U.S. Treasury Announces $3.5 Billion in NMTC Awards to Stimulate Economic Growth

On June 15, the U.S. Treasury Department’s CDFI Fund announced that more than $3.5 billion in New Markets Tax Credit (NMTC) awards would aim towards spurring investment and economic growth in low-income urban neighborhoods and rural communities throughout the country. A total of 76 organizations (allocatees) will receive tax credit allocation authority under the 2014 round of the NMTC Program.

Since the inception of this program, NMTC investments are estimated to have created nearly 600,000 new jobs and supported the construction of more than 160 million square feet of retail, manufacturing, and office space.

Read more about the NMTC Program and its awards recipients here.