City of Miami - Economic Initiatives

New Markets Tax Credits (NMTCs)

The New Markets Tax Credit (NMTCs) program is nationally recognized for steering low interest, private capital into distressed census tracts to capitalize hard to fund commercial and residential projects. In an effort to bring this focus on the City of Miami, the Economic Development Department created a Community Development Entity (CDE) for purposes of applying and allocating New Markets Tax Credits. The first step for the CDE is to collaborate with industry experts to educate and connect our local constituents to NMTC program opportunities. We are currently partnering with Hampton Roads Ventures (HRV) from Norfolk, Virginia to apply for a $75 million allocation exclusively for Miami! HRV is a community development investment firm that has partnered with the City of Miami to help attract private sector investment capital to apply specifically towards innovative real estate projects in lower income neighborhoods. As experienced community economic development professionals, HRV recognizes the potential to enhance livability across all communities in the City and is sensitive to the unique opportunities, challenges and constraints.

In the interim, the City of Miami Economic Development Department will be sponsoring and co-hosting a number of seminars and conferences to promote and introduce local development entities to NMTC industry peers. Should you be interested in receiving more information on NMTC educational and matchmaking events, please contact us at ed@miamigov.com. To apply, simply click on the application form to the right of this page.

Economic initiatives: Home | Contact Us | About Us