The U.S. Treasury Department through the CDFI Fund has awarded $3.5 billion in tax credit allocation to Community Development Entities. The awards are part of the New Markets Tax Credit program and will facilitate opportunities throughout the United States to spur investment in low-income communities.
For the list of awardees, please click here.
The NMTC program was established by Congress in 2000 to incentivize increased investments in operating businesses and real estate projects located in low-income communities or serving targeted low-income populations. The NMTC program provides a tax credit against federal income tax obligations in exchange for the making of equity investments in specialized financial institutions called Community Development Entities.