The Public Finance Initiative & Maryland Community Investment Corporation (MCIC) Convene to Address Decades of Disinvestment In Rural Maryland

MCIC's Rural Convening demystified New Market Tax Credits and integrated approaches to capital

BOSTON, Feb. 26, 2026 /PRNewswire/ -- Together, the Maryland Community Investment Corporation (MCIC) and the Public Finance Initiative (PFI) hosted an in-person, multi-day capacity building workshop focused on financing strategies and tools to support rural development across Maryland. The convening asked a central question: what will it take to make consistent and equitable rural development at scale more feasible?

Participants examined two decades of New Markets Tax Credit (NMTC) activity in the state and explored how deployment patterns have shaped outcomes. This history "illustrates a significant gap between urban and rural investment and the need for strategies to help rectify this for rural communities currently under-represented in NMTC deployments," said MCIC CEO Michael Porkony.

The workshop is part of PFI's Rural and Small Cities Program and is supported by the Robert Wood Johnson Foundation. Participants learned about MCIC's strategic plan and plans to develop new lending instruments and collaboratively surfaced rural projects in their jurisdictions that they consider important and in need of future investment. They also learned about development finance, public finance, and NMTCs via expert presentations that shared examples of the lifecycle of mission-driven deals, and considered how different financing tools could be approached with an integrated lens to meet critical gaps facing rural communities. "We must channel resources into rural communities that have been starved of investment while continuing to confront the deep, systemic disinvestment that persists in many of our urban neighborhoods," said Maryland Department of Housing and Community Development Secretary Jake Day. "The convening was a chance to think bigger about how we align capital with community priorities and how we ensure that investment reaches the places and people who need it most."

Attendees represented communities from across the state, including Dorchester, Washington, Allegany, St. Mary's, Kent, and Anne Arundel Counties, as well as partners working throughout Mountain Maryland, the Eastern Shore, and Southern Maryland. Their input informed how MCIC can best serve rural Maryland communities moving forward, with PFI Executive Director Lourdes German emphasizing that it's essential "to build capacity and expertise within rural communities to help leaders in rural city ecosystems assess their financing barriers and learn how public finance strategies can be blended and braided with other sources of funding via a strategy that supports place-based outcomes"

About the Public Finance Initiative
The Public Finance Initiative (PFI) partners with governments & organizations who want to embed values in public finance decision-making to create lasting change in the world. The Public Finance Initiative is a fiscally sponsored organization of TSNE, a 501(c)3 tax-exempt organization. Learn more at www.publicfinanceinitiative.com and stay connected with PFI on LinkedIn, Instagram, Facebook and X.

About MCIC
The Maryland Community Investment Corporation (MCIC) is a state-chartered, independent instrumentality established to expand investment in low-income communities across Maryland. MCIC serves as a qualified community development entity, deploying catalytic capital, leveraging federal New Markets Tax Credits, and coordinating with public and private partners to build long-term financial capacity and inclusive economic opportunity. MCIC drives equitable community development across Maryland by expanding access to resources, fostering collaboration, and making catalytic investments to spark inclusive growth. To learn more, read MCIC's partnership toolkit, share mission-driven real estate projects through MCIC's pipeline for financing and technical assistance, stay engaged by signing up for MCIC's regional Community Advisory Boards, and connect with MCIC by visiting mdcommunityinvestment.com or follow MCIC on LinkedIn.

SOURCE The Public Finance Initiative