The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced $5 billion in New Markets Tax Credits that will spur investment and economic growth in low-income urban and rural communities nationwide. A total of 104 Community Development Entities (CDEs) were awarded tax credit allocations, made through the calendar year (CY) 2023 round of the New Markets Tax Credit Program (NMTC Program).
This announcement brings the total amount awarded through the NMTC Program to more than $81 billion. Historically, NMTC Program awards have generated $8 of private investment for every $1 invested by the federal government. Through the end of fiscal year 2023, NMTC Program award recipients deployed more than $63.6 billion in investments in low-income communities and businesses; with impacts such as the creation or retention of more than 894,000 jobs, and the construction or rehabilitation of nearly 259.5 million square feet of commercial real estate.
NCN would like to especially congratulate our member, Alaska Growth Capital BIDCO, Inc. for their $40 million award. This award highlights their ongoing commitment to fostering economic development and supporting underserved Native communities. Alaska Growth Capital’s continued efforts to drive growth and innovation are making a significant impact. We are proud to have them as a valued member of our network and congratulate them on this well-deserved recognition.
Click here to learn more about the New Market Tax Credit Program and for a full list of awardees.