The Treasury Department’s Community Development Financial Institutions Fund (CDFI Fund) has announced New Markets Tax Credits worth $5 billion to create jobs and encourage investment and economic growth in low-income urban and rural communities nationwide. The CDFI Fund awarded tax credit allocations to 100 Community Development Entities (CDEs) through the calendar year 2020 round of the New Markets Tax Credit Program. The 100 CDEs were selected from 208 applicants that requested an aggregate total of $15.1 billion in tax credit allocation authority. The award recipients operate from 34 different states and the District of Columbia. The CDFI Fund plans to make one-fifth of the investments in rural communities. The award recipients will make approximately more than $1 billion in New Markets Tax Credit investments in non-metropolitan counties.
The list of awards can be found in the Award Book, along with other information about these awards, at https://www.cdfifund.gov/programs-training/programs/new-markets-tax-credit/award-announcement-step.