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CDFA Tax Credits Finance Update - Special New Markets Awards Edition - June 11, 2019

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Tax Credits Finance Update
June 11, 2019
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Tax Credits Finance Update

Spotlight

CDFI Fund Awards $3.5B in New Markets Tax Credits
The CDFI Fund announced NMTC Award recipients for the calendar year 2018. Approximately $2.6 billion of NMTC investment proceeds will likely be used to finance and support businesses in low-income communities, and $809.1 million to finance and support real estate projects in low-income communities.

Featured Award Recipients

People Inc. Receives $60M New Markets Tax Credit Allocation
People Inc., a certified Community Development Financial Institution headquartered in Abingdon, VA has been selected by the CDFI Fund of the U.S. Department of the Treasury to receive a $60 million allocation of New Markets Tax Credits. The award provides financing for high-impact community development projects.

Community Ventures Awarded $55M in New Markets Tax Credits
Community Ventures received $55 million that will be used for community development projects throughout the state. The NMTC program is designed to incentivize private investment for schools, hospitals, community centers, housing developments and other essential services in low-income, distressed communities.

U.S. Bank Receives $70M in New Markets Tax Credit Allocations
U.S. Bancorp Community Development Entity, LLC (USBCDE), the community development arm of U.S. Bank, received $70 million in tax credit allocations from the U.S. Department of Treasury to help address persistent gaps in economic outcomes in lower-income communities.

U.S. Treasury Awards $60M in New Market Tax Credits to LISC
Since its inception, LISC has harnessed $1 billion in tax credits to offer flexible capital for projects that benefit low-income communities across the country--projects ranging from Cincinnati's CityLink Center, home to 15 social service agencies, to a health clinic-plus-grocery store in Brockton, Mass. to a public library in Petersburg, Va.

Commonwealth Cornerstone Group Receives $55M in New Markets Tax Credits
The U.S. Department of the Treasury recently awarded Commonwealth Cornerstone Group, a nonprofit community development entity (CDE) created by the Pennsylvania Housing Finance Agency, $55 million in New Markets Tax Credit (NMTC) allocations. CCG has received eight NMTC awards totaling $406 million.

Arkansas Capital Corporation Awarded $35M in Federal NMTC Allocation
Arkansas Capital Corporation is the only CDE in Arkansas to be awarded NMTCs in this round of allocations. The announcement brings to $300 million the total amount of NMTCs awarded to Arkansas Capital Corporation to grow business and economic investments into distressed communities in Arkansas.

MBS Urban Initiatives CDE Receives $60M NMTC Allocation
MBS Urban Initiatives CDE's allocation of $60 million brings the firm's total allocation to $410 million. This is MBS's 8th allocation of New Markets Tax Credits since its first award in 2006, and it joins a select group of multi-year award winners.

Las Vegas, NV Allocated $45M in NMTC
The U.S. Treasury Department has awarded the City of Las Vegas $45 million in New Market Tax Credits to invest in low-income and underserved communities. The Las Vegas Community Investment Corporation was created to facilitate investment in commercial real estate projects and will be grated use of the NMTC.

U.S. Department of Treasury Awards $15M in New Markets Tax Credits
First-Ring Industrial Redevelopment Enterprise, Inc. (FIRE), an affiliated entity of the City of West Allis, announced today that it was chosen by the CDFI Fund of U.S. Department of Treasury to receive a $15 million dollar New Markets Tax Credit (NMTC) allocation in the 15th round of the program.

MoFi Awarded $70M to Stimulate Business Growth in Wyoming
MoFi has financed 40 projects across Wyoming, Idaho and Montana. Prior NMTC awards have helped build or expand manufacturing facilities, community food banks, medical centers, grocery stores, homeless shelters, mixed-use buildings and more.

Nonprofit Finance Fund Receives $55M in New Markets Tax Credit Allocation
NMTC financing makes it possible for NFF to support high-impact nonprofits building more livable and vibrant communities with greater opportunities for residents. NFF has received $401 million in NMTC allocation since 2007 and has put these assets to work through 38 projects advancing youth development, education, and health care.

Enhanced Capital in New Orleans, LA Awarded $50M in New Markets Tax Credits
Enhanced Community Development, a subsidiary of Enhanced Capital, has been awarded a $50 million allocation in the federal New Markets Tax Credit (NMTC) program. EDC will utilize this allocation to continue catalyzing economic growth in both urban and rural, low-income and distressed communities nationwide.

NYCEDC in New York, NY Awarded $55M In New Markets Tax Credits
New York City Economic Development Corporation announced they have been awarded $55 million in New Markets Tax Credits. This allocation will be solely for projects within New York City's five boroughs, whereas most community development entities located in New York have a national or state-wide reach.

Innovate Fund in SC Wins $60M in New Markets Tax Credits
Innovate Fund was awarded a $60 million allocation of New Markets Tax Credits (NMTCs) by the Community Development Financial Institution Fund (CDFI Fund). The funds will help finance economic and community development projects in Low-Income Communities across South Carolina.

Las Vegas, NV Awarded $45M in New Markets Tax Credits for Downtown Development
Las Vegas Community Investment Corporation received $45 million in New Markets Tax Credits to provide low-cost loans to developers in highly distressed neighborhoods, particularly in the downtown area. LVCIC is focused on commercial real estate projects that primarily involve manufacturing, mixed-use, education and health care.

Treasury Department Awarded $50M in New Markets Tax Credits to Kansas City, KS Organization
The U.S. Treasury Department awarded $50 million in New Markets Tax Credits to a community development corporation tied to Central Bank of Kansas City. Five Missouri organizations won a total of $275 million in credits; the other four are in the St. Louis area.

Kansas City, MO Organization Awarded $50M in New Markets Tax Credits
The U.S. Treasury Department awarded $50 million in New Markets Tax Credits to a community development corporation tied to Central Bank of Kansas City. CBKC CDC is a regular winner of the credits, being awarded $55 million last year and $80 million the year before that.

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