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New Markets Tax Credits

Catalytic Economic Development

The New Markets Tax Credit (NMTC) was created by the federal government in 2000 as a vehicle to attract private investment capital to economically distressed communities in every state. The NMTC Program allows us to expand our impact by helping to create quality, accessible jobs and educational opportunities while helping low-income and underserved communities become places of security, vibrancy and opportunity.

What We Do

Since 2002, New Jersey Community Capital has used these funds to provide jobs, educational options and economic opportunities for hundreds of New Jersey residents. To date, NJCC has been awarded NMTC allocations of $250 million, of which it has deployed over $227 million to finance 36 projects and leverage over $951 million in additional private capital. These projects have produced 7,406 direct jobs in job-creating businesses, of which 5,851 (79%) are quality jobs and 4,574 (62%) are accessible jobs; developed 3,106,971 square feet of new and/or renovated space; provided 22,243 residents access to healthy food; and served 37,631 low-income community residents and low-income persons annually through community services.

Projects supported include:

  • Kearny Point, a 130-acre former federal shipyard transformed into an environmentally sustainable business hub for innovation and economic growth.
  • The completion of the new Second Street Youth Center, a high-quality, state-of-the-art educational facility in Plainfield providing residents with affordable child care.
  • The development of the Arts and Innovation Center in Millville.
  • The development of a new student center for Saint Peter’s University in Jersey City.
  • The renovation and reopening of the historic People’s Bank Building, an 88,000-square-foot commercial, business and retail facility in downtown Passaic.
 

New Markets Tax Credits allow us to attract private investments to finance transformative projects that improve opportunities for low-income communities.

— Wayne Meyer, NJCC President

New Markets Tax Credits in Action

Second Street Youth Center

An $8.8 million New Markets Tax Credit allocation helped Second Street Youth Center open a new state-of-the-art educational facility, offering children a safe and nurturing space to grow and learn.

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