u.s. department of the treasury awards $90 million in new markets tax credits to colorado growth and revitalization fund

(DENVER) – The United States Department of the Treasury announced that it has allocated $90 million in New Markets Tax Credits (NMTCs) to the Colorado Growth and Revitalization (CGR) Fund. Colorado Housing and Finance Authority (CHFA) administers NMTCs through the CGR Fund, a Community Development Entity founded in partnership with the City and County of Denver, and for which CHFA is the managing member. This marks the seventh consecutive year that the CGR Fund has been awarded NMTCs.

Created by Congress in 2000, NMTCs incentivize private investment to support community development and revitalization efforts in economically distressed communities. Recent projects in Colorado supported by the CGR Fund through NMTCs include the Habitat for Humanity of Metro Denver headquarters building, the Eagle Valley Behavioral Health Precourt Healing Center, and Food Bank of the Rockies distribution centers in Grand Junction and Aurora.

“New Markets Tax Credits are a powerful tool to leverage private investment, strengthen local economies, and provide critical goods and services to Colorado communities,” said Thomas Bryan, executive director and chief executive officer of CHFA. “CHFA is grateful to the Treasury for this allocation to CGR Fund, and for the opportunity to continue to administer this important resource.”

NMTCs are competitively awarded by the Community Development Financial Institutions (CDFI) Fund within the U.S. Department of the Treasury. The $90 million award is the result of a double round, covering 2024 and 2025.

Since its inception, CGR Fund has deployed approximately $376 million in NMTCs to 39 projects, supporting more than 3,200 permanent jobs and 2,600 construction jobs throughout Colorado. Nationwide, NMTCs have supported more than 8,900 projects and created more than 1.25 million jobs through 2024, according to data from the New Markets Tax Credit Coalition. The CDFI Fund estimates that NMTCs generate $8 of private investment for every $1 invested by the federal government.

More information about New Markets Tax Credits administered through the CGR Fund is available on the CHFA website.

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