In November 2016, the Community Development Financial Institutions Fund of the United States Department of the Treasury (CDFI Fund) announced the award of $7 billion for use in the New Markets Tax Credit (NMTC) program. The $7 billion award constitutes the single largest announcement since the program’s inception.
The award will be used by 120 organizations with a primary mission of serving or providing capital to low-income communities or low-income persons to spur private investment in the communities they serve. These organizations, known as community development entities (CDEs), will apply their localized knowledge and expertise to attract private capital with their NMTC award that may be deployed for nearly any conceivable type of project, including real estate development, industrial operations, commercial retail or charitable activity.