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Douglas Robinson
Washington, D.C. -- NeighborWorks America announced today that the United States Department of the Treasury (Treasury) has allocated $370 million in New Markets Tax Credits (NMTCs) to six NeighborWorks network organizations and one lending affiliate, to invest in low-income urban and rural communities. The Treasury also awarded $27 million to 23 NeighborWorks organizations and two lending affiliates through the Agency’s Financial Assistance (FA) and the Native American Community Development Financial Institution Assistance (NACA FA) program.
“This is great news for the growth of businesses in traditionally under-invested communities and for the availability and sustainability of affordable housing,” said NeighborWorks America President and CEO Marietta Rodriguez. “Tax credits like these are a vital piece of the financing needed to create jobs and economic security for families and maintain and increase the supply of quality housing in America.”
Awarded annually by the federal government, NMTCs and the CDFI fund attract private capital for local development and revitalization efforts in underserved and low-income communities.
Since 2020, these and other NeighborWorks organizations and affiliate capital corporations have received more than $1 billion in NMTC that together with private capital have fostered economic opportunity, created jobs and built and sustained affordability for thousands of homes.
“Members of the NeighborWorks network are strong supporters of private affordable housing developers, local business and economic development initiatives,” said Paula Planthaber, NeighborWorks Director of Lending. “Whether it’s helping a lone entrepreneur chase her dream or a larger enterprise secure new space to expand their business, NeighborWorks network members help ensure that New Markets Tax Credits and other federal dollars create jobs and build stronger communities.”
The following NeighborWorks Network CDFIs and affiliate capital corporation received NMTC awards:
Chicanos Por La Causa, Inc, Phoenix, AZ: $65 million
Coastal Enterprises, Inc, Brunswick ME: $65 million
Hope Enterprise Corporation, Jackson, MS: $45 million
Midwest Minnesota Community Development Corporation, Detroit Lakes, MN: $60 million
Impact Seven, Inc., Rice Lake, WI, $50 million
Rural Enterprises of Oklahoma, Inc, Oklahoma City, OK: $45 million
Community Housing Capital, Inc, Decatur, GA $40 million
The following NeighborWorks Network organizations and affiliate capital corporations received CDFI-FA awards:
Asian Americans for Equality, Inc., $800,000
CASA of Oregon, $800,000
Coastal Enterprises, Inc., $900,000
Comite de Bien Estar, Inc., $312,000
Community Ventures Corporation, $800,000
Frontier Housing, Inc., $1,735,000
GROW South Dakota, $900,000
Home HeadQuarters, Inc., $800,000
Hope Enterprise Corporation, $1,285,000
Housing Development Fund, Inc., $1,100,000
Impact Seven, Inc., $800,000
Intend Indiana, $1,250,000
Lawrence CommunityWorks, Inc., $800,000
Midwest Minnesota Community Development Corporation, $1,250,000
Neighborhood Housing Services of Greater Berks, Inc., $625,000
Neighborhood Partnership Housing Services, $800,000
NeighborWorks Community Partners, $800,000
NeighborWorks Dakota Home Resources, $350,000
NeighborWorks Home Partners, $625,000
NeighborWorks Montana, $800,000
New Jersey Community Capital, $800,000
NeighborWorks Capital, $800,000
Community Housing Capital, Inc., $800,000
The following NeighborWorks Network organizations received NACA-FA awards:
First Nations Oweesta Corporation, $2,000,000
The Lakota Funds Incorporated, $5,200,000
The CDFI FA Program and the NACA Program empower CDFIs to grow, achieve organizational sustainability, and contribute to the revitalization of low-income and distressed communities nationwide. FA awards are used to meet institutional goals such as: expanding operations into a new investment area or areas; serving a new targeted population or populations; providing new products or services; or increasing volume of products or services. The FA awards have resulted in business creation and growth, new jobs, affordable housing development and increased homeownership, and increased financial services for individuals and communities in need across the country. While both programs provide FA awards under a competitive application process, the NACA Program specifically awards funding to CDFIs that primarily serve Native American, Alaska Native, and Native Hawaiian individuals and communities.
About NeighborWorks America
Celebrating 45 years, Neighborhood Reinvestment Corp., a national, nonpartisan nonprofit known as NeighborWorks America, has strived to make every community a place of opportunity. Our network of excellence includes nearly 250 nonprofits in every state, the District of Columbia, Puerto Rico, and on Native lands. NeighborWorks offers grant funding, peer exchange, technical assistance, evaluation tools and access to best-in-class training as the nation's leading trainer of housing and community development professionals. NeighborWorks network organizations provide residents in their communities with affordable homes, owned and rented; financial counseling and coaching; community building through resident engagement; and collaboration in the areas of health, employment and education.
