102 Community Development Entities (CDEs)

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.

  1. Urban Action Community Development LLC (New York, NY) – $60,000,000
  2. Nonprofit Finance Fund (New York, NY) – $50,000,000
  3. Los Angeles Development Fund (Los Angeles, CA) – $45,000,000
  4. Chicago Development Fund (Chicago, IL) – $50,000,000
  5. Phoenix Community Development and Investment Corporation (Phoenix, AZ) – $35,000,000
  6. Detroit Development Fund (Detroit, MI) – $25,000,000
  7. New Jersey Community Capital (New Brunswick, NJ) – $30,000,000
  8. Invest Atlanta New Markets, LLC (Atlanta, GA) – $40,000,000
  9. Louisiana Community Development Capital LLC (New Orleans, LA) – $35,000,000
  10. Rural Development Partners, LLC (Mason City, IA) – $50,000,000
  1. Capital Impact Partners (Arlington, VA) – $60,000,000
  2. Enterprise Community Loan Fund, Inc. (Columbia, MD) – $55,000,000
  3. Local Initiatives Support Corporation (LISC) (New York, NY) – $50,000,000
  4. Community Loan Fund of New Jersey, Inc. (New Brunswick, NJ) – $40,000,000
  5. Montana & Idaho CDC (Missoula, MT) – $30,000,000
  6. Ohio Community Development Finance Fund (Columbus, OH) – $45,000,000
  7. Phoenix Community Development and Investment Corporation (Phoenix, AZ) – $35,000,000
  8. San Antonio Growth on the Eastside (SAGE) (San Antonio, TX) – $25,000,000
  9. Central States Development Partners, Inc. (Davenport, IA) – $50,000,000
  10. 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.

  1. Boston Community Loan Fund, Inc. (Boston, MA) – $35,000,000
  2. Raza Development Fund, Inc. (Phoenix, AZ) – $50,000,000
  3. Capital One Community Renewal Fund, LLC (McLean, VA) – $50,000,000
  4. Community Development Trust, LP (New York, NY) – $40,000,000
  5. Mid-City Community CDE, LLC (Washington, DC) – $30,000,000
  6. Central Valley NMTC Fund, LLC (Fresno, CA) – $40,000,000
  7. Florida Community Loan Fund, Inc. (Orlando, FL) – $35,000,000
  8. Greater Nevada CDFI, Inc. (Reno, NV) – $30,000,000
  9. Impact Community Capital LLC (San Francisco, CA) – $40,000,000
  10. Low Income Investment Fund (San Francisco, CA) – $55,000,000
  1. National Community Investment Fund (Chicago, IL) – $50,000,000
  2. People Incorporated Financial Services (Abingdon, VA) – $35,000,000
  3. RCAC Loan Fund (West Sacramento, CA) – $40,000,000
  4. Rural Community Assistance Corporation (West Sacramento, CA) – $35,000,000
  5. Enterprise Community Investment, Inc. (Columbia, MD) – $60,000,000
  6. Midwest Minnesota CDC (Detroit Lakes, MN) – $40,000,000
  7. New Markets Support Company (Chicago, IL) – $55,000,000
  8. Hope Enterprise Corporation (Jackson, MS) – $50,000,000
  9. Community Ventures Corporation, Inc. (Lexington, KY) – $30,000,000
  10. 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.

  1. Develop Detroit, Inc. (Detroit, MI) – $25,000,000
  2. National Trust Community Investment Corporation (Washington, DC) – $40,000,000
  3. Northern California Community Loan Fund (San Francisco, CA) – $35,000,000
  4. Rural LISC (Washington, DC) – $50,000,000
  5. Urban Development Fund, LLC (Dallas, TX) – $50,000,000
  6. Ventures in Community Investment, Inc. (Chicago, IL) – $40,000,000
  7. Corporation for Supportive Housing (New York, NY) – $30,000,000
  8. Phoenix Community Development Financial Institution (Phoenix, AZ) – $35,000,000
  9. Southern Bancorp CDC (Arkadelphia, AR) – $50,000,000
  10. National Housing Trust Community Development Fund (Washington, DC) – $30,000,000
  1. Community Health Center Capital Fund, Inc. (Boston, MA) – $35,000,000
  2. Community Reinvestment Fund, Inc. (Minneapolis, MN) – $50,000,000
  3. Iowa Community Development LC (Des Moines, IA) – $40,000,000
  4. Liberty Financial Services, Inc. (New Orleans, LA) – $30,000,000
  5. Kentucky Highlands Investment Corporation (London, KY) –
  1. Community Health Center Capital Fund, Inc. (Boston, MA) – $35,000,000
  2. Community Reinvestment Fund, Inc. (Minneapolis, MN) – $50,000,000
  3. Iowa Community Development LC (Des Moines, IA) – $40,000,000
  4. Liberty Financial Services, Inc. (New Orleans, LA) – $30,000,000
  5. Kentucky Highlands Investment Corporation (London, KY) – $50,000,000
  6. Enterprise Community Loan Fund, Inc. (Columbia, MD) – $55,000,000
  7. Local Initiatives Support Corporation (LISC) (New York, NY) – $50,000,000
  8. Community Loan Fund of New Jersey, Inc. (New Brunswick, NJ) – $40,000,000
  9. Montana & Idaho CDC (Missoula, MT) – $30,000,000
  10. 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.

  1. Travois New Markets, LLC (Kansas City, MO) – $50,000,000
  2. Corporation for Supportive Housing (New York, NY) – $30,000,000
  3. Phoenix Community Development Financial Institution (Phoenix, AZ) – $35,000,000
  4. Southern Bancorp CDC (Arkadelphia, AR) – $50,000,000
  5. National Housing Trust Community Development Fund (Washington, DC) – $30,000,000
  6. Building America CDE, Inc. (Miami, FL) – $45,000,000
  7. Community First Fund (Lancaster, PA) – $40,000,000
  8. Capital Fund Services, Inc. (Denver, CO) – $35,000,000
  9. Valley Economic Development Center, Inc. (Van Nuys, CA) – $30,000,000
  10. 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:

  1. Capital Impact Partners (Arlington, VA) – $60,000,000
  2. Central Valley NMTC Fund, LLC (Fresno, CA) – $40,000,000
  3. Greater Nevada CDFI, Inc. (Reno, NV) – $30,000,000
  4. Impact Community Capital LLC (San Francisco, CA) – $40,000,000
  5. Low Income Investment Fund (San Francisco, CA) – $55,000,000
  6. National Community Investment Fund (Chicago, IL) – $50,000,000
  7. People Incorporated Financial Services (Abingdon, VA) – $35,000,000
  8. RCAC Loan Fund (West Sacramento, CA) – $40,000,000
  9. Rural Community Assistance Corporation (West Sacramento, CA) – $35,000,000
  10. 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.
  1. NCALL Research, Inc. (Dover, DE) – $35,000,000
  2. Invest Detroit, Inc. (Detroit, MI) – $40,000,000
  3. Capital Link, Inc. (Boston, MA) – $30,000,000
  4. Central States Development Partners, Inc. (Rock Island, IL) – $45,000,000
  5. Finance Fund Capital Corporation (Columbus, OH) – $50,000,000
  6. Freedom First Credit Union (Roanoke, VA) – $40,000,000
  7. Greater Cincinnati Redevelopment Authority (Cincinnati, OH) – $35,000,000
  8. Impact Seven, Inc. (Almena, WI) – $35,000,000
  9. LEDC Community Partners, LLC (Washington, DC) – $30,000,000
  10. LISC New Markets Support Company, LLC (New York, NY) – $50,000,000
  1. Cinnaire Lending Corporation (Lansing, MI) – $50,000,000
  2. 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.