Treasury Expected to Announce $5 Billion in New Market Tax Credits in the next few weeks...

As many of you know, GEDA has been committed to try and bring more resources to low-income and rural areas of our state.  One area that Georgia has lagged behind other states is in the number of New Market Tax Credit investments (NMTC’s) that have occurred in Georgia, especially outside of Metro Atlanta.  NMTC’s often provide millions of dollars in equity as an enticement for transformative job creation or critical community projects to occur in qualified low-income areas. 

A collaborative effort and strategy have been formed through the new Georgia Community Reinvestment Fund (GCRF), which is a new statewide non-profit that has now been designated as a Community Development Entity (CDE) by the U.S. Treasury CDFI Fund.   This new agency has applied for a portion of the 2021 $5 billion in NMTC’s allocation authority that the CDFI Fund is expected to award in the next 30 days.  If awarded through this highly competitive process, it would be the first NMTC allocation targeted solely at Georgia.  

In anticipation of the 2021 NMTC allocation awards, GCRF needs your help in identifying the most transformational projects that could benefit from this equity investment, if awarded.  Projects on this list are not committed to the NMTC process, they are just a sample of potential projects in discussion (even in preliminary stages) to show possible demand.  Job-creating manufacturers, community facilities such as YMCA’s, food banks, community service organizations and health facilities, that impact severely distressed, low-income communities, are priorities of the NMTC and of the GCRF.  Whether GCRF is awarded an allocation in this 2021 round or not, and then applies for an allocation in the 2022 NMTC round, it will need to have an ongoing strong pipeline of projects for the potential NMTC investments to show potential demand for the CDFI Fund.    If you have a project that might be considered for an NMTC investment, please email Randy Griffin, President, Georgia Community Reinvestment Fund or call him at 706-210-2010.