The Community Development Financial Institutions (CDFI) Fund has awarded $10 billion in New Markets Tax Credit (NMTC) allocation authority to 142 organizations across the country.
The awards, announced in December, cover allocation rounds for 2024 and 2025.
Demand far exceeded the supply, with $19.2 billion requested, according to the Treasury Department's CDFI Fund. The community development entities receiving allocations were selected from a pool of 216 applicants. Awards ranged from $20 million to $95 million.
The NMTC program seeks to help economically distressed communities attract private investment capital.
Approximately $1.4 billion is expected to be used to finance and support real estate projects, while $8.3 billion will be used to finance or support loans or investments in operating businesses in low-income communities.
The NMTC program was permanently extended at $5 billion annual authority under the One Big Beautiful Bill Act in 2025.
The latest allocations reflect a 20% increase in investments in rural and non-metro communities. These investments will help expand rural hospitals, strengthen small businesses, build domestic manufacturing capacity, and support job creation, according to the CDFI Fund.
Recipients include a number of organizations familiar to the affordable housing sector, including CAHEC New Markets, Cinnaire New Markets, Corporation for Supportive Housing, ESIC New Markets Partners, Evernorth Rural Ventures, Gulf Coast Housing Partnership, IFF, Local Initiatives Support Corp., MHIC New Markets CDE II, The Community Builders CDE, Housing Partnership Network, and Travois New Markets.
A full list is available here.