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Find similar grantsNew Markets Tax Credit Program is sponsored by New Mexico Finance Authority. Offers tax credits to attract private investment in low-income communities in New Mexico.
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New Markets Tax Credit Program - New Mexico Finance Authority New Markets Tax Credit Program New Markets Tax Credit Program Applicants: For-profit and nonprofit entities that have a project located in a federally designated rural census tract in New Mexico. Map of qualified census tracts.
Project types: Building, equipment, and working capital Financing amount: Up to $7 million Terms: Loans of up to 40 years at below-market interest rates, with interest-only payments due for the first seven years Other: Successful applicants must secure a primary lender that is willing to leverage its loans through the NMTC program. Funding is offered through quarterly competitive application cycles and is subject to available funding.
NMFA periodically holds applications rounds based on funding availability. Applications are scored and ranked according to the New Market Tax Credit program criteria. The rankings are reviewed by the Finance New Mexico Advisory Board and then by the New Mexico Finance Authority Board of Directors.
Questions? Email NMTC@nmfa. net NMTC Policies and Procedures, rev.
2-24-22 NMTC Lending and Credit Policies, rev. 2-24-22 Small Loan Pool Highlights About the New Markets Tax Credit Program The New Markets Tax Credit program is a federal program designed to provide businesses in rural or low-income communities with greater access to capital in order to increase job creation and development activities.
In 2007, with the explicit authorization of the New Mexico Legislature, NMFA formed a subsidiary called Finance New Mexico, LLC (FNM) to pursue an allocation of federal tax credits available under the New Markets Tax Credit program. Since 2007, the CDFI Fund at the US Department of Treasury has awarded FNM seven NMTC allocation awards totaling $346 million.
Under the New Markets Tax Credit program, FNM leverages private capital with funds derived from the sale of tax credits to investors. The incentive to investors is a 39% federal income tax credit earned over seven years for every dollar invested in a qualified low-income community enterprise.
The benefit to New Mexico businesses is very-low-cost capital, with flexible lending criteria and the potential to convert portions of NMTC loans to equity. Through FNM, NMFA has offered 33 competitive application cycles since its inception, including application rounds exclusively for projects located in rural areas.
Through these application cycles, Finance New Mexico has closed transactions for 33 projects totaling $331 million, including $15 million in Small Loan Pool financing.
New Markets Tax Credit Small Loan Pool The goal of the NMTC Small Loan Pool is to provide flexible financing offered at advantageous terms for eligible projects between $500,000 and $4 million to qualified businesses located in low-income communities that have historically lacked access to credit. The NMTC Small Loan Pool was strategically created in response to market needs for financing eligible projects under $4 million.
The NMTC Program described above meets the market segment above $5 million. NMFA believes the market for small businesses and small-scale developments can be further enhanced by providing access to affordable, flexible capital through non-traditional lending.
NMFA identified an unmet demand for financing between $500,000 and $4 million, and a need for loans that allow for a higher loan-to-value ratios of up to 90% for senior debt and 95% loan-to-value for subordinate debt. The NMTC Small Loan Pool was created in response to these needs. The technical storage or access that is used exclusively for statistical purposes.
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According to the current listing, eligibility includes: For-profit and nonprofit entities with projects in federally designated rural census tracts in New Mexico. Confirm the full requirements in the official notice before applying.
The current listing shows up to $7,000,000. Verify award ceilings, matching requirements, and allowable costs in the official notice.
New Markets Tax Credit Program is funded by New Mexico Finance Authority. Verify program details on the funder's official page before applying.
This opportunity targets applicants in New Mexico. If your organization operates elsewhere, check the official notice for location requirements.
Start from the official opportunity page linked in this listing — it carries the sponsor's submission instructions.
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