New Markets Tax Credits Leverage Loans (NMTC)
The New Markets Tax Credit Program (NMTC Program) was established by Congress in 2000 to spur new or increased investments into operating businesses and real estate projects located in low-income communities.
With over a hundred million dollars in NMTC allocations, RDF expanded its capacity to fund its core programs by considering mixed-use and special purpose projects that provide clear, mission-consistent impact in underserved communities.
The Portland Mercado, is a public market that serves as a hub for up to 20 businesses, at least 90% of which are expected to be owned and operated by Latino entrepreneurs, it will provide goods and services for low-income, immigrant families. With the opening of the Portland Mercado, Hacienda Community Development Corporation, an NCLR Affiliate, will be able to provide a place to incubate these small and minority owned businesses.
In addition to the Portland Mercado, Hacienda is constructing a new administrative headquarters building and refurbishing the Ortiz Community Center, with funding provided by Raza Development Fund, which provided $10 million in Federal New Markets Tax Credit financing and nearly $1 million in bridge financing.