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 two New Markets Tax Credit (“NMTC”) allocation awards. The first allocation award of $30 million and the second allocation award of $55 million have both been fully deployed. In November 2020, ESNMC applied to the CDFI Fund for another NMTC allocation, requesting an award of $77 million.

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.

New Markets Tax Credits Program

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Board of Directors

Edwin Lee
Holly Leicht
Paul Tronolone
Kevin Younis


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

Jonevan Hornsby
Brendan Healey