NMTC's 2024 Impact: Over 61,000 Jobs Created and $8 Billion Invested in Distressed Communities

The New Markets Tax Credit (NMTC) has once again proven its efficacy as a catalyst for economic development in underserved areas, with the NMTC Coalition's 2025 Progress Report detailing the program's substantial impact in 2024. Funding 350 projects with an $8 billion investment, the NMTC facilitated the creation of over 61,000 jobs, underscoring its importance in addressing economic disparities and fostering job growth in communities most in need.

With 81.3 percent of NMTC financing directed towards severely distressed communities and 30.1 percent to non-metropolitan counties, the program has been pivotal in bridging the economic divide. The federal cost per job averaged under $20,000, demonstrating the program's cost-effectiveness in generating employment opportunities. Notably, the NMTC has supported a record number of manufacturing and industrial businesses, particularly benefiting rural areas, and has contributed to the construction or renovation of significant real estate and housing targeted at low-to-moderate-income households.

The report also highlights the NMTC's role in expanding access to essential services, with 75 healthcare projects and a record number of educational and training initiatives funded. These investments not only improve the quality of life for residents but also strengthen the foundational assets of communities, enabling long-term sustainability and growth.

Advocates for the NMTC, including Coalition spokesperson Bob Rapoza, emphasize the program's two-decade track record of success, urging Congress to make the credit permanent. The NMTC's ability to deliver capital to low-income communities, create jobs, and stimulate economic activity presents a compelling case for its expansion and permanence, offering a proven solution to economic challenges faced by underserved areas nationwide.