New Markets Tax Credits (NMTC) Report for Census Tract 20 in Buncombe County North Carolina.

Created on 9/22/2017 6:55:25 PM (GMT)

New Markets Tax Credit Eligibility Overview

The following is the the New Markets Tax Credits (NMTC) tract report for Census Tract 20 in Buncombe County North Carolina.
This tract is in the "Asheville, NC"(Metropolitan) area.

Qualified

This tract is qualified for the New Markets Tax Credits program.

  • Qualifies On MFI Criteria Less Or Equal 80%
  • Qualifies On Poverty Criteria Greater Than 20%

Distressed

This tract also is a distressed area.

Heavily Distressed

  • Tract is considered a food desert Healthy Food Financing Initiative definition (USDA-ERS)
  • Poverty is over 25% at 27.6
Have questions about this report? Send us a question!!
Read more about the New Markets Tax Credits Program

New Markets Tax Credit NMTC Eligibility

The table below lists contains a breakdown of supporting figures necessary to determine eligibility for Census Tract 20.

Rows highlighed in green help indicate eligibility and specific indicators of why a tract may qualify.

Qualified

  • Qualifies On MFI Criteria Less Or Equal 80%
  • Qualifies On Poverty Criteria Greater Than 20%

Primary Criteria for NMTC Severely Distressed

The table below lists contains a breakdown of supporting figures necessary to determine if Census Tract 20 is eligible.

Not Severely Distressed

  • Qualifies On MFI Criteria Less Or Equal 60% 71.4%
  • Poverty criteria must be at or above 30%. The poverty rate for this tract is 27.6%.
  • The unemployment rate was not at least 1.5 times the national unemployment rate in the period of 2006-2010. The unemployment rate was 9.8%.
  • Tract is in a metropolitan area.

Secondary Criteria for NMTC Severely Distressed

Meeting the NMTC Severely Distressed Secondary Criteria is based on whether or not a given Census tract meets basic NMTC Eligibility, plus two of the following factors:

  • meeting NMTC Heavy Distress requirements
  • being located within:
    • an SBA Designated HUB Zone
    • a Medically Underserved Area (MUA)
    • a Census tract within which a Brownfield is located
    • a HOPE VI Redevelopment Area
    • a Federal Native Area
    • an Appalachian Regional Commission or Delta Regional Authority Area
    • a Colonias Area
    • a State or Local Economic Zone (such as TIF or KOZ)
    • ERS/USDA Food Desert
  • Please note that the information in this section do not take into account the following, due to timing or unavailability of data: Brownfields, HOPE VI Redevelopment Areas, Federal Native Areas, Colonias Areas, State or Local Economic Zones, and FEMA Disaster Areas.

Not Severely Distressed

  • Does not qualifies on median family income (MFI) criteria at or below 60% 71.4%
  • Poverty criteria must be at or above 30%. The poverty rate for this tract is 27.6%.
  • The unemployment rate was not at least 1.5 times the national unemployment rate in the period of 2006-2010. The unemployment rate was 9.8%.
  • Tract is in a metropolitan area.
DescriptionValue
Tract Legal Name Census Tract 20 (Full FIPS: 37021002000)
CDFI Fund New Markets Tax Credit NMTC EligibilityQualified

To be eligible may have either (1) Median Family Income at or below 80% of Area Median Income (AMI) in the period of 2006-2010 or (2) Poverty Rate of 20% or greater in the period of 2006-2010.

Census Tracts can alco competitively qualify for NMTC if it also meets Severely Distressed criteria.

Severely DistressedNo
Heavily Distressed Yes
Qualifies On Poverty Criteria Greater Than 20% Yes
Qualifies On MFI Criteria Less Or Equal 80% Yes
Heavily Distressed by MFI at or below 70% AMI. No
Qualified On Poverty Or Income Yes
Unemployment Rate 9.8%
Median Family Income 40119
Population 5055
Poverty Rate 27.6%
County Name Buncombe County (37021)
Area Name Asheville, NC
Metropolitan Type Metropolitan ()
Percent Benchmarked MFI 71.4
Is Food Desert Yes
Census Tract Map Web Address Goto http://www.reinid.com/map/37021002000
Median Family Income (Mfi) Notes
MFI Margin of Error 13357
Margin of Error Notes

*Data in this report is supplied by the 2010 Census, USDA, American Community Survey, and the Bureau of Labor Statistics.

Get the entire report for only $99.00

Disclaimer

ReinID works to maintain the accuracy of its reporting data and makes no guarantees that any census tracts will be accepted under the New Markets Tax Credit program. The report is only intended to present supporting data as it is presented by our sources. We urge you to contact us or the CDFI Fund or for additional assistance.

  About

ReinID is committed to real estate incentives tied to geographic areas and specific locations. Not only do we have maps and reports, we also make our data available to you for your business and your client's needs.

Please contact us for any of your incentive needs.

  Contact Us
  ReinID, LLC

500 E. Kennedy Blvd #300 Tampa, Florida 33602