WASHINGTON – At least one credit union-affiliated organization has received funds as part of the $5 billion in New Markets Tax Credits announced by the Treasury Department’s CDFI Fund.
North Carolina-based Self-Help Ventures Fund, an affiliate of Self-Help Credit Union, has received $50 million. The fund describes itself as a “… nonprofit 501(c)(3) loan fund capitalized with loans and grants from foundations, religious organizations, corporations and government sources (that) manages Self-Help's higher-risk business loans, real estate development and home loan secondary market programs.”
The New Markets Tax Credits are designed to spur investment and economic growth in low-income urban and rural communities nationwide, according to Treasury.
In all, a total of 102 Community Development Entities (CDEs) were awarded tax credit allocations, made through the calendar year (CY) 2022 round of the New Markets Tax Credit Program (NMTC Program).
More Than 100 Awards
Treasury said the 102 CDEs receiving awards were selected from a pool of 197 applicants that requested an aggregate total of $14.8 billion in tax credit allocation authority. The award recipients are headquartered in 36 different states and the District of Columbia. Over 20% of the investments will be made in rural communities.
It is estimated that these award recipients will make nearly $1 billion in New Markets Tax Credit investments in non-metropolitan counties, Treasury said.
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