June 06, 2014 // Franchising.com // Washington, D.C. – The U.S. Treasury Department Community Development Financial Institutions Fund (CDFI Fund) has announced $3.5 billion in allocations under the eleventh round of the New Markets Tax Credit (NMTC) program. This year, 87 qualified community development entities (CDEs) were selected under the 2013 round from a pool of 310 applicants. Nixon Peabody congratulates all of the allocation winners, of which 29 are firm clients.
"These CDEs will provide subsidized financing to create jobs, make available much-needed services, and spur economic growth in underserved communities," said Gregory Doran, partner and leader of our firm’s national Tax Credit Finance & Syndication practice. "We’re proud to play an active role in supporting the NMTC program and advising our clients on strategies to efficiently invest for maximum impact."
Spanning 32 states and the District of Columbia, the NMTC recipients will use the awards, ranging from $15 million to $60 million, to invest in a wide array of high-impact businesses and developments. To date, the CDFI Fund has made 836 awards allocating a total of $40 billion in tax credit authority to CDEs through a competitive application process.
SOURCE Nixon Peabody