Today, the U.S. Department of the Treasury 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 102 Community Development Entities (CDEs) were awarded tax credit allocations, made through the calendar year (CY) 2022 round of the New Markets Tax Credit Program (NMTC Program).
“The New Markets Tax Credit plays a critical [role] in financing many vital businesses and community projects in our nation’s low-income communities,” said Assistant Treasury Secretary Graham Steele. “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. It is important that Congress sustains these investments by making the New Markets Tax Credit permanent.”
Among the 102 CDEs awarded today were two Native recipients – Chickasaw Nation Community Development Endeavor LLC and Native American Bank, N.A. – each of whom received $50 million allocations.
“We salute Native American Bank and Chickasaw Nation Community Development Endeavor LLC for embracing this opportunity to address Indian Country’s significant gaps in accessing capital,” said NCN CEO Pete Upton. “Today’s announcement is a step in the right direction, but a reminder that the program still needs to do more for Native communities based on their acute needs. As NCN and other leading national Native organizations have long demanded, Congress needs to create a NMTC set-aside for Indian Country that far exceeds the two percent of the overall NMTC allocation these two Native entities received today.”
To view the full list of NMTC awardees, please click here.