Since 2002, the Phoenix Community Development & Investment Corporation (PCDIC) has received and deployed $263 million (MM) in New Markets Tax Credit allocation from the U.S Treasury. The allocations have been capitalized with tax credit investors and traditional lenders to structure 29 projects valued at $791 Million with $336 MM in NMTC financing and attracting over $455MM in additional private investment. The NMTC loans are for acquisition, new construction, and rehab of commercial real estate.
NMTC loan deployment by PCDIC has generated an estimated 3,877 construction jobs, 9,390 new jobs (full- and part-time) in Phoenix.
To be eligible for NMTC program you must:
- Be located within an eligible NMTC distressed census tract within Maricopa County. An address verification will be required to confirm eligibility as maps show general areas. Please note areas within Phoenix may use either map to qualify.
- Seek financing starting around $1 million
NMTC loans can provide the following favorable terms (benefits):
• Lower closing costs to qualified applicants
• Competitive interest rates
• Higher Loan-to-Value or Loan-to-Cost ratios
• Up to seven years interest-only
Targeted industries include:
• Non profits
The goal is to encourage private sector investment in neighborhood revitalization and stabilization in low- to-moderate-income communities in Phoenix and Maricopa County.
For more information about this program and to determine eligibility of a project, and preliminary loan requirements, please contact Roberto Franco