Opportunity Fund is pleased to announce it was awarded a new $30 million allocation under the U.S. Treasury Department's New Markets Tax Credit (NMTC) program. NMTC was created to increase economic opportunity in distressed areas of the nation. A total of $3.5 billion in NMTC allocations were awarded this week, to 85 organizations nationwide, through a highly competitive application process.
“With this $30 million allocation, Opportunity Fund will be able to raise $30 million from lenders and investors to fund new commercial, non-residential real estate projects that provide substantial benefits to low-income communities, like health clinics, youth centers, and homeless shelters,” said Jeff Wells, Vice President, New Markets Fund Director. The investors will receive tax credits, which enables Opportunity Fund to offer very low-interest rates and partial loan forgiveness on projects that cannot be built with conventional financing.
With this latest award, Opportunity Fund has now received a total of $170 in NMTC allocations to support our Community Real Estate investing. To date, Opportunity Fund has provided financing for 12 projects, which have leveraged $225 million in additional capital and have supported more than 3,000 construction and permanent jobs. Some of these projects include rehabilitating the Boys and Girls Club Mission Clubhouse in San Francisco and constructing the Native American Health Center in Oakland.
Click here to learn more about our Community Real Estate program and the projects we have been a part of. This most recent $30 million allocation ensures that we will continue to impact low-income communities through Community Real Estate investments. For more information, contact Jeff Wells: firstname.lastname@example.org
Click here to read the CDFI Fund Award Announcement.