The Biden-Harris Administration has announced $5 billion in New Markets Tax Credits (NMTC) to 102 Community Development Entities (CDEs) across 36 states and the District of Columbia. These awards aim to spur investment and economic growth in low-income urban and rural communities. Here are the key details:

Selected CDEs

1. Carver Financial Corporation (Savannah, GA) – $40,000,000
2. Community Hospitality Healthcare Services, LLC (Englewood, FL) – $40,000,000
3. Fort Wayne New Markets Revitalization Fund, LLC (Ft. Wayne, IN) – $35,000,000
4. Midwest Industrial Redevelopment Fund, LLC (St. Louis, MO) – $60,000,000
5. Partners for the Common Good, Inc. (Washington, DC) – $50,000,000
6. The Community Builders CDE LLC (Boston, MA) – $25,000,000
7. CBKC CDC, L.L.C. (Kansas City, MO) – $50,000,000
8. Community Housing Capital, Inc. (Decatur, GA) – $25,000,000
9. French Lick Redevelopment CDE LLC (Paoli, IN) – $35,000,000
10. Midwest Renewable Capital, LLC (Grimes, IA) – $40,000,000

Program Impact

• Total Investment: The NMTC Program has historically generated $8 of private investment for every $1 invested by the federal government.
• Economic Benefits: Through fiscal year 2022, NMTC Program award recipients have deployed over $62.9 billion in investments, resulting in the creation or retention of over 857,000 jobs and the construction or rehabilitation of nearly 239 million square feet of commercial real estate.
• Rural Focus: Over 20% of the investments will be made in rural communities, with nearly $1 billion in NMTC investments in non-metropolitan counties.

Program Overview

The NMTC Program, established by Congress in December 2000, allows taxpayers to receive a non-refundable tax credit against federal income taxes for making equity investments in CDEs. These entities provide loans, investments, or financial counseling in low-income communities. The tax credit totals 39% of the investment cost and is claimed over seven years.

11. Urban Action Community Development LLC (New York, NY) – $60,000,000
12. Nonprofit Finance Fund (New York, NY) – $50,000,000
13. Los Angeles Development Fund (Los Angeles, CA) – $45,000,000
14. Chicago Development Fund (Chicago, IL) – $50,000,000
15. Phoenix Community Development and Investment Corporation (Phoenix, AZ) – $35,000,000
16. Detroit Development Fund (Detroit, MI) – $25,000,000
17. New Jersey Community Capital (New Brunswick, NJ) – $30,000,000
18. Invest Atlanta New Markets, LLC (Atlanta, GA) – $40,000,000
19. Louisiana Community Development Capital LLC (New Orleans, LA) – $35,000,000
20. Rural Development Partners, LLC (Mason City, IA) – $50,000,000

21. Capital Impact Partners (Arlington, VA) – $60,000,000
22. Enterprise Community Loan Fund, Inc. (Columbia, MD) – $55,000,000
23. Local Initiatives Support Corporation (LISC) (New York, NY) – $50,000,000
24. Community Loan Fund of New Jersey, Inc. (New Brunswick, NJ) – $40,000,000
25. Montana & Idaho CDC (Missoula, MT) – $30,000,000
26. Ohio Community Development Finance Fund (Columbus, OH) – $45,000,000
27. Phoenix Community Development and Investment Corporation (Phoenix, AZ) – $35,000,000
28. San Antonio Growth on the Eastside (SAGE) (San Antonio, TX) – $25,000,000
29. Central States Development Partners, Inc. (Davenport, IA) – $50,000,000
30. Impact Seven, Inc. (Almena, WI) – $40,000,000

Benefits and Impact:

• Investment Leverage: The NMTC Program leverages private capital by providing tax incentives to investors, resulting in a substantial multiplier effect. For every dollar of NMTC investment, communities receive more than eight dollars in private investment.
• Job Creation: The investments facilitate job creation and economic revitalization in distressed areas. Over the program’s history, it has generated and retained over 857,000 jobs.
• Infrastructure Development: Projects funded through the NMTC Program often include commercial real estate development, which can provide essential services and amenities, improving the quality of life in low-income areas.
• Community Services: Many NMTC-funded projects include health centers, education facilities, and other critical infrastructure that directly benefit underserved communities.

The NMTC Program, administered by the Community Development Financial Institutions (CDFI) Fund, plays a crucial role in driving economic development and supporting community revitalization efforts across the United States.

31. Boston Community Loan Fund, Inc. (Boston, MA) – $35,000,000
32. Raza Development Fund, Inc. (Phoenix, AZ) – $50,000,000
33. Capital One Community Renewal Fund, LLC (McLean, VA) – $50,000,000
34. Community Development Trust, LP (New York, NY) – $40,000,000
35. Mid-City Community CDE, LLC (Washington, DC) – $30,000,000
36. Central Valley NMTC Fund, LLC (Fresno, CA) – $40,000,000
37. Florida Community Loan Fund, Inc. (Orlando, FL) – $35,000,000
38. Greater Nevada CDFI, Inc. (Reno, NV) – $30,000,000
39. Impact Community Capital LLC (San Francisco, CA) – $40,000,000
40. Low Income Investment Fund (San Francisco, CA) – $55,000,000

41. National Community Investment Fund (Chicago, IL) – $50,000,000
42. People Incorporated Financial Services (Abingdon, VA) – $35,000,000
43. RCAC Loan Fund (West Sacramento, CA) – $40,000,000
44. Rural Community Assistance Corporation (West Sacramento, CA) – $35,000,000
45. Enterprise Community Investment, Inc. (Columbia, MD) – $60,000,000
46. Midwest Minnesota CDC (Detroit Lakes, MN) – $40,000,000
47. New Markets Support Company (Chicago, IL) – $55,000,000
48. Hope Enterprise Corporation (Jackson, MS) – $50,000,000
49. Community Ventures Corporation, Inc. (Lexington, KY) – $30,000,000
50. CEI Capital Management LLC (Brunswick, ME) – $50,000,000

Benefits and Impact:

• Community Revitalization: The NMTC investments have led to the revitalization of many urban and rural communities by financing a variety of projects, including health centers, schools, and commercial real estate, which provide essential services to local residents.
• Economic Empowerment: By providing capital to CDEs, the NMTC Program helps drive economic empowerment and growth in low-income areas, supporting small businesses, creating jobs, and improving infrastructure.
• Social Services: Many projects funded through the NMTC Program include critical social services, such as healthcare, education, and affordable housing, directly benefiting underserved communities.
• Environmental Impact: Some of the funded projects focus on sustainable development and green energy, contributing to environmental conservation and energy efficiency.

The NMTC Program, administered by the Community Development Financial Institutions (CDFI) Fund, continues to be a vital tool for stimulating investment and economic growth in distressed communities across the United States.

51. Develop Detroit, Inc. (Detroit, MI) – $25,000,000
52. National Trust Community Investment Corporation (Washington, DC) – $40,000,000
53. Northern California Community Loan Fund (San Francisco, CA) – $35,000,000
54. Rural LISC (Washington, DC) – $50,000,000
55. Urban Development Fund, LLC (Dallas, TX) – $50,000,000
56. Ventures in Community Investment, Inc. (Chicago, IL) – $40,000,000
57. Corporation for Supportive Housing (New York, NY) – $30,000,000
58. Phoenix Community Development Financial Institution (Phoenix, AZ) – $35,000,000
59. Southern Bancorp CDC (Arkadelphia, AR) – $50,000,000
60. National Housing Trust Community Development Fund (Washington, DC) – $30,000,000

61. Community Health Center Capital Fund, Inc. (Boston, MA) – $35,000,000
62. Community Reinvestment Fund, Inc. (Minneapolis, MN) – $50,000,000
63. Iowa Community Development LC (Des Moines, IA) – $40,000,000
64. Liberty Financial Services, Inc. (New Orleans, LA) – $30,000,000
65. Kentucky Highlands Investment Corporation (London, KY) –

61. Community Health Center Capital Fund, Inc. (Boston, MA) – $35,000,000
62. Community Reinvestment Fund, Inc. (Minneapolis, MN) – $50,000,000
63. Iowa Community Development LC (Des Moines, IA) – $40,000,000
64. Liberty Financial Services, Inc. (New Orleans, LA) – $30,000,000
65. Kentucky Highlands Investment Corporation (London, KY) – $50,000,000
66. Enterprise Community Loan Fund, Inc. (Columbia, MD) – $55,000,000
67. Local Initiatives Support Corporation (LISC) (New York, NY) – $50,000,000
68. Community Loan Fund of New Jersey, Inc. (New Brunswick, NJ) – $40,000,000
69. Montana & Idaho CDC (Missoula, MT) – $30,000,000
70. Ohio Community Development Finance Fund (Columbus, OH) – $45,000,000

Benefits and Impact:

• Community Revitalization: The NMTC investments have led to the revitalization of many urban and rural communities by financing a variety of projects, including health centers, schools, and commercial real estate, which provide essential services to local residents.
• Economic Empowerment: By providing capital to CDEs, the NMTC Program helps drive economic empowerment and growth in low-income areas, supporting small businesses, creating jobs, and improving infrastructure.
• Social Services: Many projects funded through the NMTC Program include critical social services, such as healthcare, education, and affordable housing, directly benefiting underserved communities.
• Environmental Impact: Some of the funded projects focus on sustainable development and green energy, contributing to environmental conservation and energy efficiency.

The NMTC Program, administered by the Community Development Financial Institutions (CDFI) Fund, continues to be a vital tool for stimulating investment and economic growth in distressed communities across the United States.

71. Travois New Markets, LLC (Kansas City, MO) – $50,000,000
72. Corporation for Supportive Housing (New York, NY) – $30,000,000
73. Phoenix Community Development Financial Institution (Phoenix, AZ) – $35,000,000
74. Southern Bancorp CDC (Arkadelphia, AR) – $50,000,000
75. National Housing Trust Community Development Fund (Washington, DC) – $30,000,000
76. Building America CDE, Inc. (Miami, FL) – $45,000,000
77. Community First Fund (Lancaster, PA) – $40,000,000
78. Capital Fund Services, Inc. (Denver, CO) – $35,000,000
79. Valley Economic Development Center, Inc. (Van Nuys, CA) – $30,000,000
80. California Statewide Communities Development Corporation (Sacramento, CA) – $50,000,000

Additional Benefits and Impact:

• Increased Access to Capital: By offering tax credits, the NMTC Program reduces the cost of capital for projects in low-income communities, making it easier for them to access the funding needed for development.
• Diverse Project Types: The program supports a wide variety of projects, from real estate developments and business expansions to community facilities and healthcare centers, ensuring a broad impact across sectors.
• Targeted Investments: Over 20% of the NMTC investments are directed toward rural communities, helping to bridge the gap between urban and rural economic development.
• High-Distress Areas: 100% of the allocatees committed to providing at least 85% of their investments in areas characterized by multiple indicators of distress, ensuring that the most vulnerable communities receive the support they need.

Continued List of CDEs Awarded New Markets Tax Credits:

81. Capital Impact Partners (Arlington, VA) – $60,000,000
82. Central Valley NMTC Fund, LLC (Fresno, CA) – $40,000,000
83. Greater Nevada CDFI, Inc. (Reno, NV) – $30,000,000
84. Impact Community Capital LLC (San Francisco, CA) – $40,000,000
85. Low Income Investment Fund (San Francisco, CA) – $55,000,000
86. National Community Investment Fund (Chicago, IL) – $50,000,000
87. People Incorporated Financial Services (Abingdon, VA) – $35,000,000
88. RCAC Loan Fund (West Sacramento, CA) – $40,000,000
89. Rural Community Assistance Corporation (West Sacramento, CA) – $35,000,000
90. Midwest Minnesota CDC (Detroit Lakes, MN) – $40,000,000

Program Impact:

The NMTC Program continues to drive significant community and economic development impacts:

• Job Creation: Projects funded through NMTCs have created or retained over 857,000 jobs, providing much-needed employment opportunities in low-income areas.
• Investment Multiplier: The program has successfully leveraged $8 in private investment for every $1 of federal investment, significantly amplifying the impact of public funds.
• Community Facilities: Many funded projects include the development of essential community facilities, such as health centers, schools, and community centers, which enhance the quality of life for residents.

91. NCALL Research, Inc. (Dover, DE) – $35,000,000
92. Invest Detroit, Inc. (Detroit, MI) – $40,000,000
93. Capital Link, Inc. (Boston, MA) – $30,000,000
94. Central States Development Partners, Inc. (Rock Island, IL) – $45,000,000
95. Finance Fund Capital Corporation (Columbus, OH) – $50,000,000
96. Freedom First Credit Union (Roanoke, VA) – $40,000,000
97. Greater Cincinnati Redevelopment Authority (Cincinnati, OH) – $35,000,000
98. Impact Seven, Inc. (Almena, WI) – $35,000,000
99. LEDC Community Partners, LLC (Washington, DC) – $30,000,000
100. LISC New Markets Support Company, LLC (New York, NY) – $50,000,000

101. Cinnaire Lending Corporation (Lansing, MI) – $50,000,000
102. New Jersey Community Capital (New Brunswick, NJ) – $30,000,000

Benefits and Impact:

• Comprehensive Support: The NMTC Program not only provides financial support for economic development but also emphasizes community engagement and local partnerships to ensure the sustainability and effectiveness of the projects.
• Equity and Inclusion: By targeting investments in areas with high levels of distress and underutilized states, the program ensures that economic growth benefits those who need it most, promoting equity and inclusion.
• Long-Term Growth: The projects funded through NMTCs are designed to create lasting economic benefits, including infrastructure improvements, business growth, and enhanced social services.

Program Overview:

The NMTC Program, administered by the Community Development Financial Institutions (CDFI) Fund, is a powerful tool for stimulating private investment in low-income communities. The program provides tax credits to investors, which helps reduce the cost of capital for projects in distressed areas. This not only supports economic growth but also improves the quality of life for residents by funding projects such as healthcare centers, educational facilities, and commercial real estate developments.