New Markets Tax Credits
Invest in revitalizing the urban corewith New Markets Tax Credits through CBKC
The New Markets Tax Credit Program (NMTC) attracts private-sector capital investment into the nation's low-income areas, helping to stimulate economic growth and create jobs. Established by Congress in December 2000, it has financed community development projects and business expansion by offering as a credit against federal income taxes for making qualified equity investments in investment vehicles known as Community Development Entities (CDEs).
Central Bank of Kansas City and its affiliates have announced the ninth successful NMTC award of $50 million with a total of $456 million since the first award in 2007. The qualified equity investments are targeted to low-income communities—investments that will help finance more community development projects, stimulate economic growth and create jobs, which in turn will strengthen the economic base of our communities and empower residents and businesses already there.
Since the inception of the NMTC program, CBKC has closed financing for 50 projects with total project costs exceeding $1.9 billion. CBKC through its affiliate subsidiary CDEs, have deployed $390.5 million of NMTC allocation into Illinois, Missouri and Kansas-based communities. These projects have maintained and created more than 5,800 direct full-time equivalent (FTE) jobs and 4,200 direct construction jobs. Central Bank of Kansas City is a community bank with a long, successful history of business lending and outreach, based on a strategy to revitalize the urban core and build wealth in low-income neighborhoods.
Central Bank has been recognized for its investment in distressed areas by the CDFI Fund and has been a certified CDFI since 1998. The New Market Tax Credits Program (NMTC) is an exciting and successful way in which we at Central Bank of Kansas City have been able to further invest our community and witness many positive returns. Learn more about how to join the impact and benefit from a NMTC.
For more information about New Market Tax Credits, please contact Bill Dana, President and CEO of Central Bank of Kansas City (816) 483-1210 or firstname.lastname@example.org