The New Markets Tax Credit (NMTC) Program was established in 2000 and is administered by the CDFI Fund of the U.S. Department of Treasury. Georgia Development Capital Fund, Inc. (GDCF), a community development entity, was established by the Development Authority of Fulton County to participate in the NMTC program.
The program is designed to support and encourage economic development in distressed neighborhoods of a designed geographic area. GDFC serves all of Fulton County, including the City of Atlanta.
GDCF is especially focused on providing capital resources to businesses (for-profits and non-profits) that are seeking to expand economic development and service delivery opportunities while creating jobs in neighborhoods that have historically been unable to attract such resources. GDCF targets investments in certain areas of Fulton County, however it remains open to all qualified investment opportunities throughout the county.
The program allows individual and corporate taxpayers to receive a 39% tax credit against federal income taxes over a seven year period for making qualified equity investments in a community development entity such as GDCF. The investments are combined with other funding sources to create attractive, low-cost, non-traditional capital for business and real estate developments in economically distressed neighborhoods.
The program is flexible because it allows for the needs of the tax credit investors, borrowers, and CDE to be met in a variety of creative approaches depending on the sources of capital for the designated project. The types of projects are broad and with few exceptions.
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For more information regarding the program and project eligibility, please call our office at 404-612-8073.