$3.5 Billion in New Markets Tax Credit Allocations Announced
The US Department of the Treasury's Community Development Financial Institutions Fund announced awards of $3.5 billion in New Markets Tax Credit authority to 73 community development entities (CDEs). The 73 CDEs receiving awards were selected from a pool of 214 applicants and are headquartered in 35 states, the District of Columbia, and Puerto Rico.
The New Markets Tax Credit Program incentivizes private investment in low income communities. “This program is an important driver of economic and community development projects that create jobs and provide other positive impacts to low income communities," said Alan Lange, Managing Director of MuniStrategies. MuniStrategies has received five NMTC awards totaling $253 million, including a $55 million award in this round.
A list of the 73 CDEs receiving awards can be found here.