Washington, D.C. (Tuesday, August 8, 2017)—"The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced today that it received a total of 230 applications under the 2017 round of the New Markets Tax Credit Program (NMTC Program). The NMTC Program encourages economic development in low-income and distressed communities by making tax credit allocations available to Community Development Entities (CDEs) for targeted investments in eligible areas.
The CDEs that applied under the 2017 round are headquartered in 42 states, the District of Columbia, Puerto Rico, and Guam. The applicants requested an aggregate total of $16.2 billion in NMTC allocation authority, over four-and-a-half times the $3.5 billion in authority available for the 2017 round."
Read the full press release here.