Yesterday, the U.S. Department of Treasury's Community Development Financial Institutions Fund (CDFI Fund) announced that 120 organizations nationwide will receive a total of $7 billion in New Market Tax Credit awards. Approximately $4.1 billion will be invested in major urban areas, $1.4 billion will be invested in minor urban areas, and $1.2 billion will be invested in rural areas. These organizations were headquartered in 36 states, the District of Columbia, and Puerto Rico. Click here to view the CDFI Fund press release.

Of the 120 organizations:

  • 41 were certified CDFIs or subsidiaries of certified CDFIs. They received allocations totaling $2.4 billion. 
  • 32 were OFN Members. They received allocations totaling $1.85 billion.
  • 17 were minority-owned or controlled entities. They received allocations totaling $870 million. 
  • 14 met the criteria for Rural CDE. They received allocations totaling $1.2 billion.

We would like to congratulate all the award recipients, especially our OFN Members:

  • Black Business Investment Fund Florida
  • Boston Community Capital
  • Capital Impact Partners
  • Coastal Enterprises
  • Cincinnati Development Fund
  • Cinnaire
  • City First Bank
  • Clearinghouse CDFI
  • Community First Fund
  • Corporation for Supportive Housing
  • Empowerment Reinvestment Fund LLC
  • Finance Fund
  • Florida Community Loan Fund
  • Forward Community Investments
  • Genesis LA
  • Hope Enterprise Corporation
  • IFF
  • Local Initiatives Support Corporation
  • Low Income Investment Fund
  • Montana CDC
  • MS Gulf Coast Renaissance Corporation
  • New Jersey Community Capital
  • Nonprofit Finance Fund
  • Opportunity Fund
  • Partners for the Common Good
  • People Incorporated Financial Services
  • PeopleFund
  • PIDC Community Capital
  • Primary Care Development Corporation
  • Raza Development Fund
  • The Housing Partnership Network
  • University Financial Corp.
 

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