Sign Up For Novogradac Industry Alert Emails

CDFI Fund Report: Nearly $60 Billion in NMTC Investments Through FY 2020

Thursday, October 13, 2022 - 9:15AM

Nearly $60 billion in new markets tax credit (NMTC) investments were made through fiscal year 2020 (FY 2020), according to data and a summary report released today by the Community Development Financial Institutions (CDFI) Fund. The summary reported that $59.2 billion in NMTC investments were made from 2003 through 2020, including $2 billion in qualified equity investments by community development entities (CDEs). The report said that NMTC financing has helped build or rehabilitate more than 270 million square feet of commercial real estate and there has been more than $24 billion in investments in community facility projects. More than 600,000 construction jobs and more than 300,000 permanent jobs were created through the NMTC from 2003-2020, according to the report.

The CDFI Fund is expected to announce the FY 2021 NMTC awards this month, which will be covered in an episode of the Tax Credit Tuesday podcast. Both the awards announcement and the potential opening of the FY 2022 NMTC application will be among the topics at the Novogradac 2022 Fall New Markets Tax Credit Conference Oct. 27-28 in New Orleans.

Learn more about Novogradac's expertise and many services