Formed in 2002, Waveland manages approximately $1 billion in assets with the dual bottom line goals of investor return and economic development.
The New Markets Tax Credit (NMTC) Program was established as part of the Community Renewal Tax Relief Act of 2000. The goal of the program is to spur revitalization efforts in economically distressed communities across the United States. The NMTC Program provides tax credit incentives for investment into Community Development Entities (CDEs), which must then invest the proceeds into low-income communities. Investors receive a federal tax credit equal to 39% of the investment made into a CDE, which is paid out over a seven year period. A Community Development Entity must have a primary mission of investing in low-income communities and persons. The Community Development Financial Institutions Fund (www.cdfifund.gov), a division of the United States Treasury is responsible for the administration of the program.