New Markets Redevelopment (NMR) will give priority to projects which are considered priorities for economic development by the City of Oklahoma City or the City of Tulsa, show promise of exceptional community benefits for residents of the low income community, and are expected to have a catalytic impact on further investment in the surrounding area.
Projects proposed for NMTC financing will be underwritten by NMR's staff for market demand, economic feasibility, timetable, community impact, and experience and capability of the development team.
Every project will be required to meet the following conditions:
Not Otherwise Feasible
In order to qualify for NMTC financing from NMR, a project sponsor must demonstrate, to the satisfaction of the NMR Board, that the proposed project would not be feasible without the use of New Markets Tax Credits.
In addition, a project sponsor must demonstrate that the proposed project will have a catalytic impact on the economic development of the surrounding low income community. This impact may be shown in some or all of the following ways:
- Job retention or creation of new jobs a large percentage of which are accessible to low income persons in the community.
- Those jobs should be quality jobs that provide living wages and employment benefits.
- Provide commercial goods or services to the low-income community — retail, restaurants, hotels, etc.
- Provide access to fresh or healthy food with grocery stores, supermarkets or farmer's markets.
- Increase access to high quality community goods or services — healthcare, social services, educational or cultural.
- Assisting Minority-owned or Minority-controlled businesses including contractors and tenants.
- Flexible lease rates for businesses that are locally-owned, Minority-owned or Minority-controlled and non-profit organizations.
- Provide housing opportunities for low income persons or residents of the low-income community.
- Environmentally sustainable practices in the construction and operation of the project.
- Increase the tax base and tax revenues that will fund city services.
5801 N. Broadway Ext, Suite 120, Oklahoma City, OK 73118 | Fax: 405.848.8248
New Markets Redevelopment
Contact Us: 405.842.0100