The allocation is CRF’s 11th award and will further the organization’s efforts to serve communities with a history of underinvestment.

By: Jennifer Novak

The U.S. Department of Treasury’s Community Development Financial Institutions Fund (CDFI Fund) has announced $5 billion in New Markets Tax Credits (NMTC), including a $50 Million allocation to Community Reinvestment Fund, USA (CRF).

Through the NMTC program, which is designed to spur investment and economic growth in low-income communities across the country, CRF will originate Qualified Low-Income Community Investments (QLICIs) to industrial and manufacturing businesses that create quality jobs and pay employees living wages and benefits. Ultimately, these efforts will help close wage and opportunity gaps, and enhance economic mobility for members of the surrounding community with a history of being overlooked by the financial mainstream.

Including this most recent allocation, CRF has received $969.5 Million from the NMTC allocation authority, helping the organization fund 340 loans in more than 180 communities across 36 states.

Congratulations to the other allocatees!