Boston Community Capital Awarded $55 Million New Markets Tax Credit Allocation by CDFI Fund
Boston Community Capital is delighted to announce that we have been awarded a $55 million New Markets Tax Credit (NMTC) allocation by the CDFI Fund of the U.S. Department of Treasury. The CDFI Fund recently announced that 120 allocatees in 36 states will receive NMTC awards, over $7 billion in total.
The New Markets Tax Credit program, run by the CDFI Fund, provides tax credits to community development organizations, helping them to leverage additional investment in economically distressed communities to create jobs and stimulate local economies.
This award marks BCC's eighth NMTC allocation. To date, Boston Community Capital has deployed $468 million in NMTC in underserved communities nationwide.
Boston Community Capital has a 30-year track record of investing in low-income communities, partnering with public, private, and civic players to direct investment dollars into community development initiatives across the nation. BCC’s investments have leveraged over $6 billion in public and private investment in underserved communities. Boston Community Capital will deploy this NMTC allocation to support community revitalization and economic development, investing in organizations that create jobs and opportunities for low-income people and communities.
To read more about Boston Community Capital's NMTC investments to date, visit our website's Impact Case Study page for stories about BCC investments in a sweet potato processing plant in Louisiana and a sustainable forestry practice in West Virginia.
Boston Community Capital congratulates our fellow NMTC allocatees, the full list of whom can be found in the 2016 NMTC Award Book.
About Boston Community Capital
Boston Community Capital (BCC) is a non-profit community development financial institution dedicated to building healthy communities where low-income people live and work. Since 1985, BCC has invested more than $1 billion in projects that provide affordable housing, good jobs, and new opportunities in low-income communities, connecting these neighborhoods to the mainstream economy.