New Markets Tax Credit Program

This federal program is designed to fill financing gaps for high-impact projects, enabling private investors to make larger, more flexible investments. NMTC financing supports projects located in qualifying census tracts that deliver meaningful community benefits, such as job creation, job retention, and expanded access to essential services.

Investment Priorities

PCAP’s NMTC investments focus on projects that are deeply rooted in their communities and designed for lasting impact. Priority sectors include:

• Hospitality and tourism
• Mixed-use developments
• Manufacturing
• Retail

These investments help build stronger local economies by supporting businesses, creating quality jobs, and keeping economic benefits within the region.

Eligibility Requirements

To be considered for NMTC financing through PCAP, projects must meet the following criteria:

• Be located in a qualified NMTC census tract
• Have total project costs exceeding $6 million
• Demonstrate a clear need for NMTC financing to achieve project feasibility
• Show strong potential for quality job creation or retention, including competitive wages and benefits
• Be led by a project sponsor with a proven track record in workforce development
• Provide evidence of strong community support, including partnerships and alignment with local priorities
• Be situated within an Appalachian Regional Commission (ARC)-designated county in:
  • Kentucky
  • Maryland
  • North Carolina
  • Ohio
  • Pennsylvania
  • South
  • Carolina
  • Tennessee
  • Virginia
  • West Virginia