Permanent NMTC Program Continues to Strengthen Education, Workforce, and Economic Opportunity in Underinvested Communities
Cinnaire has been awarded an $85 million New Markets Tax Credit (NMTC) allocation in the historic combined calendar year 2024–2025 round administered by the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund).
This year’s round represents a record-breaking $10 billion in NMTC allocation authority, the largest allocation in the program’s history. The unprecedented investment is expected to stimulate economic growth, leverage billions in private capital, and expand access to financing in communities that have historically lacked it—particularly in rural and other economically distressed areas.
“This $85 million New Markets Tax Credit award will enable us to continue driving transformative projects in underinvested communities, creating opportunity where it is needed most,” said Mark McDaniel, President and CEO of Cinnaire. “With the NMTC program now made permanent, we can plan for long-term, high-impact investments that strengthen local economies, support workforce development, and build more resilient communities for decades to come.”
Historic Impact of the $10 Billion NMTC Allocation
The $10 billion allocation authority announced by the CDFI Fund is expected to:
- Drive private-sector investment into communities that lack access to traditional capital, especially in rural America.
- Accelerate job creation in key sectors such as manufacturing, small business development, and community services.
- Leverage billions more in private capital, multiplying the impact of federal investment.
- Support critical infrastructure, business financing, and community facilities—including rural hospitals and health care facilities—while strengthening local and regional economies.
Cinnaire will deploy its NMTC allocation to advance projects that expand education, vocational training, and workforce development, addressing long-standing barriers to opportunity and supporting inclusive economic growth across its multi-state footprint. Investments will prioritize projects that create quality jobs, strengthen local institutions, and deliver lasting economic and community impact.
Since 2009, Cinnaire has received twelve NMTC awards totaling $678 million, reflecting its deep expertise and long-standing commitment to delivering measurable outcomes in low-income communities across urban, suburban, and rural markets.
A Highly Competitive and Historic Award Round
The combined CY 2024–2025 NMTC round was among the most competitive in the program’s history. A total of 216 Community Development Entities (CDEs) applied for $19.2 billion in allocation authority—nearly double the record amount available. The $10 billion allocation reflects strong bipartisan Congressional support and the renewed certainty created by the NMTC’s permanent authorization under the One Big Beautiful Bill Act (OBBBA).
“The New Markets Tax Credit is a vital tool for spurring investment in distressed communities,” said Peter Giles, Senior Vice President, Public Funding. “The permanence of the NMTC program, combined with this year’s unprecedented allocation authority, creates immense opportunity to strengthen essential community infrastructure, create jobs, and support equitable economic growth. We’re proud to help bring these impactful projects to life.”
About the New Markets Tax Credit Program
The New Markets Tax Credit Program advances economic development in economically distressed communities by making tax credit allocations available to Community Development Entities (CDEs) for targeted investments in eligible low-income areas. The program was recently made a permanent part of the U.S. tax code through the One Big Beautiful Bill Act.
Over the life of the program, NMTC investments have:
- Generated $77 billion in qualified equity investment and $143 billion in total development financing.
- Supported more than 8,900 businesses across urban, suburban, and rural low-income communities.
- Created over 1.2 million jobs nationwide.
Now permanently authorized, the NMTC program continues to serve as a powerful catalyst for private investment, job creation, and long-term economic opportunity in communities across the country.