Central Valley NMTC awarded $55 million in 2018 Allocation!
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) awarded 73 Community Development Entities (CDEs) $3.5 billion in New Markets Tax Credits today. The tax credit allocation awards, made through the calendar year (CY) 2017 round of the New Markets Tax Credit Program (NMTC Program), will help stimulate investment and economic growth in low-income urban neighborhoods and rural communities nationwide.
“Today’s awards will finance projects ranging from large manufacturing plants that create jobs to critically needed infrastructure,” said Treasury Secretary Steven T. Mnuchin. “I want to congratulate today’s award recipients for their outstanding work in improving distressed communities.”
The 73 CDEs receiving awards today were selected from a pool of 230 applicants that requested an aggregate total of $16.2 billion in tax credit allocation authority. The award recipients are headquartered in 29 different states, Guam, and the District of Columbia. It is estimated that these award recipients will make more than $685 million in New Markets Tax Credit investments in non-metropolitan counties.
Today’s announcement brings the total amount awarded through the NMTC Program to $54 billion. Historically, NMTC Program awards have generated $8 of private investment for every $1 invested by the federal government. Through the end of fiscal year 2016, the most recent data available, NMTC Program award recipients deployed more than $44.4 billion in investments in low-income communities and businesses; with impacts such as the creation or retention of nearly 750,000 jobs, and the construction or rehabilitation of more than 190 million square feet of commercial real estate.
See the Award Book: Final-2017-NMTC-Award-Book-v4-021218.pdf