CCEDC: Recruiting New Business with Professional Hospitality

New Markets Tax Credit

Covington County is a qualifying Census tract for the New Markets Tax Credit (NMTC). NMTC can subsidize approximately 20 percent of a project’s capital needs, usually in the form of low-interest, forgivable debt.

The program is primarily used to fund commercial and industrial developments, community facilities, operating businesses, and mixed-use projects. While NMTC can support a wide variety of project types, all projects need to create positive community impacts that can be quantified and documented. NMTCs can also be layered with many different financing sources, such as traditional debt, grants, tax increment financing, and Historic Tax Credits.