A look at how New Markets Tax Credits are making positive impacts in communities nationwide.

It’s a story of two Philadelphia’s, in Mississippi and Pennsylvania, and of the “Two Davids” – both in Detroit. That “story” is the huge positive impact that the federal new markets tax credit (NMTC) has made – and is still making – in these and other communities nation- wide. With ten funding rounds completed and the eleventh underway, the 13-year-old NMTC program is revitalizing and transforming low-income neighborhoods by funding diverse real estate projects and businesses creating and retaining jobs, providing much-needed services, and spurring follow-on development. Among these are charter schools, health care centers, manufacturing plants, hotels, power facilities, food banks, museums, theaters, housing, and mixed-use developments.

In Philadelphia, Miss., a city of nearly 7,500 with a median household income just under $30,000, local officials in June celebrated the opening of a 52,000-square-foot expansion of the local Neshoba County Hospital and Nursing Home that was financed with new markets tax credits. The expansion added a new emergency room, four-bed intensive care unit, 25 patient beds, radiology department, surgery suite, and pharmacy.

Please download the PDF to the right to read the full story.