Marietta-Cobb New Markets Fund, Inc.
Marietta Cobb New Markets Fund, Inc. seeks to provide assistance to a wide range of private business enterprises in qualifying low-income communities with funds secured through new market tax credit investments. Marietta Cobb New Markets Fund, Inc. received designation from the Community Development Finance Institution Fund as a community development entity (CDE) in 2010.
The Marietta-Cobb New Markets Fund, Inc. was established in 2007 through a partnership between the city of Marietta, Cobb County, the Marietta Housing Authority and the Marietta Redevelopment Corporation. The entity was incorporated in 2008 and was granted 501c3 nonprofit status by the Internal Revenue Service in 2009.
Purpose and business
The Corporation serves and/or makes available investment capital for low-income communities and low-income individuals; devotes at least 60 percent of its business activities to low-income individuals or low-income communities (for example: investing in, lending to or providing technical assistance to businesses that are located in low-income communities and/or are owned by low-income individuals; lending to low-income individuals or residents of low-income communities; investing in or providing loans to support commercial properties that are located in low-income communities; and investing in, lending to or providing technical assistance to organizations engaged in activities that promote community development; have investments in the Corporations qualify as qualified equity investments (QEIs).
Adviosry board purpose
The purpose of the advisory board is to establish and maintain accountability on the part of the Corporation to residents of low-income communities as required by the NMTC program. The advisory board shall make such non-binding recommendations for consideration by the board of directors concerning the activities of the Corporation, including, without limitation, investments to be made by the Corporation that would constitute NMTC investments, as the advisory board may from time to time consider appropriate. It is acknowledged and agreed that the board of directors shall not be under any obligation to cause the Corporation to make any NMTC investment or to take any other action recommended or proposed by the advisory board. Advisory board members shall interact with the served low-income communities and receive feedback through periodic surveys, community town hall meetings and participation in local job fairs and business forums, as may be appropriate through their normal course of business.