Smith NMTC Associates, LLC

CDFIs enjoy bipartisan support because they create opportunity for all Americans. OFN thanks 23 members of the Senate CDFI Caucus - and its Co-Chairs Sen. Mike Crapo (R-ID) and Sen. Mark Warner (D-VA) - for their bipartisan affirmation of support for the CDFI Fund and the impact of CDFIs: https://bit.ly/41FWIa5 As stated in their letter: "Over 1,400 CDFIs represent a significant portion of America’s financial services sector, delivering over $300 billion in financial services each year to urban and rural communities across every state. Each year, CDFIs provide affordable growth capital to over 100,000 small businesses and finance over $100 billion in residential real estate, bringing down the cost of housing through new construction and affordable home mortgages. The important work of the CDFI sector is strengthened by the CDFI Fund, which provides seed funding to new CDFIs, grows the capacity of existing CDFIs, and provides oversight to ensure federal dollars are spent appropriately." Our voices are making a difference. Take action now to support the CDFI Fund - use digital tools from OFN's Policy Action Center to make calls and send letters to your elected officials: https://bit.ly/43Q4BtY

It almost goes without saying that we are huge proponents of the value and impact of the Community Development Financial Institutions Fund (CDFI Fund)'s initiatives and programs -- particularly New Markets Tax Credits which incentivize development in communities that struggle to attract private investment otherwise. But at this time, it's worth saying again that #NMTCs provide unique, flexible access to capital that jump-starts manufacturing, improves access to critical services like health centers and daycare, and creates affordable homeownership opportunities -- to name just a few of the ways NMTCs are a catalyst for economic activity in the short- and long-term for communities across the country. There is a #housingcrisis in this country and NMTCs are one of the existing tools in our collective toolbox that has been proven effective and efficient in providing upfront capital to nonprofit housing developers in creating affordable homeownership opportunities. With just over $765M in NMTCs deployed to homeownership projects since 2008, more than 7,000 for-sale homes have been developed across 32 states and D.C. -- the majority sold to low- to moderate-income households. NMTCs work, but only if the #CDFIFund has the support and resources it needs to administer the program.

Donna Smith and Howard Smith are looking forward to meeting you at this week's ???????????????? ?????????????? ???????????? ???????????? in Washington, D.C., and sharing how New Markets Tax Credits have been successfully leveraged to increase the supply of affordable homes for sale across the country. ?? In 2008, Smith NMTC Associates, LLC pioneered the first NMTC model for affordable homeownership, in collaboration with U.S. Bancorp Community Development Corporation and Habitat for Humanity International, to deploy $25M in NMTC allocation that benefitted five nonprofit developers in the Gulf Opportunity Zone after Hurricane Katrina. As of February 2025: ? Over $765M in NMTCs have been successfully deployed toward homeownership projects by 23 Community Development Entities (CDEs). ? More than 7,000 for-sale homes have been developed across 32+ states and Washington, D.C. with NMTCs. ? At least 80% of these NMTCs-funded homes have been sold to low- to moderate-income buyers. #NMTC #housingcrisis #CDFIfund #housingsupply

One of the many reasons we specialize in leveraging New Markets Tax Credits for for-sale affordable housing is that homeownership is a critical indicator of future stability and success for entire households. Investing in affordable homeownership has short- and long-term economic impacts for families and the communities in which they live. #NMTCs #CDFIfund #Homeownership #HousingCrisis

One of the many benefits of homeownership, and why we're huge advocates for increasing the use of New Markets Tax Credits for the development of affordable for-sale housing. Learn more about some of the impactful NMTC-supported homeownership projects that we've been involved with: https://lnkd.in/gkdMxiiM #NMTCs #Housing #Homeownership

We are very lucky to have worked with 140 (and counting!) nonprofit housing developers across the country--we feel like we've got colleagues and friends everywhere!? In addition to our New Markets Tax Credits community service project work, we've helped deploy more than $630M in QEIs to 142 homeownership projects across 32 states and D.C., and in collaboration with 23 CDEs, that has resulted in 5,500+ homes in low-income communities.? Learn more about our work: https://lnkd.in/g-Zr5wRQ

Tell Congress to Make NMTCs Permanent The NMTC Coalition is circulating a letter to Congress, urging them to make the NMTC Program permanent. Organizations are invited to sign the letter by this Friday, February 28, 2025. ? As shared in an email from the NMTC Coalition last week: Any organization (businesses, trade groups, city governments, mayors, nonprofits, investors, CDEs) can sign onto the letter using the form on the NMTC Coalition's website: https://lnkd.in/e2K5x8XX #taxcredits #newmarkets #nmtcs

Let’s get building!

What a testament to the strength of an organization and strong leadership!

New Markets Tax Credits enable nonprofit housing developers to address displacement while improving a neighborhood's supply of stable, quality housing. Read more on our blog about homeowners benefiting from a #NMTCs for #homeownership project in #NewMexico: https://lnkd.in/gcXmtPv4 cc: Homewise Inc. cc: Housing Partnership Network