New Markets Tax Credit
Changing The Face Of Our Community
The New Markets Tax Credit program spurs investments into operating businesses and real estate projects located in low income and distressed census tracts.
Metro Bank and its parent company, Louisville Development Bancorp (LDB) work to attract investment capital from partners who make equity investments in the projects. The program is much more than cleaning up a blighted neighborhood or industrial district; it’s about bringing new life, jobs, and long-term economic impact to a city.
Since 2004, LDB has received $124.5 million in NMTC allocation authority from the Community Development Financial Institutions Fund, U.S. Department of Treasury. To learn more about the NMTC program, click here
Metro Bank manages the NMTC program for LDB. Through the NMTC program, LDB and Metro Bank have been tireless leaders in bringing economic development to the downtown Louisville region, especially in distressed neighborhoods.
To see a complete list of projects that received a portion of our Allocation and the impact each has had on our community, please go to our Winning Projects Summary.
NMTC Application Process
LDB is seeking those projects that will be most beneficial to the community and those which are in most need of NMTC. To best do this, we have initiated a formal application process which allows us to evaluate each potential project and select those most fitting for NMTC based on community and economic factors. Candidate projects must meet all, but not limited to, the following criteria:
- The applicant must be a business. Examples: develop commercial real estate, start a business, or expand an existing business.
- The project must be located in a qualifying census tract.
- The project could not be done at all or could not be done to the scope proposed without the use of NMTC.
- Upon completion, the project will have significant, permanent positive economic impact on the community.
- The business must have located and have a firm commitment from one or more investors that are willing to invest the entire amount that the business needs.
If you have any questions about LDB’s New Markets Tax Credit Program please contact us.
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