Treasury Announces $5 Billion in New Markets Tax Credit Allocations

On October 28, the CDFI Fund announced $5 billion in New Markets Tax Credit (NMTC) allocations through the Calendar Year 2021 allocation round to 107 community development entities (CDEs). OFN congratulates all the allocatees, particularly the following 32 OFN member CDFIs, who received 34 percent of the allocation totaling $1.705 billion. 

• Accion Opportunity Fund Community Development
• Capital Impact Partners (Momentus Capital)
• CEI Capital Management, LLC
• Central States Development Partners, Inc.
• Cinnaire New Markets, LLC
• Civic Community Partners, Inc.
• Clearinghouse Community Development Financial Institution
• Cleveland New Markets Investment Fund II, LLC (Cleveland Development Advisors Community Reinvestment Fund)
• Colorado Enterprise Fund, Inc.
• Community Health Center Capital Fund, Inc.
• Community Loan Fund of New Jersey, Inc.
• Corporation for Supportive Housing
• CV Appalachian CDE, Inc. (Community Ventures Corporation, Inc.)
• Dayton Region New Market Fund, LLC
• Empowerment Reinvestment Fund, LLC (TruFund Financial Services, Inc.)
• ESIC New Markets Partners LP (Enterprise Community Partners)
• Florida Community Loan Fund, Inc.
• Forward Community Investments, Inc.
• Genesis LA CDE, LLC
• Hope Enterprise Corporation
• Impact Seven, Incorporated
• Invest Detroit CDE
• Local Initiatives Support Corporation
• Montana Community Development Corporation (MoFi)
• Ohio Community Development Finance Fund (Finance Fund Capital Corporation)
• Pathway Lending CDE, LLC
• PeopleFund NMTC, LLC
• PIDC Community Capital
• Raza Development Fund, Inc.
• Self-Help Ventures Fund
• Southern Bancorp Bank
• The Housing Partnership Network, Inc.

Overall, CDFIs received allocations totaling $1.855 billion and 37 percent of the allocatees are CDFIs. This is the highest dollar amount ever awarded to CDFIs under the program and it’s the first round with $5 billion in allocations available — a $1.5 billion increase over the previous $3.5 billion level.  

The NMTC program is set to expire on December 31, 2025, with $5 billion in allocations available each year. Bills to extend the NMTC program indefinitely were introduced in the House and Senate last year with bipartisan support in both chambers.  

OFN continues to advocate for Congress to make the NMTC permanent by including the NMTC Extension Act of 2021 (H.R. 1321 and S. 456), along with provisions authorizing additional allocation for Tribal Statistical Areas and U.S. Territories, in the end of the year legislative package.