April 29, 2013
The National Development Council (NDC), the oldest national non-profit community development organization in the country, has received $65,000,000 New Markets Tax Credit (NMTC) allocation, announced on Thursday by the U.S. Department of the Treasury. The allocation is part of the Treasury’s Community Development Financial Institutions (CDFI) Fund $3.5 billion program to bring private investment into low-income and distressed communities throughout the U.S.
As one of only 85 organizations to receive an allocation this year, out of 282 applicants that requested $21.6 billion, NDC continues to stand among the top 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 $704,000,000.
“NDC is proud to be among a strong field of Economic Development Professionals that have been awarded an Allocation” NDC President Robert W. Davenport said, “NMTC has helped deliver on our mission to help revitalizing struggling communities across the country, we believe it is a powerful economic development resource.”
The NMTC was established by Congress in December 2000, and provides a 39% tax credit, taken over seven-years, for individual and corporate taxpayers who make equity investments to finance businesses and development in qualified low-income areas of the country.
“I am so proud of the National Development Council which is located in my district and congratulate them on their NMTC award,” said Congresswoman Carolyn Maloney (D-NY). “NDC is the oldest national community development nonprofit organization in the country and through the proven CDFI model, they have created thousands of jobs with their community renewal initiatives. I have no doubt that this important work will continue and expand with this latest allocation.”
With its previous $704,000,000 in NMTC allocations NDC has brought more than $1.49 billion in investment to 76 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.
Founded in 1969, the National Development Council is a national nonprofit organization that has evolved into one of the most progressive and innovative community and economic development organizations in the country. From a seminal role in the earliest days of the community development movement, NDC has grown into one of the most comprehensive suppliers of financing, development expertise, technical assistance and training for community revitalization efforts throughout the U.S.
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