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NMTC Background and History
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CHFA in partnership with the City of Denver and the Colorado Enterprise Fund (CEF) formed the Colorado Growth and Revitalization (CGR) Fund LLC, a Community Development Entity (CDE) that was awarded $40 million in tax credits in 2005 of which 80 percent ($32 million) of the capital was targeted to major urban communities, and 20 percent or $8 million to rural communities.
The CGR Fund was awarded an additional $35 million of tax credit authority by US Treasury in October of 2008. The credits will be available for deployment in early 2009 and will target investments in every eligible census tract in Colorado. Approximately 50 percent, or $17.5 million, of the allocation will be targeted to major urban communities. The remaining 50 percent will be divided equally between minor urban and rural areas, allocating roughly $8.75 million for use in each. The additional credits will support critical projects around the state by offering flexible financing terms for commercial real estate, mixed use development, nonprofit community facilities and renewable energy.
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NMTC Partners
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