New Markets Tax Credit
Does my project qualify?
Commonwealth Cornerstone Group's focus is solely on real estate development and rehabilitation projects in highly distressed areas that provide multiple levels of impact including jobs, services, good wages, and green principles. CCG's targeted investments include mixed-use properties whose redevelopment is critical for the revitalization of disadvantaged communities, as well as community facilities to serve the unmet needs of low-income people by providing services that are lacking in low-income communities.
New Market Tax Credits can only be utilized in "Low Income Communities" (LIC's) as defined by the regulation. Low Income Communities are census tracts:
- With at least 20% poverty rate; or
- Where the median family income does not exceed 80% of the area median family income; or
- That have a population of less than 2,000, are contained within a federally designated Empowerment Zone, and are contiguous to at least one other LIC; or
- Where the median family income does not exceed 85% of the area median family income, provided the census tract is located in a high migration rural county.
Is my project in a qualified census tract?
Find out by utilizing Cohn Reznick NMTC Mapping Tool.
Any trade or business consisting of the operation of any private or commercial golf course, country club, massage parlor, hot tub facility, suntan facility, racetrack or other facility used for gambling, or any store, the principal business of which is the sale of alcoholic beverages for consumption off premises, is NOT eligible for New Market Tax Credit financing.
To learn more about the New Markets Tax Credit Program, we recommend that you visit the administering agency's Community Development Financial Institutions Fund Web site. This site provides a comprehensive source for all information regarding New Markets Tax Credits.
If you feel your project meets the requirements as described, we invite you to download and complete CCG's NMTC Application.