11. Urban Action Community Development LLC (New York, NY) – $60,000,000 NMTC Award

Organization: Urban Action Community Development LLC

Award: Urban Action Community Development LLC received a $60 million allocation in New Markets Tax Credits (NMTC) from the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund.

Background:

  • Mission: Urban Action Community Development LLC focuses on leveraging NMTCs to revitalize economically distressed urban areas by investing in critical community development projects. Their goal is to stimulate economic growth, create jobs, and improve the quality of life in underserved communities.
  • Previous Impact: Over the years, Urban Action Community Development has successfully utilized NMTC allocations to finance numerous projects, including affordable housing, community centers, and commercial developments that cater to low-income residents.

Impact:

  • Job Creation: The NMTC allocation will facilitate the creation of jobs in urban areas, particularly in sectors such as construction, healthcare, and education.
  • Community Development: Investments will support the development of essential community facilities, such as health clinics, educational institutions, and recreational centers, thereby enhancing the overall well-being of residents.

Project Focus:

  1. Affordable Housing and Mixed-Use Developments: The $60 million NMTC allocation will be used to finance projects that provide affordable housing and integrate community services such as healthcare clinics, educational centers, and retail spaces. These developments aim to revitalize underserved neighborhoods and provide residents with access to essential services.
  2. Economic and Workforce Development: Investments will also focus on creating job opportunities and supporting local businesses, particularly those in economically distressed areas.

Significance: The NMTC allocation allows Urban Action Community Development LLC to continue its mission of fostering economic growth and revitalization in low-income communities by providing essential financial support for impactful projects. These investments will drive significant improvements in community infrastructure, economic opportunities, and overall quality of life for residents.