The New Markets Tax Credit (NMTC) program has demonstrated its effectiveness as a key driver of economic development, according to the NMTC Coalition's 2025 Progress Report. In 2024, the NMTC funded 350 projects totaling $8 billion, leveraging $4.8 billion in NMTC allocation, which created 61,125 jobs across the United States. The program's focus on severely distressed communities is evident, with 81.3 percent of financing directed towards these areas, including 30.1 percent in non-metropolitan counties.
Manufacturing and industrial businesses received record support, with 114 projects financed, significantly benefiting rural communities through the creation of nearly 35,000 manufacturing jobs since 2020. The NMTC also contributed to the construction or renovation of 17.5 million square feet of real estate and 1,095 homes and rental units for low-to-moderate-income households, alongside expanding access to healthcare and educational services in underserved areas.
With over one million jobs created since its inception in 2000, the NMTC's success in delivering flexible capital to distressed communities underscores its importance in federal economic development policy. The 2025 Progress Report not only highlights the program's achievements but also advocates for its permanence, emphasizing its role in job creation, economic stabilization, and community revitalization.
