Empire State New Market Corporation

Empire State New Market Corporation (“ESNMC”), a subsidiary of Empire State Development (“ESD”), is a certified Community Development Entity under the federal Department of Treasury’s Community Development Financial Institutions (“CDFI”) Fund.  To date, ESNMC has received six New Markets Tax Credit (“NMTC”) allocation awards totaling $300 million, including $30 million in 2009, $55 million in 2016, $45 million in 2021, $50 million in 2022, $50 million in 2023, and $70 million in 2024/25.

New Markets Tax Credit Program

The New Markets Tax Credit program provides investment capital for operating companies and real estate development projects in order to foster job creation and community development in low-income communities throughout New York State.

Supporting New York State Communities

ESNMC provided $6M in NMTCs to the Boys & Girls Club of Schenectady for construction of a facility that was able to pivot during the pandemic and play a vital role for the community. JPMorgan Chase was the equity investor in the NMTC transaction.

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Board of Directors

Edwin Lee
Kevin Younis

President

Jonevan Hornsby

Vice President

Brendan Healey

Advisory Board

Alex Castro, President & CEO, PathStone Corporation
Margaret Ellsworth, Executive Director, MARK Project Inc.
Ray Gillen, Chair, Schenectady Metroplex Development Authority
Shawn Hogan, Former Mayor of Hornell, NY
Robert Simpson, President & CEO, CenterState Corporation for Economic Opportunity (CenterState CEO)
Yvonne Stennett, Executive Director, Community League of the Heights, Inc.

 

Empire State New Market Corporation