The federal New Markets Tax Credits (NMTC) program has been a boon to low income communities. It typically works as a “gap filler” in the capital stack for economic development and community development projects that locate or expand in the community. A December 2015 law extended the program for 5 years and authorized $3.5 billion worth of credits per year. Dan McRae’s White Paper provides a simple explanation of the complicated process for accessing and closing this financing.