Organization: Nonprofit Finance Fund (NFF)

Award: Nonprofit Finance Fund received a $50 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: NFF is dedicated to building a financially resilient and equitable nonprofit sector by providing capital and strategic advice to social sector organizations. Their work focuses on addressing systemic inequities and supporting nonprofit organizations that deliver critical services in low-income communities.
• Previous Impact: Over the years, NFF has facilitated millions in financing to nonprofits, supporting a wide range of initiatives including healthcare, education, social services, and community development projects.

Impact:

• Job Creation and Economic Growth: The NMTC allocation will help create jobs and stimulate economic growth in underserved communities by financing projects that provide essential services and infrastructure.
• Community Development: Investments will support the development of healthcare facilities, educational institutions, and other community services that improve the quality of life for residents in low-income areas.

Project Focus:

1. Healthcare Facilities: The $50 million NMTC allocation will finance the development and expansion of healthcare facilities, ensuring that low-income communities have access to quality healthcare services.
2. Educational Institutions: Funds will be used to support the construction and enhancement of educational facilities, providing improved learning environments and resources for students.
3. Community Services: Investments will also target community centers and social service organizations, enhancing their capacity to deliver critical programs and services to underserved populations.

Quotes from Officials:

• CDFI Fund Acting Director Marcia Sigal: “The New Markets Tax Credit plays a critical role in financing many vital businesses and community projects in our nation’s low-income communities. The investments that will result from today’s announcement will help preserve and create hundreds of thousands of jobs and spur economic growth in these urban, rural, and Tribal communities across our country.”

Significance: The NMTC allocation allows NFF 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.