Spotlight on innovative use of New Markets Tax Credits
Novel use of the federal New Markets Tax Credit program to boost homeownership featured in today’s Washington Post. Includes the work of NMTC-Coalition members to expand affordable homeownership using the NMTC with a spotlight on Howard and Donna Smith (Smith NMTC), two lawyers who have helped build thousands of affordable houses in 30 cities using an obscure federal tax incentive.
Also quoted, two HPN members -- ANDP and Homewise -- and president of our CDFI, Katie Rodriguez, who spearheaded HPN's first allocation in 2017 and has been working with affordable housing organizations in our network to expand use of NMTCs since 2017.
“The great thing about New Markets is it gives us and the CDE the ability to make decisions about how the subsidy is needed in the context of the market you’re working in.”John O'Callaghan President & CEO, Atlanta Neighborhood Development Partners