- November 2, 2022
$50 million in new markets tax credits awarded to support community development
(DENVER) – The Colorado Growth and Revitalization Fund (CGR Fund), administered by Colorado Housing and Finance Authority (CHFA), announced today it has been awarded $50 million in New Markets Tax Credits (NMTC). The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) awarded $5 billion in NMTC to 107 entities throughout the nation.
NMTC are designed to generate private-sector investment in underserved communities by supporting local businesses or nonprofits that directly benefit current residents, by either hiring from within the community, and/or providing community services. The CGR Fund uses NMTC to support projects such as community facilities, mixed-use developments, and businesses that pay living wages. “NMTC investment is a unique resource given its specific focus on communities that are the most in need and direct connection to their residents. CHFA is proud to administer the CGR Fund to deploy NMTC that will help create jobs in communities that have been underserved, including a focus on jobs in education and healthcare,” said Cris White, CHFA executive director and CEO.
In addition to the NMTC award announced today, the CGR Fund has received NMTC awards totaling $215 million in prior rounds. The CGR Fund’s deployment of NMTC to date has resulted in more than 5,900 jobs supported within developments providing health, education, community, and other services in underserved communities.
Public-private partnerships are essential to the success of the NMTC program. According to the CDFI Fund, for every $1 in federal investment, $8 in private-sector investment is leveraged. The CGR Fund leverages the community partnerships established with CHFA’s commercial and infrastructure lending programs to accomplish its mission of investing in low-income communities with maximum impact.
The CDFI Fund reports that since its inception, $60.4 billion in NMTC have been invested in low-income communities nationwide.
To learn more, please visit chfainfo.com. In addition, learn about some of the projects supported with prior NMTC awards received by CHFA on CHFA’s website:Women’s Bean Project
Pueblo Community Health Center
Colorado Outdoors, LLC