People working on computers

4 min read

Your local public library can help you find books. But today’s libraries may also help you find a job, launch a business, access healthcare, navigate new technology and file your taxes. As libraries become more essential to community development, strategic investment programs like New Markets Tax Credit (NMTC) are helping them sustain and expand their impact.

“Libraries are morphing into community hubs,” said Jalen Marable, Vice President with J.P. Morgan Community Development Banking’s NMTC team. “They’ve become consolidated places where residents can access a variety of resources and services at no charge.” 

Beyond traditional literacy programs, many libraries now provide STEAM (science, technology, engineering, arts and math) education, career services and social services referrals, according to the Public Library Association.

The challenge: Aging library buildings often weren’t designed for today’s expanded community role. Facilities built decades ago for book storage and quiet reading typically lack infrastructure needed for workforce training, technology and collaborative spaces. Libraries need investment to make sure they can support evolving community needs, and the NMTC program is a tool that can help. 

Investing in libraries with New Markets Tax Credit

About 40% of library buildings haven’t undergone major renovations in more than 20 years, according to the Public Library Association, creating an infrastructure gap that limits their impact. 

The NMTC program, designed to encourage investment in community development in low-income areas, can help fill gaps in funding for facilities improvement. While government-owned libraries can’t directly access these credits, many establish nonprofit foundations to access NMTC equity investment. 

“Without NMTC, it likely would take these libraries a lot longer to bring these projects to life,” said En Jung Kim, Head of NMTC at J.P. Morgan. 

How libraries are using NMTC to expand services

J.P. Morgan has invested $39.9 million in NMTC equity funding for library projects nationwide over the past 15 years. Here are just a few ways libraries used those investments to offer robust community services, beyond the books:

1. Providence Public Library

For the Providence Public Library (PPL) in Rhode Island, NMTC was the “linchpin investment” that helped the library transform its historic building to meet new community needs, said Aaron Peterman, PPL’s Chief Operating Officer. 

“Because of NMTC, we were able to create collaborative learning environments, launch workforce development and digital skills programs, and welcome thousands more people each year into a vibrant, inclusive hub,” he said. 

Kids playing

 Providence Public Library's renovation helped it expand its community programming, including youth programs.

Library usage has increased 250% since the renovation. In fiscal year 2024, PPL helped: 

  • 64 adults enter jobs or work-based learning experiences
  • 191 adults earn digital literacy certificates
  • 161 teens gain work exposure and earn academic credit and digital badges
  • 1,300 community members explore creative projects in Open Studios

The library’s programs grow in response to community needs and interests, with semester-long youth programs in coding, web design, robotics and e-commerce, as well as internships. 

“The NMTC investment truly enabled us to move beyond books and position the Library as a cornerstone for opportunity, connection and lifelong learning in Providence,” Peterman said. 

2. Las Vegas–Clark County Library District 

The Las Vegas–Clark County Library District in Nevada used NMTC equity investment to construct a new library in Mesquite, a city about 80 miles outside Las Vegas, nearly triple the size of its existing branch. It also converted the existing branch into its Learning Center, including an EmployNV Career Hub where community members can get help with skills assessment, workforce training, interview coaching and other employment services. 

NMTC was also “instrumental” in building a new West Las Vegas Library branch more than double the size of the existing branch, said Floresto Cabias, the library district’s financial services director and CFO. The new 40,000-square-foot library, expected to open in 2026, will add space for educational programs, tutoring, arts and cultural events and more. 

“It enabled us to expand far beyond a traditional branch, creating a state-of-the-art community hub where residents can access workforce training, small business resources, technology and cultural programs that strengthen the Historic Westside,” Cabias said. “This investment ensures that the Library District continues to meet community needs for generations to come.”

 The new West Las Vegas Library will offer more access to technology, including an innovation lab.

3. Milwaukee Public Library

A New Markets Tax Credit investment helped convert a historic former Wisconsin department store into a mixed-use apartment building anchored by the Milwaukee Public Library’s Mitchell Street Branch. The new library increased access to technology, with a high-tech makerspace, laptops available for use in the library, and computer and job training classes.  

4. Magna Library

Magna, Utah’s new public library building nearly doubled the library’s collections. That included a significant increase in Spanish-language materials to better serve the community’s Spanish-speaking residents. Construction was funded in part by an NMTC equity investment. 

5. South Philadelphia Community Health and Literacy Center

The City of Philadelphia and Children’s Hospital of Philadelphia used an NMTC equity investment to turn city-owned buildings into a new Community Health and Literacy Center housing medical facilities, the library and improved recreational space. 

“It took outdated buildings and created a better community use,” Kim said

We’re here to help

As a leading NMTC equity investor, J.P. Morgan provides innovative financing for projects—including libraries, charter schools, grocery stores, health clinics and job-creating businesses—in vibrant communities like yours. 

Our designated team supports project owners throughout the development process, including assessing eligibility. Learn more about how the NMTC program works.

JPMorgan Chase Bank, N.A. Member FDIC. Visit jpmorgan.com/commercial-banking/legal-disclaimer for disclosures and disclaimers related to this content.

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