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Directory of NYC Housing Programs

New Markets Tax Credit (NMTC)

The New Market Tax Credit (NMTC) program targets areas of disinvestment by attracting the private investment necessary to reinvigorate struggling local economies. The NMTC Program attracts private capital into low-income communities by permitting individual and corporate investors to receive a tax credit against their federal income tax in exchange for making equity investments in specialized financial intermediaries called Community Development Entities (CDEs). The credit totals 39 percent of the original investment amount and is claimed over a period of seven years.

Program Information Help Icon

  • Supply/Demand: Supply
  • Category: Land and Financing
  • Scale: Small Scale (between 1 and 999 units)
  • Timeframe: 2001 - Present
  • Occupancy tenure: Rental, Homeownership
  • Construction Type: New Construction, Rehabilitation
  • Building Type: Multi-family, One- to Four-family
  • Developers/Owners: Non-profit, For-profit
  • Income Restrictions: At least 20 percent of units must be affordable to households with an annual income of up to 80 percent of Area Median Income (AMI).

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