Coastal Enterprises, Inc. (CEI)
CEI's mission is to help create economically and environmentally healthy communities in which all people, especially those with low incomes, can reach their full potential.
This particular position will be working for CEI Capital Management, LLC (CCML), a for-profit subsidiary of Coastal Enterprises Inc.
CEI Capital Management, LLC (CCML) is a triple bottom line economic development finance organization and a national leader for the U.S. Treasury Department's New Markets Tax Credit (NMTC) program. As a for-profit subsidiary of Coastal Enterprises, Inc. (CEI) CCML furthers it's parent's mission "to help create economically and environmentally healthy communities in which all people, especially those with low incomes, can reach their full potential" by working to help attract capital to low-income areas by facilitating complex operating company and real estate project financings in the $10 MM to $100MM range.
Since the NMTC program's inception in 2003, CEI has been awarded $606 million of investment capacity under the NMTC program, the third highest aggregate award by the US Treasury in its annual competitive application process . CEI has utilized this capacity in 42 projects nationwide, triggering total private capital investment in low-income communities of over $1.4 billion that directly supports CEI's triple bottom-line or "3E" measures for economic progress, social equity, and environmental sustainability.
CCML has a national service area under the NMTC program with an emphasis on rural areas and a core market of Maine, New Hampshire, Vermont, upstate New York, and western Massachusetts.
New Markets Tax Credit (NMTC) Program Program Overview The New Markets Tax Credit (NMTC) program was established to help attract capital to historically underserved projects and communities. It provides an incentive to debt and equity investors though a 39% federal income tax credit for investing capital into qualified projects in eligible low-income areas. CEI's NMTC work is done through its wholly-owned subsidiary CEI Capital Management LLC (CCML).
The NMTC program is a powerful tool that can help underserved communities attract capital to good projects on favorable terms, allow investors to book new business with enhanced returns, and create greater opportunities for worthwhile projects and organizations working in low-income communities.
Prospective NMTC projects are only eligible if they are in designated low-income areas (pre-qualified census tracts). NMTC eligible census tracts primarily tend to be in downtown urban areas and lower income rural areas.