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The New Markets Tax Credit (NMTC) program was created to incentivize investment, community development, and economic growth in low-income and distressed areas across America.
But what are these areas and where are they located in North Dakota?
Let’s dive into the common places across the state that meet NMTC eligibility requirements.
Eligibility Criteria
To qualify for NMTC, projects must be located in a designated qualified census tract. These areas are determined based on census data, ensuring that regions needing economic development the most receive support. These areas are determined using the latest census data, guaranteeing the most current and relevant information directing the use of the NMTC program.
Eligible Areas in North Dakota
Several larger eligible areas throughout North Dakota have been identified as low-income and distressed areas for NMTC projects. These areas represent opportunities for significant development and economic growth.
For a more comprehensive view of areas that meet NMTC eligibility, you can access a full map here. While this image only shows the larger regions, zooming in on different parts of the state will allow you to locate additional eligible pockets throughout North Dakota.
Highly Distressed Areas
As of the 2020 census data, several areas of North Dakota have been classified as highly distressed due to their low median incomes and high rates of unemployment.
Projects in these areas are *highly prioritized, including:
Devils Lake – Census Tract 38005940100
Grand Forks – Census Tract 38035010301
Fargo – Census Tract 3801700502
Fargo – Census Tract 38017010111
Grand Forks – Census Tract 38035010302
Sioux County – Census Tract 38085940900
*While projects in these areas are highly prioritized, NMTC allocations are not limited to these areas and are available to any of the eligible areas across the state, as indicated on the 2020 NMTC map.
North Dakota has several eligible areas for the NMTC program to reach. The best part about it? This map helps determine those areas and ensures that the transformative power of NMTC is directed where it’s needed most.
If you have a project located in any of the eligible areas in North Dakota, please reach out to our team as soon as you can (even if the project is in preliminary stages!). Early outreach ensures that your project can be considered as part of Dakota Business Lending’s project pipeline, putting it on the path to potentially being the next business helped by this powerful program.
For more information about the NMTC program, visit our webpage.
