June 5, 2014
Birmingham, AL – The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) today announced $3.5 billion in New Markets Tax Credit awards aimed at revitalizing low-income communities and increasing economic opportunity nationwide. A total of 87 organizations (Allocatees) across the country will receive tax credit allocation authority under the calendar year 2013 round of the New Markets Tax Credit Program.
“The New Markets Tax Credit Program creates jobs and critical investments in low-income neighborhoods and rural communities across the nation,” said Amias Gerety, Acting Assistant Secretary for Financial Institutions. “Often the New Markets Tax Credit is the most critical piece of the puzzle when trying to finance important economic development projects across the country. Its ability to attract private-sector capital into some of the most economically distressed and underserved communities is a hallmark of this important economic development program.”