Organization: Partners for the Common Good, Inc. (PCG)

Award: PCG 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: PCG is a national community development finance organization dedicated to advancing economic justice and racial equity by partnering with mission-focused lenders to provide capital, create opportunities, and build wealth for low-income people and communities.
• History: Founded in 2000, PCG established the CDFI industry’s first wholesale loan participation network. They have partnered with over 50 CDFIs across Washington, DC, and 38 states, facilitating $18-20 million in participation transactions annually and managing an outstanding portfolio of nearly $50 million.

Impact:

• Previous Investments: Since its inception, PCG has made over $50 million in loans and deposits to 150+ borrowers working in low-income communities. Their investments have significantly contributed to affordable housing, community facilities, and economic development projects.
• Economic Justice Partnership Fund (EJPF): Launched in 2021, this $50 million fund expands PCG’s product offerings to the CDFI community, emphasizing economic justice and impact.

Project Focus:

1. Affordable Housing and Community Facilities: The NMTC allocation will finance projects that provide affordable housing, healthcare clinics, educational facilities, and other critical community infrastructure.
2. Job Creation and Small Business Support: Investments will focus on creating jobs and supporting small businesses, particularly those in economically distressed areas.

Quotes from Officials:

• Jodie Harris, Director of the CDFI Fund: “The New Markets Tax Credit program 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 PCG 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.