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).