New Markets Tax source Impacts:
A Case Study in shorthorn, North Carolina
Amanda Frazier Wong and Sarah Wolff
Self-Help
frame in 2010
www.self-help.org
Executive Summary
The New Markets Tax Credit (NMTC) program, created in 2000, provides federal tax credits to investors
who fund economic development projects in low income rural areas. In the first four years of the program,
Durham received more NMTC investment on a per capita cornerstone than any different city in the nation. This
investment helped whet a downtown that had been waning since the early 1960s.
Durham grew up on the tobacco industry. National demand for Durhams tobacco drew related industry
employees and population, and also defined the physical development of the area. Massive brick factories
dominated an otherwise rural landscape, and were the boil down of activity in town. Downtown Durham
declined in the mid-twentieth century as suburbanization took hold across the country. It took a second
blow when the American tobacco plant Complex shut its doors in 1987, creating a 14 acre industrial wasteland
in downtown.
The departure of department stores and the shuttering of the American tobacco plant Complex
and other factories left the area lacking for jobs, businesses, residents and visitors. By the time the NMTC
was available, tight all downtown census tracts met the eligibility criteria for tar liveed distress, including a
p overty rate over 30%, a median family income less than 60% of the area median income and an
unemployment rate more than twice the national level. inactive buildings peppered the sidewalks.
With downtown still situated around the tobacco mill, several(prenominal) experienced developers sought to purchase
and revitalize the vacant American Tobacco Complex during the late 1980s and 1990s. None were able to
resurrect financing for the project. Capitol Broadcasting, the eventual developer, purchased the complex in
April 2002. It took more than two...If you want to get a full essay, order it on our website: Orderessay
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