (NMTC) from the U.S. Treasury’s CDFI Fund to NCALL Community Investment, a subsidiary of NCALL. The program helps economically distressed communities attract private capital by providing investors with a federal tax credit. NCALL’s award was one of 76 out of 206 applicants.
“NCALL is thrilled to be entering into the New Markets Tax Credit arena especially so we can assist with the development of needed community facilities that will strengthen our communities on the Delmarva Peninsula,” said Karen Speakman, NCALL’s executive director. “We would like to thank all the partners, board members, investors and advisors for your generosity and support. We look forward to continuing to work with all of you and congratulate our fellow NMTC award winners.”
NCALL Community Investment will use the tax credits to support the longstanding mission of NCALL, increasing its impact in the most severely distressed low-income communities on the Delmarva Peninsula.
Investments made with NCALL’s NMTC award will focus on community facilities that provide services to low-income persons, businesses that create quality jobs for low-income community residents, and projects in rural and urban communities. NCALL Community Investment will offer a variety of flexible terms and low-cost financing options in order to meet these mandates.