New Markets Tax Credit

Rebuilding local communities.

Revitalizing Massachusetts & Rhode Island communities 


As a longtime resource for small businesses, Rockland Trust is proud to help communities rebuild through the federal New Markets Tax Credit (NMTC) Program. This program aims to encourage investment in low-income communities via tax incentives.

Rockland Trust has received four NMTC awards totaling $191 million in tax credit allocation authority through the NMTC Program. The resulting loans we've provided to Massachusetts and Rhode Island businesses have helped to create approximately 4,800 jobs and the acquisition and rehabilitation of over 3.9 million square feet of real estate.

The New Markets Tax Credit Program has strict borrower eligibility requirements.


The following types of borrowers may qualify for a NMTC loan:

  • A borrower formed solely to develop or own real estate in a qualifying low-income community, which does not own other real estate or have other significant assets
     
  • A borrower formed to acquire owner-occupied commercial real estate, when both the landlord and tenant are related parties and qualified borrowers and the tenant is the primary occupant 

  • A borrower may qualify if most (i.e., greater than 50%) of its employees and tangible property are located in a qualifying low-income community. A professional services business (e.g., CPAs, doctors, or law firms) located in a low-income community will therefore usually qualify as a borrower


NMTC rules prohibit loans to the following categories of potential borrowers:

  • Apartment buildings 

  • Golf courses or country clubs 

  • Race tracks or other gambling facilities

  • A store, such as a liquor store, the principal business of which is the sale of alcoholic beverages for consumption off premises (a restaurant that sells alcohol for consumption incidental to the sale of food may qualify)

To Get Started

To learn more or apply for a loan as part of the New Markets Tax Credit program:

Call Michael Savage at 888.878.7824 or email him at Michael.Savage@RocklandTrust.com