U.S. Treasury Department CDFI Fund announces NMTC Awards, including $40 million to FCLF, to revitalize low-income and distressed communities.
Florida Community Loan Fund (FCLF) is pleased to announce its award of $40 million in tax credit allocation authority through the U.S. Treasury Department's CDFI Fund. FCLF was one of only two organizations in Florida to win NMTC allocation this year, the tenth round of awards. With this sixth award of $40 million in tax credit authority, FCLF has been awarded a total of $151 in NMTC allocation.
This year's awards totaled $3.5 billion to 85 organizations nationwide, headquartered in 28 states and D.C. The 85 organizations were selected from a pool of 282 applicants that requested approximately $21.9 billion.
To date, FCLF has been a part of 10 NMTC projects, totaling more than $96 million in project costs. These projects have leveraged $211 million in additional private capital, and have created or retained more than 1,800 jobs. All NMTC projects are located in low-income, highly distressed census tracts. FCLF's NMTC Program has a goal of working with projects such as health and human services facilities, charter schools, Green and environmentally sustainable projects, and healthy foods. The projects financed through FCLF's NMTC Program enhance our mission of ensuring critically needed financing to low-income communities and to the families that live, work and play in those communities. This allocation award continues to highlight the Florida Community Loan Fund as an accomplished and active entity in the NMTC field.
The NMTC Program was created to increase economic opportunity in distressed areas of the nation. CDFI Fund Director Donna J. Gambrell states that "over 70 percent of New Markets Tax Credit investments have been made in communities that meet the highest distress criteria, above even the program's requirements. That result effectively demonstrates how essential the New Markets Tax Credit Program is to spurring economic development in underserved areas."
ASPIRA of Miami used the NMTC program for 2 of its charter schools serving low-income families: ASPIRA North and ASPIRA EMH. Metropolitan Ministries in Tampa is currently in construction with its NMTC-financed human services campus, in an area with one of the highest homeless rates in the nation. These are just some examples of the NMTC program at work, improving communities, catalyzing economic development, providing jobs, and improving lives.
Click here to read the announcement from the CDFI Fund about this year's NMTC Awards.