New Market Tax Credits

The New Markets Tax Credit program, or NMTC, attracts investment for real estate projects, community facilities, and operating businesses. 

 

New Markets Tax Credits are federal income tax credits used to encourage private investment in low-income communities around the United States.

The below map shows the areas of Norfolk that lie within a "severely distressed or non-metropolitan" area which is eligible for NMTC consideration. The City of Norfolk is interested and willing to partner with businesses and industries seeking New Market Tax Credits and will do what we can to assist with the attainment process.  

The City of Norfolk City is supportive of projects that look to utilize New Market Tax Credits and eager to connect the business with entities that can help examine this tool fully.