This brief examines the characteristics of census tracts where New Market Tax Credit (NMTC) projects are located to determine whether the program is targeting the intended neighborhoods. We find that NMTC projects are located in neighborhoods that, relative to eligible tracts that did not receive NMTCs, have higher poverty rates, lower median incomes, and larger shares of people of color. Further, the majority of NMTCs go to the most disadvantaged neighborhoods in the country. We find that nonmetropolitan areas get fewer NMTC project dollars per capita than metropolitan areas.