Enterprise shares the closing of three high-impact NMTC developments this past November after receiving a $55 million New Markets Tax Credit (NMTC) award from the U.S. Treasury Department’s Community Development Financial Institutions Fund recently – marking our 15th award and over $1.1 billion received to date.
In our annual Social Return on Investment Report, we explore the story of Dennis Willard in detail – as well as those of several members of the community who found support through HopeWorks. We also dig into our numbers: $10.2 billion invested and 78,000 homes created or preserved in 2022.
Tina Rogert manages a jobs training program and furniture store in Everett, Washington and recently moved into a home of her own. Moving up in a job and getting your own place may seem like a typical sequence of events. But Tina’s path has not been smooth or ordinary. Tina credits the support she received from job training and housing organizations HopeWorks and Housing Hope with her ability to rebound from periods of addiction and homelessness.
Brandon Adkins teaches kitchen skills to people who want to turn their lives around. He realizes, however, that the food these people are learning to chop, prepare, and cook, is not the most important ingredient.
“Food is a tool,” said Brandon, who is culinary trainer at Kindred Kitchen, a job skills training program In Everett, Washington. “What’s most important is that these individuals gain self-esteem and the ability to know they are capable of changing their lives for the better.”
Reps. Claudia Tenney (R-N.Y.) and Terri Sewell (D-Ala.) introduced the New Markets Tax Credit (NMTC) Extension Act of 2023 on Thursday to make the credit a permanent part of the tax code.
While continued market uncertainty could cloud the outlook for affordable housing and community development in 2024, Enterprise leaders see reasons for optimism and the potential for significant opportunities. “Despite sustained headwinds over recent years, there are positive signs ahead,” said Scott Hoekman, president of Enterprise Housing Credit Investments. We spoke with Hoekman and other Enterprise capital experts about affordable housing and community development trends this year.