NYC Neighborhood Capital Corporation

Overview

The NYC Neighborhood Capital Corporation (NYCNCC) is a not-for-profit corporation established to serve as a qualified Community Development Entity (CDE) under the Federal New Markets Tax Credit (NMTC) Program. It is a component unit of the City of New York, incorporated in July 2014 under New York State's Not-for-Profit Corporation Law[1][5].

Mission

The primary mission of the NYCNCC is to provide investment capital for low-income persons and communities, focusing on community development and job creation objectives aligned with the City of New York's interests[1][5]. This is achieved by making Qualified Low-Income Community Investments (QLICIs) in New York City's service area.

Activities

NYCNCC has been awarded substantial New Markets Tax Credit allocation authority from the U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund). The Corporation has received allocations totaling $205 million over several rounds of the NMTC Program[1].

In fiscal year 2023, NYCNCC sub-allocated $15 million of NMTCs, contributing to projects such as the development of the Urban Assembly Charter School for Computer Science in the Bronx[1]. The Corporation manages subsidiary limited liability companies, which are certified as CDEs, to facilitate these investments[1].

Financial Performance

In fiscal year 2023, NYCNCC experienced a significant increase in current assets by 27% and a rise in net position by 25%. However, operating revenues decreased by 27%, while operating expenses fell by 47%[1]. Non-operating income increased more than 100% during the same period[1].

Structure and Recognition

NYCNCC received its 501(c)(3) tax determination from the IRS in April 2019, retroactive to August 2018[1]. The organization is recognized for its commitment to furthering the City's economic development goals by supporting low-income communities.

Relation to New York City

As a component unit of the City of New York, NYCNCC's activities are closely aligned with the city's economic development strategies, focusing on advancing community and economic growth objectives.