New Markets Redevelopment (NMR, a Wiggin Properties affiliate) uses federal New Markets Tax Credit (NMTC) allocations to provide low cost financing for real estate construction and redevelopment projects in highly distressed areas of downtown and near-downtown Oklahoma City and Tulsa. The projects we select demonstrate both the promise of exceptional benefits for low income communities and an expected catalytic impact on further investment in the immediate and surrounding area.
Our financing takes the form of low interest rate loans and soft equity investments, which can save the borrower or property owner 25% or more of the amount of the financing over the seven year term of the investment.
Since receiving our first allocation of New Markets Tax Credits in 2005, NMR has invested $157 million in downtown or near-downtown Oklahoma City, Tulsa, and Lawton.Learn More
The New Markets Tax Credit (NMTC) Program was authorized by Congress in 2000 for the purpose of encouraging capital investment in low income communities. It permits taxpayers to receive a credit against federal income taxes for making qualified equity investments in designated Community Development Entities (CDEs). Substantially all of the qualified equity investment must in turn be used by the CDE to provide investments in low-income communities.
The credit to the investor is equal to 39 percent of the cost of the investment and is claimed over a seven-year period. In each of the first three years, the investor receives a credit equal to five percent of the total amount of the investment, and in each of the final four years, the investor receives a credit of six percent. Investors may not redeem their investments in CDEs prior to the end of the seven-year period.