New Markets Tax Credit Program

Bank of America doubles support for Veteran Loan Fund to Aid Growth of Veteran-Led Small Businesses throughout Texas

Retrieved on: 
Wednesday, November 8, 2023
Bank, Community development financial institution, Bank of America, Small business, NYSE, Military personnel, New Markets Tax Credit Program, Veteran, Spouse, BAC, Digital, Risk management, Community development, Enterprise Community Partners, CDFI, Investment, SBA, Nidec-Shimpo America Corporation, SCORE, Real estate

AUSTIN, Texas, Nov. 8, 2023 /PRNewswire/ -- PeopleFund is honored to be one of twelve Community Development Financial Institutions (CDFIs) announcing the expansion of the Veteran Loan Fund, with Bank of America as the lead capital investor. Bank of America is seeding a second round of financing for Veteran Loan Fund, doubling a two-year-old commitment that has already funded more than 500 small businesses built by former military personnel across 37 states.

Key Points: 
  • Bank of America is seeding a second round of financing for Veteran Loan Fund, doubling a two-year-old commitment that has already funded more than 500 small businesses built by former military personnel across 37 states.
  • "PeopleFund is deeply proud of representing the Veteran Loan Fund in Texas," said Gustavo Lasala, President and CEO of PeopleFund.
  • PeopleFund, an Austin-based CDFI and managing member of the Veteran Loan Fund, helps underserved veteran entrepreneurs across the state of Texas.
  • Close to 30% of this lending activity took place since July 2021 and was supported by the Veteran Loan Fund.

MycoWorks' Ribbon-Cutting Ceremony Celebrates its Next-Gen Material Fine Mycelium™ Production Facility in South Carolina

Retrieved on: 
Wednesday, October 25, 2023
University of South Carolina Union, Science, Education, Housing, Food, Government, Golden Joystick Awards, NMTC, Union County Schools, Commerce, MycoWorks, Creativity, Engineering, South Carolina Department of Juvenile Justice, New Markets Tax Credit Program, Student, Employment, Junior League, Spartanburg Community College, Fine, Tourism, Renewable energy, Management, Upstate, Union

UNION, S.C., Oct. 25, 2023 /PRNewswire/ -- MycoWorks celebrated the opening and start of production at its first full-scale Fine Mycelium™ facility in Union, S.C., with a ribbon-cutting attended by South Carolina Governor Henry McMaster, as well as other government officials, community leaders, brand partners, and supporters. The world-class manufacturing plant gives MycoWorks the capacity to scale-up to meet demand for their luxury leather-like material Reishi™. Produced with the company's patented technology for partners including Hermès and Ligne Roset, MycoWorks' new plant has already made a significant impact by spurring new investment in Union's storefronts, housing, and employment portfolio.

Key Points: 
  • The world-class manufacturing plant gives MycoWorks the capacity to scale-up to meet demand for their luxury leather-like material Reishi™.
  • South Carolina Governor Henry McMaster delivered impactful remarks on MycoWorks' arrival in the state.
  • "I was proud to join with MycoWorks to celebrate the grand opening of their new Union facility," said Governor Henry McMaster .
  • Our partnerships with the Upstate educational ecosystem and the leadership in South Carolina will enable us to bring continued training and high quality jobs."

Opportunity Finance Network Honors Four Members of Congress for Commitment to Economic Opportunity

Retrieved on: 
Wednesday, October 18, 2023
Knowledge, OFN, Small business, Congress, Committee, Legislation, United States House Ways and Means Subcommittee on Work and Welfare, Conference, New Markets Tax Credit Program, Politics, Partnership, House, Community, CDFI, Ways and means committee, Senate, Renewable energy

WASHINGTON, Oct. 18, 2023 /PRNewswire/ -- Yesterday, Opportunity Finance Network (OFN), the leading national network of community development financial institutions (CDFIs), presented Sens. Mike Crapo (R-ID) and Mark Warner (D-VA) and Reps. Jason Smith (R-MO-8) and Maxine Waters (D-CA-43) with the CDFI Congressional Champion Award.

Key Points: 
  • "These four leaders have been strong advocates for making responsible financial products and services available to millions of Americans that aren't served by mainstream finance.
  • On behalf of OFN's members and the CDFI industry, I am proud to recognize these policymakers for their dedication and commitment to economic opportunity and inclusion."
  • For four decades, CDFIs have successfully leveraged public resources to finance opportunity in markets that mainstream financing does not reach.
  • I applaud Opportunity Finance Network and its members for their leadership, and I look forward to continuing this work together," said Rep.

Enhanced Community Development Awarded $40 Million in New Markets Tax Credit Allocation from U.S. Treasury Department

Retrieved on: 
Tuesday, October 17, 2023
NMTC, Investment, New Markets Tax Credit Program, Community development, CDFI, Growth, Federation, Department of the Treasury, Community development financial institution, Renewable energy, CDE

NEW YORK, Oct. 17, 2023 /PRNewswire/ -- Enhanced Community Development, a subsidiary of Enhanced Capital, announced that it has been awarded $40 million in New Markets Tax Credits (NMTC) allocation.

Key Points: 
  • NEW YORK, Oct. 17, 2023 /PRNewswire/ -- Enhanced Community Development, a subsidiary of Enhanced Capital, announced that it has been awarded $40 million in New Markets Tax Credits (NMTC) allocation.
  • This award marks the ninth time Enhanced Community Development has received a federal NMTC allocation, resulting in a cumulative total of $430 million in federal NMTC allocation since 2006.
  • The U.S. Treasury Department's Community Development Financial Institutions (CDFI) Fund announced the allocation to Enhanced Capital as part of a $5 billion award to 102 Community Development Entities (CDEs) in the 2022 round of the NMTC Program.
  • "Enhanced Community Development's New Markets Tax Credit award amplifies our mission of stimulating jobs and growth in small businesses and providing community services in economically underserved urban and rural areas," highlighted Catherine Blume, Vice President at Enhanced Capital.

Compass Health Breaks Ground on State-of-the-Art Regional Center for Intensive Behavioral Health Services

Retrieved on: 
Thursday, October 12, 2023
Hospitals, General Health, Health, Mental Health, JPMorgan Chase, Unemployment, Hospital, New Markets Tax Credit Program, M.J. Murdock Charitable Trust, Supportive housing, Community Bank, Compass, Homelessness, Campaign, Population growth, Employment, Capital Impact Partners, Coast, Premera Blue Cross, Community project, Workplace, Everett, City, Corporation, Poverty, Law enforcement, Life, Nursing, Pharmaceutical industry, Sales

The facility, slated for completion in summer 2025, will include more than 70,000 square feet of space purpose-built for intensive behavioral health services, including a 16-bed evaluation and treatment unit (E&T), a 16-bed crisis triage center, intensive outpatient behavioral health services, and offices for crisis prevention, outreach and community engagement teams.

Key Points: 
  • The facility, slated for completion in summer 2025, will include more than 70,000 square feet of space purpose-built for intensive behavioral health services, including a 16-bed evaluation and treatment unit (E&T), a 16-bed crisis triage center, intensive outpatient behavioral health services, and offices for crisis prevention, outreach and community engagement teams.
  • At the center, Compass Health anticipates serving nearly 1,300 clients through more than 35,000 points of care each year.
  • “Together, we’re building the future of behavioral health, and bringing a much-needed resource to the region.”
    Across Northwest Washington, behavioral health needs continue to grow.
  • “The benefits of this project extend far beyond the services that will be provided,” said Alex de Soto, Compass Health Board Chair.

U.S. Bank Receives $55 Million in New Markets Tax Credit Allocation

Retrieved on: 
Friday, September 29, 2023
Other Philanthropy, Other Retail, DEI (Diversity, Equity and Inclusion), Family, Supermarket, Socially Responsible Investing, Consumer, Personal Finance, Environmental, Social and Governance (ESG), Retail, Children, Finance, Banking, Asset Management, Professional Services, Philanthropy, Primary, Secondary, Fund Raising, Education, Foundation, Other Consumer, Partnership, U.S. Department of Defense Strategy for Operating in Cyberspace, Homelessness, CDE, Lakota Tech High School, European Communities (Finance) Act 2008, Community Development Financial Institutions Fund, Woman, NMTC, Person, Organization, Treasury, School, Tech High School, Pine Ridge, New Markets Tax Credit Program, Empowerment, Welding, Renewable energy, U.S. Bancorp

U.S. Bancorp Impact Finance, a subsidiary of U.S. Bank, and its community development entity (CDE) – USBCDE, LLC – received $55 million of New Markets Tax Credit (NMTC) allocation from the U.S. Department of Treasury.

Key Points: 
  • U.S. Bancorp Impact Finance, a subsidiary of U.S. Bank, and its community development entity (CDE) – USBCDE, LLC – received $55 million of New Markets Tax Credit (NMTC) allocation from the U.S. Department of Treasury.
  • The allocation is part of the federal government’s $5 billion NMTC program, which helps economically distressed communities attract private investment capital.
  • USBCDE, LLC has now been awarded more than $1 billion in total allocations, one of only three CDEs to do so.
  • It is one of 102 CDEs to receive a share of the NMTC allocation authority package announced by the Treasury’s Community Development Financial Institutions Fund (CDFI Fund).

Clearinghouse CDFI Secures $60 Million in New Market Tax Credits from the United States Department of Treasury--Will Create Jobs and Services in Distressed Communities

Retrieved on: 
Friday, September 29, 2023
Clearing house, State, Food, Housing, U.S. Department of Defense Strategy for Operating in Cyberspace, Education, CDE, Community Development Financial Institutions Fund, Calendar, New Markets Tax Credit Program, Federal, Assistant, Community development financial institution, Organization, Financial institution, Treasury, Congress, Spokane Public Facilities District, Investment, CDFI, Economic development, Health, Renewable energy, NMTC

LAKE FOREST, Calif., Sept. 29, 2023 /PRNewswire-PRWeb/ -- Clearinghouse Community Development Financial Institution (Clearinghouse CDFI) announced today that it has been awarded a $60 million New Markets Tax Credit (NMTC) allocation from the United States Department of Treasury, CDFI Fund. Clearinghouse CDFI will use the tax credits to finance community investments in low-income and urban areas in Alaska, Arizona, California, Colorado, Hawaii, Idaho, Minnesota, Montana, Nevada, New Mexico, North Dakota, Oklahoma, Oregon, South Dakota, Utah, Washington, Wisconsin, and Wyoming.

Key Points: 
  • LAKE FOREST, Calif., Sept. 29, 2023 /PRNewswire-PRWeb/ -- Clearinghouse Community Development Financial Institution (Clearinghouse CDFI) announced today that it has been awarded a $60 million New Markets Tax Credit (NMTC) allocation from the United States Department of Treasury, CDFI Fund.
  • "We are grateful to the CDFI Fund and Department of Treasury for this meaningful allocation which will create jobs and drive resources to many distressed communities," said Douglas J. Bystry, President and CEO of Clearinghouse CDFI.
  • "Tax credits are an important tool in community and economic development, making large projects with grand impact possible."
  • Since inception, Clearinghouse CDFI has deployed over $629 million of Federal and State NMTC allocation to 89 unique projects nationwide.

NMSC Announces New Name: Broadstreet

Retrieved on: 
Thursday, September 28, 2023
Socially Responsible Investing, Asset Management, Professional Services, Finance, Housing, Local Initiatives Support Corporation, AUA, LISC, NMTC, AUM, Investment, New Markets Tax Credit Program, NMSC, Health, Geography, Bank, Cryptocurrency, Frank Broadstreet Carvell

New Markets Support Company (NMSC) is now Broadstreet Impact Services.

Key Points: 
  • New Markets Support Company (NMSC) is now Broadstreet Impact Services.
  • The national financial services company has changed its name to better illustrate the breadth of its work to facilitate community impact investing.
  • Broadstreet was founded as NMSC in 2004 by the nonprofit Local Initiatives Support Corporation (LISC), which created the firm to manage its federal New Markets Tax Credit (NMTC) allocation—now the largest in the country at $1.2 billion.
  • For more information on the new Broadstreet brand, please visit: https://broadstreetimpact.com/about/news/a-letter-from-our-ceo

Leading Impact Investor Advantage Capital Selected by the US Department of the Treasury to Participate in Federal New Markets Tax Credit Program

Retrieved on: 
Thursday, September 28, 2023
Professional Services, White House, Federal Government, Public Policy, Government, State, Local, Small Business, Socially Responsible Investing, Finance, Community Development Financial Institutions Fund, Organization, Financial institution, NMTC, Congress, Administered prices, New Markets Tax Credit Program, Capital, U.S. Department of Defense Strategy for Operating in Cyberspace, Investment, CDFI, Renewable energy

Advantage Capital, a leading impact investor, today announced a $40 million allocation award in the highly competitive federal New Markets Tax Credit (NMTC) program.

Key Points: 
  • Advantage Capital, a leading impact investor, today announced a $40 million allocation award in the highly competitive federal New Markets Tax Credit (NMTC) program.
  • Administered by the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund, the program seeks to attract private investment to bring development and economic growth to distressed communities.
  • Advantage Capital is one of 102 organizations, selected from a pool of 197 nationwide applicants, to receive an allocation.
  • “The New Markets Tax Credit Program supports Louisiana entrepreneurs and small businesses revitalizing communities throughout our state,” U.S.

FirstPathway Community Development Awarded $50 million in New Markets Tax Credits

Retrieved on: 
Wednesday, September 27, 2023
Employment, U.S. Department of Defense Strategy for Operating in Cyberspace, Community Development Financial Institutions Fund, New Markets Tax Credit Program, FPCD, NMTC, EB-5, Organization, Treasury, U.S. Department of the Treasury, Office of Inspector General, Investment, CDFI, Economic development, Community development financial institution, Community development, Federation, Renewable energy

MILWAUKEE, Sept. 27, 2023 /PRNewswire/ -- The U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund announced today that it awarded FirstPathway Community Development (FPCD) $50 million in New Markets Tax Credits (NMTCs).

Key Points: 
  • MILWAUKEE, Sept. 27, 2023 /PRNewswire/ -- The U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund announced today that it awarded FirstPathway Community Development (FPCD) $50 million in New Markets Tax Credits (NMTCs).
  • New Markets Tax Credits permit taxpayers to receive a credit against federal income taxes for making equity investments on qualified low-income community investments.
  • The funding also helps preserve and create jobs while bringing community facilities and new businesses into neighborhoods that desperately need them.
  • FirstPathway Community Development is an equal opportunity provider.