$5 Billion in New Markets Tax Credit Allocations Announced
On September 1, the CDFI Fund announced $5 billion in New Markets Tax Credit (NMTC) allocations through the Calendar Year 2020 allocation round to 100 community development entities (CDEs). OFN congratulates all the allocatees, particularly the following 35 OFN member CDFIs, who received 34 percent of the allocation totaling $1.705 billion.
- Accion Opportunity Fund Community Development
- Arkansas Capital Corporation
- Black Business Investment Fund, Inc
- BlueHub Capital
- CAHEC New Markets
- Capital Impact Partners
- Cinnaire
- Civic Community Partners
- Cleveland Development Advisors
- Colorado Enterprise Fund
- Community Housing Capital
- Corporation for Supportive Housing
- Dayton Region New Market Fund
- Development Finance Authority of Summit County
- Enterprise Community Loan Fund
- Florida Community Loan Fund
- Forward Community Investments,
- Genesis LA
- Hope Enterprise Corporation
- IFF
- Impact Loan Fund
- Lendistry
- Local Initiatives Support Corporation
- Low Income Investment Fund
- MoFi
- National Community Investment Fund
- NDC Community Impact Loan Fund
- New Jersey Community Capital
- Pathway Lending
- PIDC Community Capital
- Prestamos CDFI
- Primary Care Development Corporation
- Raza Development Fund
- Reinvestment Fund
- Southern Bancorp Community Partners
Overall, CDFIs received allocations totaling $1.855 billion and 37 percent of the allocatees are CDFIs. This is the highest dollar amount ever awarded to CDFIs under the program and it’s the first round with $5 billion in allocations available — a $1.5 billion increase over the previous $3.5 billion level. Last year, the NMTC program was extended through 2025 with $5 billion in allocations available each year.
OFN continues to advocate for Congress to make the NMTC permanent and to include NMTC permanence in the infrastructure bill. OFN is pleased that the House Ways and Means Committee has included NMTC permanence in their bill.