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National New Markets Tax Credit Fund, Inc
Minneapolis MNCDFI Awards for National New Markets Tax Credit Fund, Inc
NMTC (2009) - $75,000,000
National New Markets Tax Credit Fund (NNMTCF) will use its NMTC allocation to fund small business and community facility loans by utilizing partnerships with more than 48 lending organizations serving all 50 states. NNMTCF will be able to dramatically enhance the reach of its controlling entity by creating a product with longer terms, lower interest rates, and lower fees than would be otherwise possible. NNMTCF will use its allocation to provide loans that will stimulate job creation and retention for residents of low-income communities; build assets for low-wealth entrepreneurs; improve blighted commercial corridors; finance charter schools, health care facilities and other non-profit community facilities; diversify rural economies; and finance energy conservation and alternative energy improvements for small businesses.
NMTC (2008) - $110,000,000
: National New Markets Tax Credit Fund, Inc. (NNMTCF) will fund small business loans in distressed areas. Its business strategy is to partner with CDFIs and other lending partners to fund NMTC loans to small business in low-income communities without the lenders applying for an allocation themselves. Loans will range in size from $50,000 to $2.5 million and generally will be structured as subordinated debt to finance a€œequity gapsa€ that enable borrowers to attract senior bank financing with combined loan-to-value ratios up to 90 percent. NNMTCF also intends to offer a new NMTC-Emerging Entrepreneur loan product to help meet the needs of early-stage and turnaround businesses in low-income communities.
NMTC (2005) - $100,000,000
The NMTC allocation will allow National New Markets Tax Credit Fund (NNMTCF), to purchase loans at below-market rates and with flexible terms, and to further increase the scope of its national secondary market for development loans. NNMTCF is also setting aside a portion of its NMTC earnings to provide grants, training and technical assistance to community-based organizations to improve the economies of low-income areas and the lives of low-income workers and residents.
NMTC (2003) - $150,000,000
The National New Markets Tax Credit Fund will use its NMTC allocation to purchase loans at below-market rates or with more flexible terms, and to originate and buy loans ranging from $25,000 to $2,000,000. The NMTC allocation will increase the scale and scope of the National NMTC Fund"s national secondary market for development loans by augmenting its sources of capital. With the NMTC allocation, the National NMTC Fund can purchase more loans than would otherwise be the case. It will also be able to serve a wider range of lending partners throughout the country, and it will be able to provide capital to its lending partners in ways that are tailored to each local organization"s particular mission.
NMTC (2002) - $162,500,000
The Allocatee intends to use its NMTC allocation to support: 1) a fund that will purchase qualifying business loans, with balances ranging from $25,000 to $5 million, from other CDEs; and 2) a fund that will originate and purchase real estate loans, typically with balances in excess of $5 million. The Allocatee believes that its NMTC allocation will allow it to offer below-market interest rates to its customers, and will enhance its ability to finance larger scale commercial projects.
Other Community Development Financial Institutions in Minnesota
African Development Center
Minneapolis
CAPITAL CITY PROPERTIES
St. Paul
Community Reinvestment Fund, Inc
Minneapolis
Dakota Futures, Inc.
Morton
Development Corporation for Children
Minneapolis
Great Neighborhoods! Development Corp.
Minneapolis
Greater Minnesota Housing Fund
St. Paul
Habitat for Humanity of Minnesota, Inc.
Minneapolis
Indian Land Capital Company
Little Canada
Indian Land Tenure Foundation
Little Canada
Initiative Foundation
Little Falls
Leech Lake Band of Ojibwe
Cass Lake
Midwest Minnesota Community Development Corporation
Detroit Lakes
National New Markets Tax Credit Fund, Inc
Minneapolis
Neighborhood Development Center
St. Paul
Nonprofits Assistance Fund
Minneapolis
Northland Foundation
Duluth
Sparc
Saint Paul
University National Bank
St Paul
WomenVenture
St. Paul
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