NCALL is excited to announce the award $20 million in New Markets Tax Credits (NMTC) from the U.S. Treasury’s CDFI Fund to NCALL Community Investment, LLC, a subsidiary of NCALL. The program helps economically distressed communities attract private capital by providing investors with a Federal tax credit. NCALL’s award was one of 76 out of 206 applicants.
"NCALL is thrilled to be entering into the New Markets Tax Credit arena especially so we can assist with the development of needed community facilities that will strengthen our communities on the Delmarva Peninsula," said Karen Speakman, NCALL’s Executive Director. "We would like to thank all the partners, board members, investors and advisors for your generosity and support. We look forward to continuing to work with all of you and congratulate our fellow NMTC award winners."
NCALL Community Investment will use the tax credits to support the longstanding mission of NCALL, increasing our impact in the most severely distressed low-income communities on the Delmarva Peninsula. Investments made with our NMTC award will focus on community facilities that provide services to low-income persons, businesses that create quality jobs for low-income community residents, and projects in rural and urban communities. NCALL Community Investment will offer a variety of flexible terms and low-cost financing options in order to meet these mandates.
NCALL is a nonprofit affordable housing and community development organization. NCALL’s mission is to strengthen communities through housing, lending, and education. The vision is thriving neighborhoods and equitable housing for all on the Delmarva Peninsula. With a talented staff of 41 people, NCALL provides homeownership, financial education, and foreclosure prevention services throughout Delaware. As an Intermediary, lending, neighborhood revitalization, and housing development services are provided throughout the Delmarva Peninsula, and through a USDA contract, Regional Self-Help Housing Program Technical Assistance is provided in 21 states in the Northeast. Visit www.ncall.org or call 302-678-9400 to learn more.
About NCALL Loan Fund
The NCALL Loan Fund is a nonprofit community development financial institution (CDFI) with a mission to provide innovative lending and services targeted to affordable housing and community development. Since 2004, the Loan Fund has deployed more than $138 million in financing on the Delmarva Peninsula, resulting in the development of more than 860 affordable housing units; 400 rooms with supportive living services; 575,000 square feet of community facilities and 132,000 square feet of mixed-use/commercial space.
About the New Markets Tax Credit program
The New Markets Tax Credit (NMTC) program was enacted in 2000 in an effort to stimulate private investment and economic growth in low income urban neighborhoods and rural communities that lack access to the capital needed to support and grow businesses, create jobs, add affordable housing and sustain healthy local economies. The NMTC program is administered by the CDFI Fund, a branch of the U.S. Treasury Department. The CDFI Fund’s July 2020 announcement brings the total NMTC allocation it has awarded since inception of the program to $61 billion.
363 Saulsbury Road
Dover, DE 19904