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New Markets Tax Credits

New Markets Tax Credits


The federal New Markets Tax Credit program was created to incentivize community development and economic growth in designated low-income communities through the use of tax credits that attract private investment. The program is an effective way for businesses and nonprofit organizations to secure favorable financing for projects such as community centers, health clinics, and charitable operations.


In order to expand our impact on Connecticut's nonprofit sector, CHEFA is developing a New Markets Tax Credit program to stimulate investment in designated low-income communities throughout Connecticut. CHEFA's New Market Tax Program will assess potential projects for nonprofit organizations, including:

  • Health care institutions
  • Institutions for higher education
  • Nursing Homes
  • Qualified nonprofit organizations, including but not limited to:
    • Community Based Organizations
    • Child Care Facilities
    • Cultural Centers
    • Nonprofit Educational Organizations
    • YMCA and Boys & Girls Clubs

To learn more about the federal New Market Tax Credit Program, visit the CDFI Fund's website.

If you would like more information on CHEFA's New Markets Tax Credit program, and to see if your project qualifies for New Markets Tax Credits, please contact us at