New Markets Tax Credits
The New Markets Tax Credit (NMTC) program was created as a component of the Community Renewal Act (CRA) of 2000, a bipartisan legislative initiative of President William Jefferson Clinton and House Speaker Dennis Hastert.
The program allows taxpayers to receive credit against federal income taxes for making qualified equity investments in designated Community Development Entities (CDEs). Those qualified investments much be used by the CDE to provide investments in low-income communities.
Hampton Roads Ventures has been awarded four allocations of NMTCs; one in 2003, one in 2005, one in 2007 and another in 2009 all totaling $160 million. We were the first organization in Virginia to receive an allocations of NMTC, and the first firm in the country to develop a successful strategy to use NMTC with tax exempt bond financing. We are the only organization headquartered in Virginia and among only a handful in the country to have received more than one allocation.
Historic Preservations
Hampton Roads Ventures assists community developers to avail state and federal historic rehabilitation tax credit programs to help finance the preservation and adaptive reuse of eligible older buildings.
Our firm has the unique and specialized expertise to provide highly flexible and innovative financing for the restoration of historic landmarks, particularly structures that have become cultural icons in African American and Hispanic communities. We recognize that the restoration and re-use of these often threatened community icons may be essential to building and maintaining strong and culturally diverse neighborhoods.