Sunrise Banks has been participating in the federal New Markets Tax Credits (NMTC) program since 2009, sparking economic growth in low-income communities throughout the Twin Cities.
The NMTC program was established by Congress in 2000 and encourages investment in areas of concentrated poverty. These tax credits are allocated to Community Development Entities each year by the United States Department of the Treasury to raise money for investment in low-income neighborhoods. Eligible businesses must operate in a low-income area as defined by U.S. Census data.
NMTCs are intended to support business growth and job creation as well as spur economic development in underserved communities across the country. Projects most often involve acquisition, rehabilitation or construction of real estate or the expansion of operating businesses. Typical projects can include:
- Commercial Development
- Factories and Industrial Facilities
- Education Facilities
- Mixed-use Properties
- Healthcare or Health-related Facilities
- Community or Cultural Centers
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