Kansas City Business Journal, How New Market Tax Credits Work, October 13, 2016
Life is returning to severely distressed neighborhoods around Kansas City and beyond.
Grocery stores are opening in areas once labeled “food deserts”. Childcare and healthcare facilities are now available to serve residents and manufacturing ventures are up and running in once vacant buildings.
There is still a long way to go, but this urban revival is due in part to New Market Tax Credits. In some cases, NMTC is the only tool available to generate investments in neglected and underserved communities. The federal program which began in 2000, is so popular, the current demand for credits is outpacing the incentives available.