The U.S. Treasury Department’s Community Development Financial Institutions (CDFI) Fund announced Wednesday $3.5 billion in New Markets Tax Credit (NMTC) awards nationwide. Treasury will provide 85 organizations with tax credit allocation authority under the tenth award round of the NMTC Program. These 85 CDEs are authorized to issue to their investors the $3.51 billion in equity for which NMTCs can be claimed. In the ten rounds to date, the CDFI Fund has made 749 allocation awards totaling $36.5 billion in tax credit authority, including $3 billion in Recovery Act awards and $1 billion that was specifically set aside for recovery and redevelopment in the wake of Hurricane Katrina.
According to CDFI Fund:
- 282 CDEs applied for allocations, requesting a total of approximately $21.9 billion in allocations.
- The CDFI Fund made allocation awards totaling $3.5 billion, or about 16 percent of the total amount requested by applicants.
- 85 CDEs (or 30 percent of the total applicant pool) were provided with allocation awards.
- Allocation awards range in size from $15 million to $80 million. The median allocation amount was $40 million and the average allocation amount was about $41.2 million.
The following NH&RA members were awarded NMTCs for the 2012 allocation round.
- CAHEC New Markets, LLC, $45 million
- CCG Community Partners, $40 million
- Citibank NMTC Corporation, $50 million
- Commonwealth Cornerstone Group, $45 million
- Community Builders CDE, LLC, $25 million
- ESIC New Markets Partners LP, $50 million
- Greater Wisconsin Opportunities Fund, Inc., $35 million
- Greenline Community Development Fund, LLC, $70 million
- HEDC New Markets, Inc., $65 million
- Illinois Valued Advisor Fund, LLC, $35 million
- MHIC NE New Markets CDE II, LLC, $65 million
- Mid-City Community CDE, LLC, $15 million
- National Trust Community Investment Corporation, $30 million
- PNC Community Partners, Inc., $45 million
- USBCDE, LLC, $65 million