$4.1 Billion in New Markets Tax Credits Goes to Major Urban Areas

The Eastern Lofts development in North Philadelphia, a historic commercial garage rehabilitated and repurposed with financing via New Markets Tax Credits (Photo by Oscar Perry Abello)

The Eastern Lofts development in North Philadelphia, a historic commercial garage rehabilitated and repurposed with financing via New Markets Tax Credits (Photo by Oscar Perry Abello)

The Community Development Financial Institutions Fund, a Treasury program that focuses on economic revitalization in underserved communities, just announced $7 billion in New Markets Tax Credits (NMTCs), the largest single allocation yet. Around $4.1 billion will be invested in major urban areas, and another $1.4 billion in minor urban areas, defined as counties in a metropolitan area with a population less than 1 million, including both central city and surrounding suburbs.

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