ATLANTA – September 10, 2021 – Mayor Keisha Lance Bottoms today announced that Atlanta received a $50 million federal New Markets Tax Credit (NMTC) allocation from the U.S. Department of the Treasury to support economic development projects that help create jobs and revitalize neighborhoods in low-income areas. This latest NMTC award is the seventh provided to Atlanta Emerging Markets Inc., (AEMI), a certified Community Development Entity in partnership with Invest Atlanta, to bring additional investment to low-income areas of Atlanta. 

In this latest round announced by the Department of the Treasury, 100 Community Development Entities (CDEs) were awarded $5 billion in tax credit allocations made through the calendar year 2020 round of the NMTC program. AEMI was one of two organizations in the State of Georgia to receive an allocation. 

“This seventh New Markets Tax Credit award is a testament to AEMI’s dedication and success in bringing new investment to some of the most economically challenging parts of the city,” said Dr. Eloisa Klementich, president and CEO of Invest Atlanta and AEMI board member. “These awards have funded 25 projects, creating more than 3,500 jobs and $750 million in new capital investment. More importantly, they are helping to create an equitable future for more Atlantans.” 

In 2000, the U.S. Congress established the NMTC program to attract investment to census tracts with low median income and high unemployment. The program takes private equity contributed by investors and turns it into gap financing for redevelopment projects. Investors receive non-refundable tax credits in exchange for an equity investment in a local project that demonstrates meaningful community impact. 

Since its formation in 2005, AEMI has received $308 million from the Department of the Treasury. Some of AEMI’s recent investments include:

• Goodwill of North Georgia’s Center for Workforce Innovation – a 12,000-square-foot job training and career services facility in Southwest Atlanta, provides accessible job training in Southwest Atlanta to increase economic mobility. 
• Restoration House – a low-barrier homeless shelter for women and children that will serve over 1,200 individuals by providing 100 new shelter beds and critically important wrap-around services, including job training, childcare, and healthcare to Atlanta's most vulnerable homeless population. 
• Quest Westside Impact Center – a development that transformed a commercial strip center into a catalytic project providing new space for neighborhood-oriented commercial and nonprofit tenants, bringing together nonprofits and socially responsible businesses under one roof to serve Westside neighborhoods.