Award Will Revitalize Low-Income Communities and Spur Economic Development
Cinnaire recently received a $65 million New Markets Tax Credit (NMTC) award from the U.S. Department of Treasury’s CDFI Fund. Cinnaire was one of 73 organizations selected from a pool of 230 applicants to receive an award. Cinnaire received one of the largest national awards and the largest regional award allocated. In total, the CDFI Fund announced $3.5 billion in awards that will help stimulate investment and economic growth in low-income urban and rural communities nationwide.
“The New Markets Tax Credit has proven to be one of the most successful models for a public-private partnership, driving capital to America’s most distressed neighborhoods,” said Mark McDaniel, Cinnaire president & CEO. “This award will further strengthen our work in creating opportunities for all people by supporting healthy, vibrant communities. We look forward to working with the CDFI Fund and our development partners to positively impact communities throughout our footprint.”
Since 2009, Cinnaire has received a total of $304 million in federal NMTC awards. Cinnaire will use the $65 million award to revitalize urban and rural communities throughout the Midwest and Mid-Atlantic regions, spurring economic development while improving distressed communities throughout Cinnaire’s footprint.
The NMTC program was established by Congress in 2000. The recent announcement from the CDFI Fund brings the total amount awarded to $54 billion. Historically, NMTC investments have generated $8 of private investment for every $1 allocated. To view the NMTC Program Award Book, please click here.
Click here to learn more about the NMTC program.