CDFI Fund Awards $3.5 Billion in New Markets Tax Credits

On February 13, the CDFI Fund made $3.5 billion in NMTC Awards to 73 Community Development Entities. The Fund received 230 applicants this year requesting a total of $16.2 billion in NMTCs.

The Fund estimates that of the award total this year, over $685 million in NMTCs will be invested in non-metropolitan counties. The NMTC Program has historically created $8 of private investment for every $1 worth of tax credits. The program also boasts the creation or retention of almost 750,00 jobs and the construction or rehabilitation of over 190 million square feet of commercial real estate from program inception in 1994 through 2016.