Sign up to stay connected
Get the top stories of the day around the DMV.
Gina Nisbeth grew up on 9th Street NW in Washington, D.C. and Clinton Avenue in Brooklyn, New York. At the time, both areas were within low-income census tracts. Nisbeth is now a leading expert in the New Market Tax Credit (NMTC) financing industry, while revitalizing neighborhoods similar to those in which she was raised.
The New Market Tax Credit was established by Congress in 2000 during the Clinton administration. Investors fund community development entities (CDE) and are awarded tax credits against the federal taxes owed.
These CDEs use the monies provided by investors to make loans or investments in projects within qualifying low-income census tracts. Some examples of projects using this funding in the District are Columbia Heights’ Tivoli Square, Walter Reed’s Children’s National Research and Innovation Center and Martha’s Table. The general rule is that these projects require “gap funding,” meaning they wouldn’t be financially feasible without the NMTC funding.
Post-George Floyd, Nisbeth’s work became a beacon for social justice. As Citi seized the opportunity to launch a $1 billion strategic initiative to close the racial wealth gap, Nisbeth was at the helm of a $200 million private equity capital deployment to affordable and workforce housing projects with Black investment managers.
“My work allowed Citi to quickly respond to a national cry for racial equity,” Nisbeth, who worked more than 25 years at Citibank (formerly SmithBarney).
Now, Nisbeth, founder of 9th & Clinton, spends her time working as a strategic advisor on projects. She leverages the nearly 30 years spent in finance and working in low-income communities to help her clients source capital for projects, whether it be for real estate development or for operating businesses. Nisbeth’s incredible capital network reaches far beyond the District, extending her clients’ access to Wall Street and beyond.
New Markets Tax Credits can be used by non-profits or for profits, but they are truly centered around economic and community-building benefits which the project proposes. The job creation resultant from this program helps distinguish the preferable deals.
“For New Markets, we’re not just creating jobs, we’re creating quality jobs. Jobs with promotional opportunities, with pension or savings options, with health care, paid days off, and paid training,” Nisbeth explained.
The NMTC expert’s new venture, 9th and Clinton, seeks to bridge these gaps for the benefit of the District.
Recently, the firm enjoyed its first New Market Tax Credit deal closing with Allied Media Projects, in Detroit, Michigan.
While the economy still feels uncertain for District residents contending with high inflation and slow wage growth, what’s certain is Nisbeth’s commitment to being a community change agent.
Follow @balmoreproperties on Instagram for more updates on New Market Tax Credit developments in the District.