Community First Fund Receives $30 Million New Markets Tax Credit Allocation from US Treasury CDFI Fund
Lancaster, PA – Community First Fund is pleased to announce the receipt of $30 million New Markets Tax Credit allocation from the U.S. Department of the Treasury’s Community Development Financial Institution Fund. Community First Fund was selected as one of 102 awardees from applicants requesting a total of $14.8 billion in tax credit allocation.
The New Markets Tax Credit Program (NMTC Program) helps economically distressed communities attract private investment capital. This federal tax credit helps to fill project financing gaps by enabling investors to make larger investments than would otherwise be possible. Communities benefit from jobs created and the development of housing and public facilities such as health, education, and workforce development entities.
“We are extremely proud of this accomplishment and even more excited about the resources it will bring to the communities we serve,” says Daniel Betancourt, President and CEO of Community First Fund. “This program allows us to support projects that align with our goal of creating pathways to sustainable and vibrant communities that create jobs, provide affordable housing, grant access to healthy foods, promote access to healthcare and serve as a catalyst for even more community development initiatives.”
The program is directed by the U.S. Department of the Treasury’s CDFI Fund and allocated to local Community Development Entities (CDEs) across the United States. Community First Fund is a certified CDE. This allocation will give Community First Fund the authority to provide tax credits to investors who can then make qualified investments into impactful projects.
Community First Fund has now been awarded a total of $120 million in New Markets Tax Credits to revitalize low-income communities throughout eastern and central Pennsylvania since 2013. Previous projects provided financing to: expand workforce development training opportunities, create grocery stores in areas designated as a USDA “food deserts,” develop affordable housing, and redevelop blighted space into commercial and mixed-use facilities.
About Community First Fund
Community First Fund is a private, independent non-profit Community Development Financial Institution (CDFI) whose mission is to provide capital in places where it is not usually available. We seek to create positive change in the community by providing entrepreneurs, commercial real estate and affordable housing developers as well as nonprofits with access to loans for projects that generate jobs, create housing opportunities, essential community facilities, and that help to revitalize communities. www.communityfirstfund.org.