What Smith NMTC Associates, LLC does

Smith NMTC Associates, LLC is a privately held boutique consulting firm founded in 2007 by attorneys Howard Smith and Donna Smith in Saint Louis, Missouri. The firm specializes in structuring and facilitating New Markets Tax Credit (NMTC) transactions specifically for affordable for-sale housing, an underserved niche within the broader NMTC ecosystem that historically focused on commercial and rental real estate. Its core service offering encompasses CDE certification and NMTC allocation application preparation, transaction structuring and closing facilitation, recapture risk guarantees for nonprofit CDEs, and seven-year compliance and regulatory management. The firm serves Community Development Entities (CDEs) and nonprofit housing developers as its primary customer segments, with notable engagements spanning Habitat for Humanity International and its affiliates, Housing Partnership Network, and Community Housing Capital.

The firm's core intellectual property is a set of proprietary transaction models: the Open Capitalization Model, Multi-QALICB Model, and Multi-Tranche/Multi-QALICB Model. These structures allow multiple smaller Qualified Active Low-Income Community Businesses (QALICBs) to share leverage lenders, investment funds, sub-CDEs, and closing costs, reducing per-QALICB transaction costs from over $1 million to under $90,000 and enabling QLICIs as small as $500,000. By the firm's own reporting, these models have supported the deployment of over $780M-$900M in NMTC allocation across 161+ projects and 5,500+ affordable homes in 30+ states since 2008.

Smith NMTC generates revenue through professional services consulting fees negotiated on a per-engagement basis, with supplemental revenue from ongoing Financial Counseling and Other Services (FCOS) provided to QALICBs throughout the seven-year compliance period. The go-to-market is direct, relationship-driven sales to nonprofit CDEs and housing developers, supported by thought leadership in industry publications (notably Novogradac Journal of Tax Credits) and the firm-organized Homeownership Within Reach advocacy coalition. The firm is founder-operated, leanly staffed at 1-10 employees, and wholly owned by its founding principals with no disclosed external investment.

Name

Smith NMTC Associates, LLC

Legal name

Smith NMTC Associates, LLC

Website

https://smithnmtc.com

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

11–50 employees

Short description

Smith NMTC Associates is a privately held boutique consulting firm founded in 2007 that structures and facilitates New Markets Tax Credit transactions for affordable for-sale housing, serving Community Development Entities and nonprofit housing developers across more than 30 U.S. states.

Ownership category

akta.pro rank

Product category

Tax Credit Consulting for Affordable Housing

NAICS

Offices of Certified Public Accountants (541211)

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Fairness Opinions & Independent Board Advice (FSAEAGAF)

akta.pro secondary industry

Private Placements (144A/Reg S/MTN) (FSACABAK)

Keywords

• NMTC consulting
• Affordable housing finance
• Tax credit advisory
• CDE allocation services
• Community development finance

Headquarters

HQ city

St Louis

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. NMTC Consulting Services: Professional consulting fees for structuring and facilitating New Markets Tax Credit transactions, preparing CDE certification and allocation applications, managing compliance, and providing recapture risk guarantees for nonprofit CDEs.
2. Financial Counseling and Support Services: Provides financial counseling and other services (FCOS) to QALICBs before, during, and after transactions, including POB ledger entry review and compliance support throughout the seven-year compliance period.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

Smith NMTC Associates is a consulting firm of attorneys and CPAs that structures and facilitates New Markets Tax Credit (NMTC) transactions for affordable for-sale housing developments. The firm advises Community Development Entities (CDEs) and nonprofit housing developers on CDE certification, NMTC allocation applications, transaction structuring and closing, recapture risk guarantees, and seven-year compliance management. Its proprietary open capitalization, multi-QALICB, and multi-tranche transaction models enable smaller, cost-efficient QLICIs for affordable homeownership projects.

Product overview

Smith NMTC Associates is a consulting firm specializing in New Markets Tax Credits (NMTC) for affordable homeownership. The company offers a suite of advisory services including CDE certification and NMTC allocation application preparation, transaction structuring and facilitation, recapture risk guarantees, and compliance management. The core offering is supported by proprietary transaction models—the Multi-QALICB Model, Multi-Tranche/Multi-QALICB Model, and Open Capitalization Model—which enable efficient delivery of NMTC transactions, including smaller QLICIs as small as $500,000, by combining multiple borrowers to share costs and reduce per-project expenses.

Differentiator

Problem solved

Functional benefit

Products and services

• NMTC Consulting Services

Quantifiable outcome

• Transaction costs reduced from over $1 million to under $90,000 per QALICB
• +5 more outcomes

Named customers16 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Six partnerships are on record, tiered flagship, core and supporting.

• Community Housing CapitalflagshipStrategic or Co-development Partner · 1 January 2020Smith NMTC provides CDE consulting to Community Housing Capital for NMTC allocation applications and transaction management. CHC received first allocation in 2020 and has now received 4 allocations ($180M total). Since 2022, CHC deployed $95M to fund 349 homes in 9 states.
• Housing Partnership NetworkflagshipStrategic or Co-development Partner · 1 January 2014Smith NMTC provides CDE consulting services to Housing Partnership Network since 2014. HPN received its first NMTC allocation in 2015/2016 round and has now received 6 total allocations ($295M). Smith NMTC assists with applications, transaction structuring, and compliance management. HPN deployed $225M to develop 1,061 homes across 13 states.
• Habitat for Humanity InternationalflagshipStrategic or Co-development Partner · 1 January 2007Partnership formed in 2007 when Howard Smith approached HFHI with NMTC financing concept. Smith NMTC pioneered the NMTC for-sale housing model and multi-QALICB model in first HFHI transaction deploying $25M to 5 GO Zone affiliates. HFHI received 4 total allocations funding 32 projects and 1,622 homes. Smith NMTC manages all CDE activity and guarantees recapture risk.
• Novogradac & Company LLPcoreImplementation/ SI/ Consulting PartnerAccounting and consulting firm that works with Smith NMTC on transaction structuring, aggregating schedules for multi-tranche transactions, and providing due diligence and compliance support across NMTC transactions.
• The Salvation ArmysupportingStrategic or Co-development PartnerPartnered with Urban League of Metropolitan St. Louis on Ferguson Empowerment Center, investing $1.4M capital to add second floor and operating as co-owner. First time 106-year-old Urban League and 150-year-old Salvation Army partnered on building ownership.
• Homeownership Within Reach CoalitionsupportingStrategic or Co-development PartnerCoalition organized by Smith NMTC to promote affordable homeownership through policy proposals that incentivize private investment and development using strategic tax credits.

Scale indicators16 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Novogradac & Company LLP: National accounting and consulting firm widely recognized as the largest tax credit advisory practice in the U.S., with a substantial NMTC services line serving CDEs and investors. Directly overlaps with Smith NMTC's advisory offering and is identified in Smith NMTC's own partnership ecosystem.
• BDO USA: Top-10 U.S. accounting firm with a tax credit services group covering NMTC advisory, application support, and compliance. Provides overlapping capabilities to Smith NMTC's CDE and nonprofit housing developer clients.
• Baker Tilly: Major U.S. accounting and advisory firm with a tax credit practice that includes NMTC allocation support, compliance, and related advisory. Overlaps directly with Smith NMTC's NMTC consulting offering for CDE and developer clients.
• CohnReznick: Top-30 national accounting firm with a dedicated Community Development and New Markets Tax Credits practice serving CDEs and lenders. Competes with Smith NMTC for NMTC advisory and compliance engagements across affordable housing and other CDE sectors.
• Wipfli LLP: Top-20 U.S. accounting and consulting firm serving CDFIs and CDEs with NMTC advisory, compliance, and assurance services. Comparable to Smith NMTC in serving community development financial institutions and tax credit allocators.
• Forvis (formerly BKD / Dixon Hughes Goodman): Major national accounting firm resulting from the BKD/Dixon Hughes merger, with established tax credit and NMTC practices serving CDEs and community development lenders. Directly comparable to Smith NMTC's NMTC advisory and compliance service line.

Emerging players

• Reinvestment Fund: CDFI and CDE that deploys NMTC allocations into affordable housing, healthy food, and community development projects. Overlaps with Smith NMTC as both a transaction-structuring entity and an end allocator/investor in the same NMTC ecosystem.
• National Development Council (NDC): National nonprofit providing CDFI capacity-building, training, and lending support, including assistance to organizations seeking or deploying NMTC allocations. Adjacent to Smith NMTC in serving nonprofit borrowers and CDEs accessing federal tax credit programs.
• Capital Link: Nonprofit consulting organization providing advisory services to health centers, CDFIs, and community development organizations, with overlap into NMTC financing support for smaller borrowers. Comparable to Smith NMTC as a niche advisor to nonprofit CDEs and affordable housing developers.

Others

• Opportunity Finance Network (OFN): National membership association and intermediary for the CDFI industry, including CDEs and NMTC allocatees. Related ecosystem participant — not a direct advisory competitor, but a thought-leader and capacity-builder whose members overlap with Smith NMTC's client base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/smith-nmtc-associates-llc

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Smith NMTC Associates, LLC