Capfund New Markets One of 76 Community Development Entities to Receive New Markets Tax Credits from $3.5 Billion Funding Round
The U.S. Department of Treasury awarded Capfund New Markets $55 million in the most recent round of New Markets Tax Credit (NMTC) allocations, the largest award Capfund New Markets has received to date. New Markets Tax Credits are a vital resource that enable Cinnaire to deliver essential equity to large-scale community developments located in underserved markets across the Midwest.
“We are thrilled to receive our largest award to date,” President and CEO for Cinnaire, Mark McDaniel, said. “This is fantastic news for Midwest families, who want to live and work in vibrant communities, and our businesses, which thrive when their neighborhood is energized and growing. We have been working with communities across our region on economic development, and these funds will provide the tools that will allow these important projects to move forward. Yesterday’s NMTC announcement shows why it is so important we continue working hard to extend and expand this vital tax credit so additional opportunities for community partners remain available in the future.”
Capfund New Markets LLC, a subsidiary of Cinnaire (Cinnaire), now manages $415 million of NMTCs. New Markets Tax Credits further expand Cinnaire’s ability to partner as a comprehensive Community Development Finance Institution (CDFI), and meet a variety of financing needs in cities and towns across America.
It is estimated that Cinnaire’s NMTC investments have leveraged over $600 million of total development in its footprint, and have created or retained a grand total of 3,200 jobs.
Past investments include community centers, public transit systems, fresh market grocery stores, manufacturing facilities, educational facilities and domestic abuse counseling centers and shelters. *Pictures of past investments are available upon request.*
