Mercy Loan Fund President Julie Gould signed on to the following letter supporting key CDFI programs:
The New Markets Tax Credit expired at the end of 2011. Without Congressional action, distressed markets across America and the institutions that invest private capital in them will be deprived of this critical resource.
LETTER TO CONGRESS ON NMTC:
Dear Mr. Speaker and Mr. Majority Leader:
We, the undersigned community development financial institutions and allies, are writing to urge you to extend the New Markets Tax Credit (NMTC) without delay. Continuing this critical tool to stimulate private investment in distressed markets across the country will move the nation along on its path to recovery, channeling capital and jobs to the communities hardest hit by the economic downturn.
The NMTC is effective—both in terms of cost and of results. For every $1 of federal investment through the NMTC program, $8 of private investment is generated. Hundreds of thousands of jobs have been created as a result. We urge you to act on this important issue as you complete your work in the 112th Congress.
President, Mercy Loan Fund