Rise Young Professionals Prepare New Markets Tax Credit Application
With substantial assistance from its Young Professionals Board, on October 1, 2014 Rise submitted an application for a $30 million New Markets Tax Credit (NMTC) allocation.
Administered by the U.S. Department of the Treasury’s Community Development Financial Institutions fund, the New Markets Tax Credit program was established by Congress in 2000. The program permits investors to receive a credit against their federal income taxes for making qualified equity investments in designated community development entities. In turn, those entities must re-invest the equity investments in low-income communities.
Rise YP Board members, quarterbacked by Rise intern Alex McDonnell (Washington University 2015 JD/MBA candidate), and with invaluable oversight and direction from Rise Board chairman Jonathan Goldstein, spent hundreds of volunteer hours writing, editing, brainstorming, and advising the organization on the preparation and submission of its FY 2014 NMTC application. Comprised of young community development industry leaders in law, banking, government, finance, social services, neighborhood development, and market analytics, the Rise YP Board is armed with a mosaic of talented individuals equipped to tackle complex tasks. The brainpower of the members is second only in impressiveness to their generosity!
A NMTC allocation would allow Rise to facilitate investment into priority business lending and facilities development in the aggregate amount of $30 million. These investments would provide hundreds of new, accessible jobs in low-income communities, help to fill vacant commercial and industrial spaces, advance the vitality of critical commercial corridors, and catalyze additional private investment.
There is no doubt that, but for the assistance and leadership of its YP Board, Rise’s NMTC application endeavor would likely have never come to fruition – and would certainly not have achieved such a high level of quality. Rise will learn next summer if its application is successful.
Rise would like to say a huge “thank you” to its Young Processionals Board members for their hard work, diligence, and commitment to our mission of revitalization.
