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Return to CDFI Fund mainpageU.S. Department of the Treasury websiteCommunity Development Institutions Fund
Community Development Financial Institutions Fund
Treasury Announces $3.5 Billion in New Markets Tax Credit Awards

April 24, 2013

Washington, DCó Building on the Obama Administrationís commitment to increase economic opportunity in distressed areas of the United States, the U.S. Department of the Treasuryís 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.

Donna J. Gambrell "Over 70 percent of New Markets Tax Credit investments have been made in communities that meet the highest distress criteria, above even the program's requirements,Ē said Director Gambrell. "That result effectively demonstrates how essential the New Markets Tax Credit Program is to spurring economic development in underserved areas."

View Director Gambrellís full message here.

2012 NMTC Program Award Resources

About the CDFI Fund

Since its creation in 1994, the CDFI Fund has awarded over $1.7 billion to CDFIs, community development organizations, and financial institutions through the CDFI Program, the Bank Enterprise Awards Program, the Capital Magnet Fund, the Financial Education and Counseling Pilot Program, and the Native American CDFI Assistance Program. In addition, the CDFI Fund has allocated $36.5 billion in tax credit authority to Community Development Entities through the New Markets Tax Credit Program. View the CDFI Fund's brochure.

About the New Markets Tax Credit Program

The NMTC Program permits taxpayers to receive a credit against federal income taxes for making qualified equity investments in investment vehicles known as Community Development Entities (CDEs). These CDEs offer the credits to taxable investors in exchange for stock or a capital interest in the CDE. Substantially all of the qualified equity investment must in turn be used by the CDE to provide investments in low-income communities - investments that will help finance community development projects, stimulate economic growth and create jobs. View the NMTC Program fact sheet.

For More Information

To learn more about the CDFI Fund and its programs, please visit www.cdfifund.gov.

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