Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced $3.5 billion in New Markets Tax Credits (NMTC) for 73 Community Development Entities (CDEs). The NMTC recipients are headquartered in 35 different states, Puerto Rico, and the District of Columbia and were selected from a highly competitive pool of 214 applicants. The newly awarded $3.5 billion brings the total amount awarded through the NMTC Program to $57.5 billion.
Congratulations to the ten NH&RA members that received NMTC awards!
- CAHEC New Markets, LLC
- Capital One Community Renewal Fund, LLC
- Cinnaire New Markets LLC
- Commonwealth Cornerstone Group
- Local Initiatives Support Corporation
- MBS Urban Initiatives CDE, LLC
- MHIC NE New Markets CDE II LLC
- PNC Community Partners, Inc.
- The Valued Advisor Fund, LLC
- USBCDE, LLC
Historically, NMTC Program awards have generated $8 of private investment for every $1 invested by the federal government. Through the end of fiscal year 2017, the most recent data available, NMTC Program award recipients deployed more than $48.6 billion in investments in low-income communities and businesses; with impacts such as the creation or retention of more than 800,000 jobs, and the construction or rehabilitation of more than 205 million square feet of commercial real estate.