New Markets Tax Credit (NMTC) Public Data Release

FY 2003 to FY 2017 Summary Report

November 2019

COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUNDwww.cdfifund.gov

Table of Contents

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Heading Slide

NMTC Program and Summary Report Overview Slide 3

NMTC Program Terms and Definitions Slide 4

NMTC Program Allocation Totals Slide 5

NMTC Real Estate and Non-Real Estate QALICBs Slide 6

NMTC Investments by Reporting Period Slide 7

NMTC Investments by Sector (NAICS) Slide 8

NMTC Investments by Sector : Office, Retail, Industrial, Residential Single and Mixed-Use Real Estate Slide 9

NMTC Investments by Sector: Healthcare and Social Services Slide 10

NMTC Investments by Sector: Manufacturing Slide 11

NMTC Investments by Sector: Education Services Slide 12

Geographic Distribution of NMTC Investments: Northeast Region Slide 13

Geographic Distribution of NMTC Investments: Midwest Region Slide 14

Geographic Distribution of NMTC Investments: South Region Slide 15

Geographic Distribution of NMTC Investments: West Region Slide 16

NMTC Investments in Areas of Higher Distress: Areas of Severe Distress Slide 17

NMTC Investments in Areas of Higher Distress: Rural or Non-Metropolitan Areas Slide 18

NMTC Investments in Areas of Higher Distress: Targeted Populations Slide 19

NMTC Investments in Areas of Higher Distress: Other Areas of Higher Distress Slide 20

Flexible or Nontraditional Rates and Terms Slide 21

Flexible or Nontraditional Rates and Terms Slide 22

Other NMTC Program Highlights Slide 23

NMTC Data Correction and Future Updates Slide 24

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NMTC Program and Summary Report Overview• The New Markets Tax Credit Program (NMTC Program) permits investors to receive a credit against Federal income

taxes for making qualified equity investments (QEIs) in designated Community Development Entities (CDEs). Substantially all of the QEIs must in turn be used by those awarded NMTC allocations (Allocatees) to provide investments in low-income communities. The credit provided to the investor totals 39% of the cost of the investment and is claimed over a seven-year credit allowance period.

• The CDFI Fund requires all Allocatees that have been awarded NMTC allocations to submit an annual report detailing how they invested QEI proceeds in low-income communities.

• These reports must be submitted to the CDFI Fund by the Allocatees, along with their audited financial statements, within six months after the end of their fiscal year.

• All NMTC investments by Allocatees must meet statutory qualifications for their investors to be able to claim the tax credit.

• The vast majority of NMTC investments are made within statutorily defined “Low-Income Communities.” In addition to making investments located in Low-Income Communities, Allocatees can rely on other statutory

provisions designed to target certain areas or populations, including provisions for Rural Counties, and Low-Income Targeted Populations.

The data represented in this summary report and accompanying data file was submitted by Allocatees prior to September 30, 2018.

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• Community Development Entity (CDE): A financial intermediary certified by the CDFI Fund that may apply to receive an Allocation Award of New Markets Tax Credits (NMTC) to make qualified low-income community investments.

• Low-Income Community (LIC): In the NMTC context, this refers to an NMTC-qualified census tract that meets certain criteria based on poverty rates, unemployment, and median household income.

• New Markets Tax Credit Project (NMTC Project): is a CDFI Fund term used to identify groups of QLICIs invested toward a common target or objective (e.g. a group of QLICIs sharing the same project address).

• North American Industry Classification System (NAICS): The North American Industry Classification System (NAICS) is the standard used by federal statistical agencies in classifying business establishments for the purpose of collecting, analyzing, and publishing statistical data related to the U.S. business economy. NAICS categories are used in this summary report to classify the types of businesses where NMTC investments are used.

• Qualified Equity Investment (QEI): An equity investment made into an eligible CDE that generates New Markets Tax Credits for the investor, equal to 39% of the investment over a seven-year period.

• Qualified Active Low-Income Community Businesses (QALICB): A nonprofit or for-profit entity in an NMTC-eligible census tract that receives an investment from a CDE through the NMTC Program.

• Qualified Low-Income Community Investments (QLICI): Any investment from a CDE into a QALICB that uses and complies with the NMTC Allocation Award and Section 45D of the IRS Code.

NMTC Program Terms and Definitions

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Through 15 application rounds of the NMTC Program, the CDFI Fund has made 1,178 awards, allocating a total of $57.5 billion in tax credit authority to CDEs through a competitive application process. This includes $3 billion in Recovery Act allocations and $1 billion of special allocation authority to be used for the recovery and redevelopment of the Gulf Opportunity Zone. Since the NMTC program’s inception, the CDFI Fund has allocated tax credit authority to 427 CDEsheadquartered in 45 states, the District of Columbia, Guam, and Puerto Rico.

NMTC Program Allocation Totals

$3.5 B$3.5 B

$7.0 B$3.5 B$3.5 B$3.5 B$3.6 B

$3.5 B$5.0 B$5.0 B

$3.9 B$4.1 B

$2.0 B$3.5 B

$2.5 B

$0 B $2 B $4 B $6 B

2018

2017

2015-2016

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2003

2002

AMOUNT OF ALLOCATION

ALLO

CATI

ON

RO

UN

D

7373

12076

8785

709999102

6163

4163

66

0 20 40 60 80 100 120

2018

2017

2015-2016

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2003

2002

NUMBER OF ALLOCATEES

ALLO

CATI

ON

RO

UN

D

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Allocatees generally invest in QALICBs that fall into one of two categories: real estate and non-real estate. Real Estate QALICBs are entities whose predominant business activity (e.g. more than 50% of gross income) is the development (including construction of new facilities and rehabilitation/enhancement of existing facilities), management, or leasing of real estate that will be sold or leased to third parties. Non-Real Estate QALICBs are entities whose predominant business activity includes all types of business activities other than those listed for real estate QALICBs. A small fraction of investments are directed towards other unrelated CDEs that have not received their own tax credit allocation. Based on program activities reported through FY 2017, QEI proceeds were directed to 5,799 projects –through both real estate, non-real estate QALICBs and investments made through Other CDEs.

NMTC Real Estate and Non-Real Estate QALICBs

Non-Real Estate Projects, 3,416

Real Estate Projects, 2,309

Projects from investments made

through other CDEs, 74

3,416 QALICBs (58.9% percent) were Non-RealEstate QALICBs or operating businesses. Thesebusinesses received $24,613,796,401 in NMTCinvestments (50.9% percent).

2,309 QALICBs (39.8% percent) were Real EstateQALICBs, where the principal activity is thedevelopment or leasing of real estate. Thesebusinesses received $22,983,486,559 in NMTCinvestments (47.5% percent).

74 QALICBs (1.3% percent) were the beneficiaries ofloans or investments made by CDEs through otherunrelated CDEs without allocations. Theseinvestments totaled $788,775,023 in NMTCinvestments (1.6% percent).

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Based on program activities reported through FY 2017, Allocatees disbursed a total of $ 48,331,394,983 in QEI proceeds towards 5,799 NMTC QALICBs.

NMTC Investments by Reporting Period

$3.8 B

$2.6 B

$3.2 B

$3.3 B

$4.1 B

$5.1 B

$5.5 B

$4.9 B

$3.3 B

$3.3 B

$3.2 B

$2.8 B

$2.1 B

$0.0 B

$0.0 B

$0.0 B

$0 B $2 B $4 B $6 B

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2003

2002

2001

NMTC QLICIs by Reporting Period

Repo

rtin

g Pe

riod

436355

403382389

420450

420395

475563

484396

2131332

0 100 200 300 400 500 600

20172016201520142013201220112010200920082007200620052004200320022001

NMTC Projects by Reporting Period

Repo

rtin

g Pe

riod

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Based on program activities reported through FY 2017, QLICIs were directed towards a broad range of investment sectors. To date, the top investment sectors have been Single and Mixed-Use Real Estate, Health Care and Social Services, Manufacturing and Educational Services. The chart below shows NMTC Investments aggregated at the two-digit NAICS level.

NMTC Investments by Sector (NAICS)

$13.3 B$9.5 B

$5.9 B$4.8 B

$2.5 B$2.5 B

$1.9 B$1.0 B$0.9 B$0.9 B$0.9 B$0.8 B

$0.6 B$0.6 B$0.5 B$0.5 B$0.3 B

$0 B $10 B

Single and Mixed-Use Real EstateHealth Care and Social Assistance

ManufacturingEducational Services

Accommodation and Food ServicesArts, Entertainment, and Recreation

Retail Goods and ServicesAgriculture, Forestry, Fishing and…

UtilitiesCDE

Publishing/Broadcasting/Telecom/Oth…Wholesale Trade

Other Services (except Public…Transportation and Warehousing

Professional, Scientific, and Technical…Construction/Contracting

Public Administration

ALL YEARS

QLICIS INVESTED BY NAICS CLASSIFICATION

$614 M$748 M

$379 M$242 M

$125 M$103 M

$61 M$13 M

$0 M$13 M$22 M

$62 M$30 M$31 M

$8 M$1 M$2 M

$0 M $200 M $400 M $600 M $800 MFY 2017

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NAICS QLICIs - All Years QLICIs - FY 2017

Single-Use Real EstateOffice $2,576,699,239 $119,643,437 Retail $2,088,059,860 $42,630,000 Industrial $319,440,492 $46,596,774 Residential $273,166,057 $17,139,400

Total $5,257,365,648 $226,009,611

Mixed-Use Real Estate

Two or more of the following: Office, Retail, Industrial, Residential; and one or more of the following: School, Health Care Facility, Social Services, Arts and Entertainment, Hotel, Administrative or other services $8,084,070,069 $388,270,766

Grand Total $13,341,435,717 $614,280,377 Real Estate as percentage of all QLICIs 27.57% 15.38%

Through FY 2017, nearly a third of all NMTC proceeds were invested in single and mixed-use real estate developments. These developments help to bring much needed products, services, jobs and neighborhood amenities to low-income communities. Around 15% of NMTC investments closed in FY 2017 were in single and mixed-use real estate developments.

NMTC Investments by Sector: Single and Mixed-Use Real Estate

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NAICS QLICIs - All Years QLICIs - FY 2017Health Care and Social Services

Ambulatory Health Care ServicesHome Health Care Services $28,359,013 $1,500,000 Offices of Physicians $240,002,238 $22,046,000 Offices of Dentists $46,861,014 $0 Offices of Other Health Practitioners $71,927,591 $1,100,000 Outpatient Care Centers $2,601,083,955 $267,675,750 Medical and Diagnostic Laboratories $43,061,388 $2,500,000 Other Ambulatory Health Care Services $24,602,183 $1,852,205

HospitalsGeneral Medical and Surgical Hospitals $1,460,622,725 $63,685,880 Psychiatric and Substance Abuse Hospitals $67,333,000 $0 Specialty (except Psychiatric and Substance Abuse) Hospitals $112,074,081 $0

Nursing and Residential Care FacilitiesNursing Care Facilities (Skilled Nursing Facilities) $329,456,855 $0 Residential Intellectual and Developmental Disability, Mental Health, and Substance Abuse Facilities $131,045,888 $5,940,000 Continuing Care Retirement Communities and Assisted Living Facilities for the Elderly $186,570,014 $0

Other Residential Care Facilities $1,300,000 $1,300,000

Social AssistanceIndividual and Family Services $2,259,542,148 $228,496,679 Community Food and Housing, and Emergency and Other Relief Services $1,276,285,677 $108,131,000 Vocational Rehabilitation Services $269,192,861 $5,790,000 Child Day Care Services $352,985,333 $38,449,722

Total $9,502,305,964 $748,467,235 Health as percentage of all QLICIs 19.64% 18.74%

Investments in healthcare and social services represent nearly 20% of overall NMTC investments through FY 2017. For loans closing just in FY 2017, this sector represented nearly 20% of NMTC investments.

NMTC Investments by Sector: Healthcare and Social Services

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NAICS QLICIs - All Years QLICIs - FY 2017Manufacturing

Apparel Manufacturing $15,194,000 $0 Beverage and Tobacco Product Manufacturing $16,249,999 $0 Chemical Manufacturing $701,252,240 $20,090,000 Computer and Electronic Product Manufacturing $93,941,939 $8,517,500 Electrical Equipment, Appliance, and Component Manufacturing $152,295,761 $39,623,000 Fabricated Metal Product Manufacturing $504,224,302 $23,953,442 Food Manufacturing $1,649,131,474 $114,752,847 Furniture and Related Product Manufacturing $137,350,727 $5,770,000 Leather and Allied Product Manufacturing $2,526,601 $0 Machinery Manufacturing $276,800,826 $29,115,000 Miscellaneous Manufacturing $99,422,268 $240,000 Nonmetallic Mineral Product Manufacturing $218,371,510 $52,616,013 Paper Manufacturing $251,659,562 $0 Petroleum and Coal Products Manufacturing $6,500,000 $2,500,000 Plastics and Rubber Products Manufacturing $272,889,682 $16,720,500 Primary Metal Manufacturing $568,072,639 $19,700,000 Printing and Related Support Activities $47,417,973 $1,785,000 Textile Mills $61,871,334 $0 Textile Product Mills $1,359,500 $0 Transportation Equipment Manufacturing $440,281,775 $27,400,844 Wood Product Manufacturing $385,963,414 $16,450,000

Total $5,902,777,525 $379,234,146 Manufacturing as percentage of all QLICIs 12.20% 9.50%

Investments in a broad range of manufacturing facilities represent the third largest share of NMTC investments for FY 2017 and for all investments to date.

NMTC Investments by Sector: Manufacturing

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NAICS QLICIs - All Years QLICIs - FY 2017

Educational ServicesElementary and Secondary Schools (Including Charter Schools) $3,365,635,960 $150,717,878

Colleges, Universities, and Professional Schools $794,850,248 $57,000,000

Junior Colleges $218,958,724 $3,500,000

Other Schools and Instruction $188,454,673 $12,488,963

Technical and Trade Schools $159,965,621 $10,500,000

Educational Support Services $80,607,517 $7,922,500

Total $4,808,472,743 $242,129,341 As percentage of all QLICIs 9.94% 6.06%

Investments in educational services, including elementary and secondary schools, represent the fourth largest share of NMTC investments for FY 2017 and for all investments to date.

NMTC Investments by Investment Sector: Educational Services

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The maps on slides 13-16 show the amount of NMTC investments on a dollar per LIC (Low-Income Community) resident basis. This figure was calculated by dividing the amount of investment in each county or county-equivalent area by the number of residents living in LICs. The four categories of investment were determined by using the first, second, third and fourth quartiles. Counties shaded in darker blues received more dollars on a per LIC basis than counties shaded in lighter blues.

Based on program activities reported through FY 2017, the top five Northeastern counties to receive NMTC investments on a per LIC basis were Adams County, PA ($13,564); Windham County, VT ($8,291); Piscataquis County, ME ($6,700); Washington County, VT ($4,117)and Coos County, NH ($3,965).

The top five Northeastern counties to receive NMTC investments in absolute amounts were Suffolk County, MA($1.035 B); New York County, NY ($923 M); Philadelphia County, PA ($859 M); Bronx County, NY ($751 M); and Kings County NY ($746 M).

Geographic Distribution of NMTC Investments: Northeast

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Based on program activities reported through FY 2017, the top five Midwestern counties to receive NMTC investments on a per LIC basis were JerauldCounty, SD ($16,667); Richland County, WI ($15,412); Steele County, MN ($12,814); Brown County, IL ($9,782) and Dawson, NE ($10,696).

The top five Midwestern counties to receive NMTC investments in absolute amounts were the City of St. Louis, MO ($1.328 B); CookCounty, IL ($1.126 B); Milwaukee County, WI ($1.013 M); CuyahogaCounty, OH ($935 M) and Hamilton County, OH ($823 M).

Geographic Distribution of NMTC Investments: Midwest

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Based on program activities reported through FY 2017, the top five Southern counties to receive NMTC investments on a per LIC basis were Bryan County, OK ($8,422); Orleans Parish, LA ($8,404); Obion County, TN ($7,639); Clarke County, MS ($7,106) and Richland Parish, LA ($6,746).

The top five Southern counties to receive NMTC investments in absolute amounts were Orleans Parish, LA ($1.638 B); Washington, D.C. ($1.025 B); the City of Baltimore, MD ($866 M); Fulton County, GA ($471 M) andJefferson County, KY ($403 M).

Geographic Distribution of NMTC Investments: South

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Based on program activities reported through FY 2017, the top five Western counties to receive NMTC investments on a per LIC basis were Lewis and Clark County, MT ($7,786); Kusilvac Census Area, AK ($7,450); Grant County, OR ($6,707); Morrow County, OR ($5,665); and Curry County, OR ($5,062).

The top five Western counties to receive NMTC investments in absolute amounts were Los Angeles County, CA ($1,1.571 B); King County, WA. ($672 M); San Diego County, CA ($609 M); Maricopa County, AZ ($581 M);and Multnomah County, OR ($461 M).

Geographic Distribution of NMTC Investments: West

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Allocatees can go beyond the statutory minimum distress requirements of the NMTC Program by committing to serve areas of higher distress. CDEs can do this in one of two ways: (1) CDEs can invest in areas that meet at least one of the criteria for Primary indicators of higher distress; or (2) CDEs can invest in areas that meet at least two of the criteria for Secondary indicators of higher distress.

One way to meet the primary criteria is by investing in census tracts that meet at least one of the following three “severe distress” criteria: (1) poverty rates of 30% or greater; (2) median family income at or below 60% of applicable area median income; or (3) unemployment rates at least one and a half times the national average.

Investment Areas: Higher Distress

75.35%

44.13%

52.38%

55.28%

INV ES TMENTS MEETING A T LEA S T O NE O F THE PRIMA RY S EV ERE D IS TRES S CRITERIA

PO V ERTY RA TES GREA TER THA N 30%

MED IA N INCO ME LES S THA N O R EQ UA L TO 60% O F A REA MED IA N INCO ME

UNEMPLO YMENT A T LEA S T 1 .5 T IMES THE NA TIO NA L A V ERA GE

ALL YEARS

PERCENTAGE OF QLICIS INVESTED IN AREAS OF HIGHER DISTRESS

71.77%

46.25%

51.31%

52.21%

FY 2017

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Allocatees can also meet the primary criteria for serving areas of higher distress by serving census tracts in rural or non-metropolitan counties. Through the Tax Relief and Health Care Act of 2006, Congress required that the New Markets Tax Credit Program direct a proportional amount of investment to non-metropolitan counties. Beginning with the CY 2008 allocation round, the NMTC Program used 20% as the appropriate benchmark for ensuring a proportional allocation of QLICIs in non-metropolitan areas which approximated the percentage of the U.S. population that resides in non-metropolitan counties.

Investment Areas: Non-Metropolitan

24.08%N O N - M E T R O P O L I T A N

C E N S U S T R A C T

ALL YEARS

PERCENTAGE OF QLICIS INVESTED IN NON-METROPOLITAN COUNTIESCY 2008 ALLOCATION TO PRESENT

23.85%

FY 2017

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And finally, Allocatees can meet the primary criteria for serving areas of higher distress by serving Targeted Populations. Projects can meet this criteria by serving Targeted Populations to the extent that: (1) such projects are at least 60% owned by members of eligible Targeted Populations; (2) at least 60% of the employees are members of eligible Targeted Populations; or (3) at least 60% of the customers are members of eligible Targeted Populations.

Investment Areas: Targeted Populations*

4.46%TARGETED

POPULATIONS

ALL YEARS

PERCENTAGE OF QLICIS INVESTED IN TARGETED POPULATIONS

5.68%

FY2017

*IRS Notice 2006-60, 2006-2 C.C. 82 defines Targeted Population as individuals or an identifiable group of individuals, including an Indian tribe, who are low-income persons or otherwise lack adequate access to loans or equity investments.

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The vast majority of NMTC investments meet the primary criteria for investments in areas of higher distress. For the fraction of investments that do not meet the primary criteria, Allocatees can still meet their commitment to serving areas of higher distress by investing in projects that satisfy at least two of the secondary criteria below.

Investment Areas: Other Federal, State, Regional and Locally Designated Areas of Higher Distress

20.25%

15.28%

11.82%

10.08%

5.32%

5.83%

2.49%

0.78%

0.26%

S B A D E S I G N A T E D H U B Z O N E

M E D I C A L L Y U N D E R S E R V E D A R E A

B R O W N F I E L D R E D E V E L O P M E N T A R E A

F E M A O R M A J O R D I S A S T E R D E C L A R A T I O N A R E A S

A P P A L A C H I A N R E G I O N A L C O M M I S S I O N O R D E L T A R E G I O N A L A U T H O R I T Y

F O O D D E S E R T

D E S I G N A T E D N A T I V E A M E R I C A N O R A L A S K A N A T I V E A R E A , H A W A I I A N H O M E L A N D , O R R E D E V E L O P M E N T …

E N C O M P A S S E D B Y H O P E V I R E D E V E L O P M E N T P L A N

C O L O N I A S

ALL YEARS

PERCENTAGE OF QLICIS INVESTED IN OTHER AREAS OF HIGHER DISTRESS

8.25%

15.48%

12.62%

5.72%

7.63%

14.15%

2.88%

0.91%

0.77%

FY 2017

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The CDFI Fund requires Allocatees to offer financing with flexible or non-traditional rates and terms to low-income communities. Allocatees can meet this requirement in one of three ways: (1) by offering equity or equity equivalent financing; (2) by offering debt with interest rates that are a pre-specified percentage below either prevailing market rates or the Allocatees current offerings; or (3) by satisfying a designated number of criteria from a CDFI Fund defined list of criteria (these criteria are provided on the following slide).

Flexible or Non-traditional Rates and Terms

9.83%EQ UITY O R EQ UITY-

EQ UIV A LENT F INA NCING

ALL YEARS

PERCENTAGE OF QLICIS OFFERING EQUITY OR EQUITY-EQUIVALENT FINANCING

7.18%

FY 2017

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Allocatees can meet the requirement for offering financing with flexible or non-traditional rates and terms by satisfying a designated number of criteria (specified in their Allocation Agreements) from the list of criteria below. Through FY 2017, nearly 92 percent of QLICIs met at least two of the criteria for flexible or non-traditional rates and terms. In FY 2017 alone, over 98 percent of QLICIs met at least two of the criteria.

Flexible or Non-traditional Rates and Terms Cont.

91.92%

94.72%

78.00%

80.66%

67.70%

52.51%

54.11%

45.72%

34.21%

14.14%

B E L O W M A R K E T I N T E R E S T R A T E S

S A T I S F I E S A T L E A S T 2 O F T H E I N D I C I A O F F L E X I B L E O R N O N - T R A D I T I O N A L R A T E S …

A L O N G E R T H A N S T A N D A R D P E R I O D O F I N T E R E S T O N L Y L O A N P A Y M E N T S

L O W E R T H A N S T A N D A R D O R I G I N A T I O N F E E S

H I G H E R T H A N S T A N D A R D L O A N T O V A L U E R A T I O

A L O N G E R T H A N S T A N D A R D A M O R T I Z A T I O N P E R I O D

M O R E F L E X I B L E B O R R O W E R C R E D I T S T A N D A R D S

L O W E R T H A N S T A N D A R D D E B T S E R V I C E C O V E R A G E R A T I O

S U B O R D I N A T E D D E B T

N O N T R A D I T I O N A L F O R M S O F C O L L A T E R A L

ALL YEARS

PERCENTAGE OF QLICIS OFFERING OTHER FLEXIBLE RATES AND TERMS

98.40%

98.32%

90.68%

90.68%

80.67%

65.62%

66.62%

45.38%

38.20%

16.58%

FY 2017

11/22/2019 // 23

NMTC Data Correction and Future Updates

All transaction level data represented in the preceding slides is taken from the Transaction Level Report (TLR) submitted by CDE Allocatees. This data has not been independently validated and may contain errors.

With the publication of this report, Allocatees may identify updates or corrections related to the data published in the summary report and accompanying data file. In such cases, the CDEs may contact the CDFI Fund’s Financial Strategies & Research department at CDFI-FinancialStrategiesandResearch@cdfi.treas.gov.

Please provide the Originator Transaction ID, Project Number, Project Address and Project FIPS for the data records you wish to modify. The CDFI Fund will incorporate such information in future NMTC public data releases.