How a Federal Tax Credit Can Help Neighborhoods Thrive

By AMANDA THEISEN, Communications Manager at Sunrise Banks

Helping communities thrive takes a lot of resources. Innovation and creativity can’t happen without people, ideas and cooperation. And progress can’t happen without time, talent and commitment.
Then there’s the money factor. Whether someone wants to start a business, a nonprofit wants to expand its programming, or a community wants to revitalize buildings in their neighborhood, it always takes some form of money to make that happen.

That’s where a program like the New Markets Tax Credit comes in. And if you’re a business owner, a nonprofit leader or a community activist working in a low-income neighborhood, low-cost financing options through the New Markets Tax Credit allocation recently awarded to Sunrise Banks may be a good fit for your project.

What is the New Markets Tax Credit program?
Launched in 2000, the New Markets Tax Credit (NMTC) program is a federal tax credit that is designed to incentivize investment in low-income communities. Each year the U.S. Treasury, as authorized by Congress, awards $5 billion to qualified lending institutions across the country, who in turn monetize the tax credits from those awards and provide low-cost financing in their respective communities. That financing can go to build new facilities, expand and refurbish existing buildings, help business owners open brick-and-mortar locations, and revitalize neighborhoods.… Read the rest “How a Federal Tax Credit Can Help Neighborhoods Thrive”