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Sep 1, 2016 10:30:00 AM

Struggling Communities Benefit from NMTC Program; Investors Benefit from Tax Credits

Last month, the City of Detroit demolished the 10,000th vacant home in Mayor Mike Duggan's massive plan to eliminate blight in the city. Detroit was hit hard by the recession of 2008 and the corresponding drop in residential property values. As home values declined, homeowners couldn’t afford their mortgage payments and went into foreclosure. Currently, Detroit lists almost 140,000 homes in the foreclosure process with more foreclosures on the way.

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Topics: NMTC, New Market Tax Credits