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3/19/2020

$3.5 Billion in New Markets Tax Credits Awarded to Spur Economic Growth Nationwide | U.S. Department of the Treasury

$3.5 Billion in New Markets Tax Credits Awarded to Spur
Economic Growth Nationwide
February 13, 2018

Washington – The U.S. Department of the Treasury's Community Development Financial
Institutions Fund (CDFI Fund) awarded 73 Community Development Entities (CDEs) $3.5 billion
in New Markets Tax Credits today. The tax credit allocation awards, made through the calendar
year (CY) 2017 round of the New Markets Tax Credit Program (NMTC Program), will help
stimulate investment and economic growth in low-income urban neighborhoods and rural
communities nationwide.
"Today's awards will finance projects ranging from manufacturing plants that create jobs to
critically needed infrastructure," said Treasury Secretary Steven T. Mnuchin. "I want to
congratulate today's award recipients for their outstanding work in improving distressed
communities."
The 73 CDEs receiving awards today were selected from a pool of 230 applicants that requested
an aggregate total of $16.2 billion in tax credit allocation authority. The award recipients are
headquartered in 29 di erent states, Guam, and the District of Columbia. It is estimated that
these award recipients will make more than $685 million in New Markets Tax Credit investments
in nonmetropolitan counties.
Today's announcement brings the total amount awarded through the NMTC Program to $54
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 2016, the most recent data
available, NMTC Program award recipients deployed more than $44.4 billion in investments in
low-income communities and businesses; with impacts such as the creation or retention of
nearly 750,000 jobs, and the construction or rehabilitation of more than 190 million square feet
of commercial real estate.
NMTC Program Award Resources
Award Book

: View award list and learn key facts and statistics about the Allocatees

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$3.5 Billion in New Markets Tax Credits Awarded to Spur Economic Growth Nationwide | U.S. Department of the Treasury

Evaluation Process

: Overview of the NMTC Program Allocation Application Evaluation

Process
Searchable Award Database: View the profiles of individual Allocatees (available

online2/21/18)
States Served Map: Explore the service areas of recent Allocatees (available online2/21/18)
About the New Markets Tax Credit Program
The New Markets Tax Credit Program, established by Congress in December 2000, permits
individual and corporate taxpayers to receive a non-refundable tax credit against federal income
taxes for making equity investments in vehicles known as Community Development Entities
(CDEs). CDEs that receive the tax credit allocation authority under the program are domestic
corporations or partnerships that provide loans, investments, or financial counseling in lowincome urban and rural communities. The tax credit provided to the investor totals 39 percent of
the cost of the investment and is claimed over a seven-year period. The CDEs in turn use the
capital raised to make investments in low-income communities. CDEs must apply annually to
the CDFI Fund to compete for New Markets Tax Credit Program allocation authority.
To learn more about the New Markets Tax Credit Program, please view the program Fact Sheet
or visit www.cdfifund.gov/nmtc.
About the CDFI Fund
Since its creation in 1994, the CDFI Fund has awarded more than $2.2 billion to CDFIs,
community development organizations, and financial institutions through the CDFI Program,
the NACA Program, the Bank Enterprise Award Program, the Capital Magnet Fund, and the
Financial Education and Counseling Pilot Program. In addition, the CDFI Fund has allocated $54
billion in tax credit allocation authority to Community Development Entities through the New
Markets Tax Credit Program, and guaranteed $1.1 billion in bonds through the CDFI Bond
Guarantee Program.
To learn more about the CDFI Fund and its programs, please view the Fact Sheet

or visit the

CDFI Fund's website at www.cdfifund.gov.
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