New Markets Tax Credit Impact Report: Oxford Mills

Oxford Mills, a mixed-use development in the South Kensington-Fishtown neighborhood of Philadelphia, is generating transformational community impact by reducing housing costs and creating quality jobs. Funded in part by Enterprise Community Partners’ New Markets Tax Credit (NMTC) business, the former factory now operates as a hub of community-based nonprofit activity while providing opportunities for local teachers to live in the community they serve.

This report digs into the impact Oxford Mills has brought to the surrounding community since it opened in 2014, including:

• 115 rental homes, with 65 offered at a 20% rent discount for teachers
• 218-plus full-time jobs created through nonprofit tenants
• 42,000 square feet of below-market-rate office space for 8 mission-driven organizations
• Notable neighborhood improvements, including reduced poverty and unemployment rates

As the federal NMTC program faces reauthorization, this case study offers powerful evidence of its efficacy. Learn more about the effort to make NMTC permanent.