New Markets Tax Credit Coalition Appoints Annie Donovan as New President Donovan sites effectiveness of program as tool for economic recovery in hardest hit communities
WASHINGTON, Jan. 31, 2011 /PRNewswire-USNewswire/ -- The New Markets Tax Credit Coalition, a national organization that promotes economic activity in low income communities through the New Markets Tax Credit (NMTC) program, appointed Annie Donovan as its new president. The NMTC program provides federal tax credit benefits for investments in businesses and community development projects located in urban and rural communities characterized by high rates of poverty and unemployment.
Since its inception, the NMTC program has brought $49.7 billion and 500,000 jobs to distressed communities throughout the nation, leveraging $8 of private investment for every dollar of federal tax credit incentive. Among the nearly 3,000 projects financed with NMTC through 2009, 90% were located in places where the median income was less than 60%, poverty rates were greater than 30%, and/or the unemployment rate exceeded the national average by 50%.
"With this kind of impact and return to the American public, our priorities for 2011 and beyond are clear," said Donovan, "the NMTC Coalition must safeguard this market-driven program and facilitate its growth to ensure availability of critical capital for low-income communities. In this time of public sector austerity, programs like NMTC offer a cost effective solution. I look forward to playing my part in the effort."
Annie Donovan, Chief Operating Officer for NCB Capital Impact, has been working in the field of community and cooperative development for 25 years. In addition to serving as President of the New Markets Tax Credit Coalition, Ms. Donovan sits on numerous boards and advisory committees including Community Reinvestment Fund, Housing Partnership Network, CoopMetrics Inc, Coastal Enterprises, and others. She has published papers for the National Academy for Public Administration, the Federal Reserve Bank of San Francisco, and the Federal Reserve Bank of Boston. She has been recognized as an Honored Cooperator by the National Cooperative Business Association.
Highlights of NMTC financed projects are featured in the NMTC Coalition's 10th Anniversary Report. More information about the program, as well as the full report on its impact over the last ten years, is available here: http://nmtccoalition.org/10th-anniversary-report
About New Markets Tax Credit Coalition
The New Markets Tax Credit Coalition, a national membership organization that includes representatives from over 150 institutions, promotes increased economic activity in low income urban and rural communities through the New Markets Tax Credit program. The New Markets Tax Credit Coalition carries out action-oriented research, policy review and analysis, technical assistance and lobbying in support of the New Markets Tax Credit. The coalition hosts two annual conferences and regularly publishes the NMTC Bulletin. The Coalition is managed by Rapoza Associates, a public interest lobbying, policy analysis and government relations firm located in Washington, DC. www.nmtccoalition.org
SOURCE NCB Capital Impact