New Markets Tax Credit Program



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CDFI Fund Announces More Than $3.5 Billion in New Markets Tax Credits

July 15, 2020

Washington- The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced $3,548,485,000 in New Markets Tax Credits today that will spur investment and economic growth in low-income urban and rural communities nationwide. A total of 76 Community Development Entities (CDEs) were awarded tax credit allocations, made through the calendar year (CY) 2019 round of the New Markets Tax Credit Program (NMTC Program).

“Today’s action demonstrates the Administration’s commitment to promoting economic growth and jobs in distressed communities, and to ensuring that every American can get back to work as quickly as possible,” said Treasury Secretary Steven T. Mnuchin.

”For almost 20 years, the New Markets Tax Credit has attracted private capital into businesses and communities as they recover from significant shocks to our economy,” said CDFI Fund Director Jodie Harris. “Projects that spur job creation, enable access to technology infrastructure and develop community facilities like federal qualified health centers, are examples of how New Markets Tax Credit investments are especially critical for low-income communities across the country.”

The 76 CDEs receiving awards today were selected from a pool of 206 applicants that requested an aggregate total of $14.7 billion in tax credit allocation authority. The award recipients are headquartered in 30 different states and the District of Columbia. One-fifth (20%) of the investments will be made in rural communities. It is estimated that these award recipients will make more than $706 million in New Markets Tax Credit investments in non-metropolitan counties.

Today’s announcement brings the total amount awarded through the NMTC Program to $61 billion. Historically, NMTC Program awards have generated $8 of private investment for every $1 invested by the federal government. Through the end of fiscal year 2018, the most recent data available, NMTC Program award recipients deployed nearly $52.5 billion in investments in low-income communities and businesses; with impacts such as the creation or retention of more than 836,000 jobs, and the construction or rehabilitation of more than 218.3 million square feet of commercial real estate.

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CY 2019 NMTC Program Allocation Evaluation Process NMTC Program Allocation Evaluation Process_508 Compliant.pdfCY 2019 NMTC Program Allocation Evaluation Process20202020-07-15T04:00:00Z2318
CY 2019 New Markets Tax Credit Award Book NMTC Award Book FINALforWEBSITE 13JULY2020.pdfCY 2019 New Markets Tax Credit Award Book20202020-07-15T04:00:00Z2320

 Past Awards



2018 NMTC Program Allocation Evaluation Process NMTC Program Allocation Evaluation Process.5.23.19.pdf2018 NMTC Program Allocation Evaluation Process20192019-05-23T04:00:00ZNew Markets Tax Credit;#
CY 2018 New Markets Tax Credit Program Award Book Markets Tax Credit Program Award Book for Calendar Year 2018.pdfCY 2018 New Markets Tax Credit Program Award Book20192019-05-23T04:00:00ZNew Markets Tax Credit;#
2017 NMTC Program Allocation Evaluation Process NMTC Round Characteristics of a Highly Ranked Application - FINAL.pdf2017 NMTC Program Allocation Evaluation Process20182018-02-13T05:00:00ZNew Markets Tax Credit;#

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