The US Department of Treasury and the Community Development Financial Institutions (CDFI) Fund announced a New Market Tax Credit (NMTC) award of $75 million to Cinnaire and subsidiary, Cinnaire New Markets, LLC. In the largest award round since the New Markets Tax Credit Program was created, a record amount of $7 billion was allocated. Out of 120 entities from around the country, Cinnaire New Markets, LLC received one of the largest awards for a regional fund.
“This allocation will be essential in bringing life to numerous transformative developments. We are honored and grateful to be one of the recipients of this award.” said Mark McDaniel, President & CEO of Cinnaire.
To date, Cinnaire New Markets, LLC has invested over $164 million in developments that revitalize neighborhoods and are directly responsive to the needs of low-income communities in the Midwest’s most underserved areas. This year’s allocation of $75 million will further uplift communities in the Cinnaire footprint – including both urban and rural areas across the Midwest. Cinnaire New Markets, LLC is a designated Community Development Entity serving Michigan, Wisconsin, Indiana and Illinois.
For more information, contact Jennifer Calery at jen@altmgmtsolutions.com or 517-896-0873.
