Washington, DC– At the Annual Meeting for the NMTC Coalition, it was announced that Robert Davenport will serve as the Coalitions 2016 President. The NMTC Coalition is a national membership organization of Community Development Entities and investors organized to conduct research on and advocacy for the New Markets Tax Credit.
“I am excited about this opportunity to serve as the President of the NMTC Coalition” Said Robert Davenport “The coalition is a voice for community development organizations around the country and this is a very important time for the us, as we fight to make the NMTC program permanent”
In his newly elected role, Davenport will be joined by Heidi DeArment of Montana Community Development Corporation, who will serve as Vice President; Jose Villalobos of TELACU, who will serve as Treasurer; and Kermit Billups of Greenline Ventures, who will serve as Secretary.
About New Markets Tax Credit Program
The New Markets Tax Credit was enacted in 2000 in an effort to stimulate private investment and economic growth in low income urban neighborhoods and rural communities that lack access to the patient capital needed to support and grow businesses, create jobs, and sustain healthy local economies. The NMTC is a 39 percent federal tax credit, taken over seven years, on investments made in economically distressed communities. Today due to NMTC, more than $70 billion is hard at work in underserved communities in all 50 states, the District of Columbia, and Puerto Rico.