April 25, 2013
National New Markets Fund, LLC (the “Fund”) has been awarded a $75 million New Markets Tax Credit (NMTC) allocation by the U.S Treasury Department to finance job creating businesses in low-income communities. This is the sixth and largest NMTC allocation for National New Markets Fund, which has been awarded a total of $312 million in such credits since 2006.
“As with every NMTC allocation, we look forward to using this latest $75 million to invest in projects that create jobs, revitalize neighborhoods and improve lives,” said Deborah La Franchi, co-founder and president of National New Markets Fund and its parent company – Los Angeles-based Strategic Development Solutions. “The projects we target are highly-impactful, yet extremely difficult to finance without such tax credits.”
In the latest allocation round, the Treasury Department’s Community Development Financial Institutions Fund (CDFI Fund) allocated $3.5 billion in NMTCs to 85 organizations in 29 states. The $75 million allocated to National New Markets Fund (the third largest in this allocation round) was awarded after a competitive selection process that included more than 300 applicants from across the U.S.
“This allocation will enable us to help capital challenged projects to fulfill their potential of bringing jobs, opportunity and hope to the areas that need it most,” added Belden Hull Daniels, co-founder and CEO of National New Markets Fund and CEO of Boston-based Economic Innovation International.
National New Markets Fund invests in projects with the capacity to transform designated low-income communities. Since 2006, the Fund has closed financing on 21 major projects nationwide.
“The awardees for the 2012 round of the New Markets Tax Credit Program will all be working toward positive economic change in communities across America,” said CDFI Fund Director Donna Gambrell in announcing the latest NMTC allocation. “Over $31 billion of the tax credits we’ve awarded in past years have already been invested in low-income and distressed areas.”