Nonprofit Finance Fund Receives $65M in New Markets Tax Credit Allocation
NEW YORK, Feb. 13, 2018 – Nonprofit Finance Fund (NFF) is proud to announce today’s award of $65 million in New Markets Tax Credit (NMTC) allocation.
The NMTC Program, administered by the US Department of the Treasury Community Development Financial Institutions Fund, spurs economic growth in hard-to-finance communities by providing tax credits to incentivize private investment.
"We are thrilled to receive NFF’s eighth round of NMTC benefits," said Norah McVeigh, Managing Director of Financial Services at NFF. "These allocations are crucial tools that help NFF support much-needed infrastructure and facilities in vulnerable communities."
With NMTC, NFF can provide attractive, flexible loans that help nonprofits pay for better facilities. NFF has received $346 million in NMTC allocations since 2007 and has put this financing to work through 32 high-impact projects, including afterschool youth programs and healthcare across the United States.
Among the impact of NFF’s 2017 NMTC deals, people living near Fort Worth, Texas will receive better health care in a new 34,000-square foot clinic that doubles North Texas Area Community Health Center’s patient-serving capacity and triples its space.
In New York, an NMTC allocation from NFF helped Madison Square Boys & Girls Club respond to a community-identified need to have a youth center in an isolated neighborhood plagued by gang presence and youth unemployment as high as 50 percent. The organization is building its fifth clubhouse to serve 400 local youth and teens.