$3.5 billion in New Markets Tax Credit Allocations Announced
On July 15, the CDFI Fund announced $3.5 billion in New Markets Tax Credit (NMTC) allocations through the 2019 allocation round to 76 community development entities (CDEs). OFN congratulates all of the allocatees, particularly the 22 OFN members, who received $973,485,000, representing more than 27 percent of the allocation.
OFN members who received allocations are:
- Arkansas Capital Corporation
- Black Business Investment Fund
- Cincinnati Development Fund, Inc.
- Civic San Diego
- Clearinghouse Community Development Financial Institution
- Colorado Enterprise Fund
- Community Health Center Capital Fund, Inc.
- Community Reinvestment Fund
- Corporation for Supportive Housing
- Impact Seven, Inc.
- Local Initiatives Support Corporation
- Midwest Minnesota Community Development Corporation
- NCALL Research, Inc.
- Partners for the Common Good
- Primary Care Development Corporation
- Reinvestment Fund
- South Carolina Community Loan Fund
- Southern Bancorp
- The Housing Partnership Network, Inc.
- TruFund Financial Services, Inc.
Overall, CDFIs received allocations totaling $1.373 billion, which represents 38.2 percent of the total allocations of $3.5 billion. The NMTC program is currently only authorized through 2020. OFN continues to advocate for Congress to make the NMTC permanent.