New Markets Tax Credits
New Markets Tax Credits (NMTC)
NMTCs incentivize community development and economic growth through the use of tax credits that attract private investment to distressed communities. By closing project financing gaps, the NMTC Program enables investors to make larger investments than would otherwise be possible.
As the economic development organization serving the City of St. Louis, SLDC administers the NMTC Program, which has been a tremendous tool for the City. Since 2004, the U.S. Treasury Department has awarded 12 allocations to SLDC, totaling an incredible $543 million in tax credit authority.
Over the life of the program, SLDC has used its allocation to finance 103 real estate developments and businesses, both for-profit and not-for-profit, resulting in the creation and retention of approximately 6,800 jobs in the City of St. Louis.
Beneficiaries of SLDC’s NMTC Program:
Housing Access & Neighborhood Stabilization Revolving Loan Fund
In 2022, SLDC established the fund, which leverages American Rescue Plan Act (ARPA) capital and New Markets Tax Credits to finance the creation of for-sale units targeting households earning less than 80 percent of Area Median Income (AMI).
Tabernacle Community Development Corporation – Hebert Homes Project: 26 affordable for-sale housing units in JVL
Habitat for Humanity – $7 million NMTC supported loan for affordable housing production
Ronald McDonald House – up to $6 million in NMTC to support construction of new 72-room RMH to serve ~450 additional families/year
St. Louis Symphony Orchestra – up to $7 million in NMTC for SLSO’s new, 3,660-square foot Education and Learning Center, which is attached to the larger Powell Hall expansion project.
Urban League of Metropolitan Saint Louis (ULSTL) - $10 million for the redevelopment and expansion of the Urban League’s Headquarters at 1408 North Kingshighway Blvd.
Doorways – $8 million to help fund housing services for people living with HIV/AIDS on Jefferson in JVL neighborhood
Contact:
Zachary Wilson
VP Economic Development Incentives
wilsonz@stlouis-mo.gov • 314.657.3773
Bill Seddon
SVP, New Markets Tax Credit Program
seddonb@stlouis-mo.gov • 314.657.3705