Washington, D.C.

Building on the Obama Administration’s commitment to increase economic opportunity in distressed areas of the United States, 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 (NMTC) awards nationwide. Treasury will provide 85 organizations with tax credit allocation authority under the tenth award round of the NMTC Program.

“The New Markets Tax Credit addresses one of the most significant obstacles to economic development that low-income communities face: a lack of access to patient, private investment capital,” said Treasury Assistant Secretary for Financial Institutions Cyrus Amir-Mokri. “The $31 billion worth of tax credits awarded in past years have gone toward preserving jobs and bringing community facilities and new businesses into neighborhoods that desperately needed them. I expect today’s awardees will continue that trend.”