Treasury Awards $3.5 Billion to Encourage Private Sector Investments in Distressed Communities

Washington, DC - U.S. Treasury Deputy Secretary Robert M. Kimmitt and Treasury's Community Development Financial Institutions (CDFI) Fund Director Donna J. Gambrell announced in Washington, DC, that 70 organizations were selected to receive $3.5 billion in tax credits for use in low-income communities. Treasury awarded the credits under the 2008 round of the New Markets Tax Credit (NMTC) Program. The NMTC Program attracts private-sector capital investment into the nation's urban and rural low-income areas to help stimulate economic growth and create jobs.

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