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CDFI Fund Releases FY 2016 Review

Tuesday, February 7, 2017 - 9:30AM

The Community Development Financial Institutions (CDFI) Fund today released its progress report, Investing in Opportunity: Fiscal Year 2016 Year in Review.” Through the New Markets Tax Credit (NMTC) program in fiscal year (FY) 2016, the CDFI Fund made $3.16 billion in loans and investments, of which 74.5 percent were made in severely distressed communities; NMTC allocatees financed 530 businesses; and 37,600 jobs were created. During 2016, the CDFI Fund awarded $7 billion in NMTC allocation authority through a combined 2015 and 2016 calendar year round. FY 2016 also saw the following landmarks for the cumulative achievements of the NMTC program: $50.5 billion in allocated tax credit investment authority, 5,400 businesses financed by NMTC allocatees, 710,000 jobs created and 13,900 affordable housing units developed.

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