This is a new series of short, laymans explanations of financing investments the City makes on behalf of the greater community. First up, New Markets Tax Credit (NMTC) Program.
The NMTC program was established by Congress in 2000. Qualified applicants receive a credit against federal income taxes for making equity investments in real estate projects that either enhance economic development capabilities or create low- and moderate-income jobs in the area. The Rocky Mountain Innovation Initiative (RMII) received $1.8 million in equity from New Markets Tax Credits through the Colorado Housing and Financing Authority for construction of their new building.
The business incubator has a solid track record of nurturing promising start-ups, which leads to job creation and economic growth for businesses and the community. The location of the new building is in an area identified by the federal government as a Qualified Low Income Community (QLIC).
NMTC program is a viable alternative tool in qualified areas that the City is looking forward to using for future projects. If you have an idea or project that might qualify, or to learn more about this innovative economic development resource, contact the City's Economic Advisor, Josh Birks (970) 221-6324 or amJpcmtzQGZjZ292LmNvbQ==.