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Mascoma Community Development (MCD) is proud to announce an award of $60 million in New Markets Tax Credit (NMTC) authority from the U.S. Treasury’s Community Development Financial Institution (CDFI) Fund.
The NMTC program allows MCD to direct capital toward underserved communities through financing high-impact, mission-focused projects nationwide with a primary focus on New Hampshire, Vermont, Maine, New York, and Massachusetts.
This New Markets Tax Credit award represents MCD’s seventh allocation, providing a total of $395 million since their first award in 2014. MCD is a Community Development Entity (CDE) established by Mascoma Bank to deploy tax credits into projects that benefit severely distressed, low-income persons and/or communities, and which promote job retention and creation, downtown revitalization, business development and expansion, and additional catalytic development.
“We are proud to receive this award from the CDFI Fund, which will help support projects that catalyze positive change and economic growth in rural areas with great need for access to flexible capital,” said Ryan Bishop, Managing Director, Mascoma Community Development.
The New Markets Tax Credit was enacted in 2000 to stimulate private investment and economic growth in low-income rural communities and minor-urban neighborhoods that lack access to the flexible capital needed to support and grow businesses, create jobs, and sustain healthy local economies. The NMTC is a 39 percent federal tax credit, taken over seven years, on investments made in economically distressed communities.
“We are honored that MCD has received its fifth consecutive NMTC award, and its seventh allocation overall. We truly appreciate the continued support of the NMTC program from our Congressional delegations in Washington, D.C. so that our team can help connect rural communities with needed funding that can revitalize downtowns and provide quality job opportunities,” shared Clay Adams, President and CEO of Mascoma Bank.
When MCD receives a fee through its NMTC activities, a portion is also reinvested as a grant to support a CDFI partner that is local to the underlying project. Since 2021, MCD has funded $898,750 in CDFI partner grants to address community needs such as childcare, community health, affordable housing, and small business support.