Growing Homeownership with New Markets Tax Credits
Since 2017, the Housing Partnership Network has participated in the New Markets Tax Credit (NMTC) program to help advance our members’ work in affordable homeownership development. NMTCs give HPN the opportunity to provide our members with flexible below-market rate capital to support their affordable homeownership work. HPN has deployed $225 million in NMTC Allocation to fill funding gaps for 32 HPN-member developed projects that have created over 1,000 homes throughout the U.S.
Why Use NMTCs:
- Upfront, patient low-cost capital for development
- Capital that can be used to cover appraisal or affordability gaps
- Capital that can be used to scale production and
- Capital can be used for any for-sale homeownership development, including new construction, rehab, single and/or multifamily, condos, townhomes, duplexes, co-ops, ADUs or land trust/shared equity models
How it Works:
As a certified Community Development Entity (CDE), HPN applies annually to the CDFI Fund to receive NMTC allocation in partnership with our consultants, Smith NMTC Associates, LLC. HPN then deploys any allocation award received to its members’ qualifying projects in the form of a loan for affordable, for-sale homeownership development using their NMTC Homeownership Model.
To be considered for an award, make sure your homeownership project is in HPN's NMTC project pipeline:
Check Project Address for Qualification
- Submit your Project Information
Have Questions? – Email [email protected].