New Markets Tax Credit Program (NMTC Program)
COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND, DEPARTMENT OF THE TREASURY
The New Markets Tax Credit Program (NMTC Program) aims to break a cycle of disinvestment by attracting the private investment necessary to reinvigorate struggling local economies. The NMTC Program attracts private capital into low-income communities by permitting individual and corporate investors to receive a tax credit against their federal income tax in exchange for making equity investments in specialized financial intermediaries called Community Development Entities (CDEs).
Disaster Relief Funds
RURAL HOUSING SERVICE, DEPARTMENT OF AGRICULTURE
The Rural Housing Service’s Community Facilities (CF) Technical Assistance and Training (TAT) Grant Program provides supplemental grant funding for eligible expenses related to the consequences of Hurricanes Michael and Florence and wildfires occurring in calendar year 2018, tornadoes and floods occurring in calendar year 2019, and other natural disasters.
Community Economic Development Program
OFFICE OF COMMUNITY SERVICES, ADMINISTRATION FOR CHILDREN AND FAMILIES, DEPARTMENT OF HEALTH AND HUMAN SERVICES
The CED program provides grant awards on a competitive basis to private non-profit community development corporations that design projects which address the economic needs of low-income individuals and families through the creation of sustainable business development and employment opportunities. Priority bonus points are granted to applicants from rural areas with high rates of poverty, unemployment, substance abuse use disorder, and areas designated as Opportunity Zones.
Community Revitalization Technical Assistance
ENVIRONMENTAL PROTECTION AGENCY
EPA’s Office of Community Revitalization (OCR) provides technical assistance and capacity to communities, helping them create locally led, community driven plans that include catalytic public investments that leverage private sector investments. The assistance helps rural and distressed communities identify and nurture economic drivers such as local and regional food systems, the health care economy, broadband investments, and the growing recreation economy in ways that lead to the revitalization of the Main Street economy, the reuse of vacant properties and buildings, and development that takes advantage of existing infrastructure. OCR and Regional partners also use geospatial analysis to understand environmental challenges in rural and distressed communities. Additionally, for rural communities with Opportunity Zones, OCR created a Community Prospectus Development Tool, and a Development Finance Toolbox with strategies for incentivizing and attracting Opportunity Zone investment.