Independent NMTC Advisory

NMTC Allocation Strategy for Complex Projects

Projects do not receive NMTC capital because they qualify. They receive it because they compete.

We evaluate how a project will be judged by allocation holders — and strengthen it before it enters the market.

Discuss a Project How We Think About NMTC

Submit your project details. Response within one business day.

Allocation is competitive. Structure matters.

New Markets Tax Credit capital is limited. CDEs are making judgment calls under real constraints: deployment, distress, impact, sponsor strength, and execution risk.

We help projects enter that market with a stronger position.

That means more than confirming eligibility. It means assessing whether a project is likely to compete, where it is vulnerable, and how its structure will be viewed by allocation holders.

How NMTC decisions actually get made

Our Approach

Where we focus

Competitive Positioning

We evaluate how a project is likely to be received by CDEs and allocation committees — distress, use case, sponsor credibility, timeline, and narrative strength.

Capital Stack Discipline

We pressure-test sources and uses, subsidy need, leverage assumptions, and structural weak points before they become problems in the market.

Complex Project Strategy

We work best on projects that require more than basic qualification analysis — layered financing, difficult facts, unusual structures, or heightened execution risk.

Allocation Round Reality

NMTC is not a generic financing product. It is a constrained allocation system. We help clients prepare accordingly.

State NMTC Programs

We have direct experience with state-level NMTC and tax credit programs in Illinois, Florida, Alabama, and Louisiana — including program-specific structuring, layering with federal NMTC, and navigating state allocation processes.

See Full Allocation Strategy

Clients

Who we work with

— Universities and hospitals pursuing NMTC for campus facilities and expansions
— Nonprofits and community organizations with complex capital stacks
— Real estate developers structuring NMTC as part of layered financing
— CDEs and deal teams that need independent structuring analysis
— CDEs and mission-driven institutions building NMTC allocation platforms

The Advisor

Chad Goodall

Principal, New Markets Capital Advisors

Chad has spent 25 years in community development finance, including serving as CFO of a CDE with $432.5 million in federal NMTC allocation across nine rounds and as a Fund Manager at National Equity Fund (NEF/LISC). He brings deep expertise in transaction structuring, capital stack modeling, CDE coordination, and 7-year compliance management.

New Markets Capital Advisors is an independent practice — not affiliated with any CDE, lender, or transaction party. That independence means the advice you receive is aligned with your interests, not a deal pipeline.

25+ Years

Community Development Finance

Former CDE CFO

Urban Development Fund

Former Fund Manager

National Equity Fund / LISC

Independent

No CDE / lender affiliation

Next Step

Start with a realistic assessment

If you are evaluating whether a project is a real NMTC candidate, the first question is not whether it sounds compelling. The first question is whether it can compete.

Contact Chad

Submit your project details. Response within one business day.