Treasury Announces $3.5 Billion in New Markets Tax Credit Aw

by **admin** » Wed Apr 24, 2013 11:49 am

Treasury Announces $3.5 Billion in New Markets Tax Credit Awards To Revitalize Low-Income and Distressed Communities
April 24, 2013

Washington, DC—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.

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