NDC received a $90,000,000 New Markets Tax Credit (NMTC) allocation, announced on Thursday, February 23, 2012 by the U.S. Department of the Treasury Community Development Financial Institutions Fund (CDFI Fund). The allocation is part of the CDFI Fund’s $3.6 billion 2012 NMTC program bringing private investment into low-income and distressed communities throughout the U.S.
As one of only 70 organizations to receive an allocation this year, out of 314 applicants, NDC continues to stand among the top three or four non-profits bringing this resource to low-income communities in rural and urban areas around the country. The new allocation will bring NDC’s total to $639,000,000.
NDC President Robert W. Davenport said, “NDC is proud and honored to have a role in this important program. It is the most powerful economic development resource available from the Federal government, and it has helped NDC to deliver on our own mission to help revitalize struggling communities across the country.”
With its previous $549,000,000 in NMTC allocations NDC has brought more than $1.2 billion in investment to 67 projects in 24 states. The projects include manufacturing businesses, research and development facilities, and retail and commercial development in underserved neighborhoods, as well as community facilities that provide health, social and educational services to low-income individuals and families.
Read more on NDC’s NMTC program