Investing in community development projects in low income communities can bring taxpayers one step closer to receiving a credit toward their federal income tax. By utilizing the New Markets Tax Credit, low income communities benefit.
New Markets Tax Credits
promote economic development in rural and urban low-income communities by increasing the amount of investment capital available. The City of Denver, in partnership with the Colorado Housing and Finance Authority and the Colorado Enterprise Fund, offers New Markets Tax Credit financing through the Colorado Growth and Revitalization (CGR) Fund, a community development entity. Since 2005, the CGR Fund has used $75 million NMTCs to help finance projects in underserved communities throughout Colorado.
Low income communities are eligible to benefit from the NMTCs and are defined by the US Treasury Department as census tracts with a poverty rate of at least 20% or median family income not exceeding 80% of the statewide median family income. For more information, visit: