Treasury Announces $3.5 Billion in New Markets Tax Credit Awards to Revitalize Low-Income and Distressed Communities

13Apr_USTreasuryAnnounces.jpgWashington, DC—Building on the Obama Administration’s commitment to increase economic opportunity in distressed areas of the United States, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) today announced $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.

“The New Markets Tax Credit addresses one of the most significant obstacles to economic development that low-income communities face: a lack of access to patient, private investment capital,” said Treasury Assistant Secretary for Financial Institutions Cyrus Amir-Mokri. “The $31 billion worth of tax credits awarded in past years have gone toward preserving hundreds of thousands of jobs and bringing community facilities and new businesses into neighborhoods that desperately needed them. I expect today’s awardees will continue that trend.”

“In fact, over 70 percent of New Markets Tax Credit investments have been made in communities that meet the highest distress criteria, above even the program’s requirements, CDFI Fund Director Donna J. Gambrell. “That result effectively demonstrates how essential the New Markets Tax Credit Program is to spurring economic development in underserved areas.”

Download the PDF to the left to read the full announcement.