The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) released a summary report and data collected on all New Markets Tax Credit (NMTC) investments across the nation through the fiscal year (FY) 2021 reporting period. Key highlights from the summary report include:
- $62.5 billion in NMTC investments were directed through both Real Estate and Non-Real Estate Qualified Active Low-Income Community Business (QALICBs) and investments made through other CDEs.
- Allocatees disbursed a total of $62.5 billion in QEI proceeds to 7,510 QALICBs.
- NMTC financing has been used to construct or rehabilitate over 238 million square feet of commercial real estate.
- NMTC financing helped to create or rehabilitate over 13.9 million square feet of commercial real estate.
- Nearly $25 billion in investments were made in community facility projects.
- Over 42 percent of Qualified Low-Income Community Investments (QLICIs), which totaled more than $1.4 billion, were investments in projects with a community facility component.
- Approximately 17,000 units of housing that have been created are reported as affordable housing.
- NMTC investments have led to the reported creation or retention of over 512,200 construction jobs and over 344,000 permanent jobs in businesses financed.
The summary report also documents the extent to which CDEs go beyond the minimum statutory definition of low-income communities by committing to serve areas of higher distress, rural areas or targeted populations, CDEs that leverage the NMTC to offer financing with flexible or non-traditional rates and terms, and CDEs that commit to innovative uses of NMTC financing.
