NEW MARKETS TAX CREDITS (NMTCs)

New Markets Redevelopment LLC ("NMR") provides financing for real estate construction and redevelopment projects which will have a catalytic impact on the economic development of downtown and near-downtown Oklahoma City. To be eligible, a project must be located in a Low Income Community (see definitions), and must be consistent with the city's economic development priorities. Eligible projects may include office space, health care facilities, retail stores, mixed-use buildings, and community facilites. Project sponsors may be either for-profit or not-for-profit organizations.

NMR's financing takes the form of low interest rate loans and soft equity investments, which can save the borrower or property owner 25% or more of the amount of the financing over the seven year term of the investment. The financing is available only to projects that would not happen -- that would not be economically feasible -- without the low cost financing provided by this program. Projects that make use of other forms of assistance, in the form of city, state, or federal funding, or foundation or donor support, are considered favorably by NMR. NMR will fund construction and redevelopment costs, but not property acquisition costs.

NMR's low cost financing is possible because of the federal New Markets Tax Credit program. Since it received its first allocation of New Markets Tax Credits in 2005, NMR has made $34,000,000 of investments in downtown or near-downtown Oklahoma City. It has applied for an additional allocation of tax credits in 2007 and hopes that the CDFI Fund in the US Treasury Department will choose to authorize it to continue to make investments like those described on this website.