New Markets Tax Credit

A building under construction

Building Stronger Communities 

As part of our long-term commitment to supporting the development and revitalization of underserved communities across our field of membership, VyStar created a New Market Tax Credit (NMTC) team to identify eligible projects, partner with investors and oversee the allocation of tax credits. The purpose of the NMTC team is to facilitate investments in low-income communities and promote economic development in underserved areas.  

What is the NMTC Program? 

Created in 2000, the NMTC Program is a $5 billion annual federal program that supports a wide range of businesses, including manufacturing, food, retail, mixed-use housing, health care, education and energy. Learn more about the NMTC Program. 

Our NMTC Team: 

In 2022, under the leadership of our Senior Vice President, Community Development Financial Institution & Impact Lending and with the support of NMTC industry experts, we formed our Community Development Entity and applied in the 19th round of the Program. We are excited to participate in the Program, and this capital will be used to reach more disadvantaged businesses and communities to create more positive community outcomes. VyStar also looks to participate in NMTC transactions and partner with like-minded organizations in creative ways, such as deploying loan funds into eligible lending opportunities.  

Our Funding Priorities: 

VyStar looks at a variety of important, impactful projects that address our community’s most critical needs. We have a strong preference for the following types of projects: 

  • Healthcare 

  • Childcare & Education  

  • Grocery 

  • Mixed-use Community Facilities  

  • Mixed-use Commercial and Residential 

  • Special consideration for projects that benefit veterans or active military  

We are hopeful that our lending efforts, including the NMTC program, can be instrumental in addressing some of these disparities in our markets across Florida and Georgia, including increased lending to underserved communities and people. 

“With growth, we want to make sure we’re intentional with all our lending activity across all three of our lending verticals: Consumer, Commercial and Mortgage. . . We will achieve this by engaging with our community partners and delivering products to our members that meet their unique needs, considering their socio-economic position, race, gender, and any factor that may have historically impacted their access to capital. I am excited to explore how the CDFI Fund can support this effort, NMTCs being one such tool.” Chief Lending Officer, Jenny Vipperman  

Have questions? Email the CDFI and Impact Lending team.