Urban Action Community Development has been awarded $35 million in New Markets Tax Credit authority from the U.S. Treasury’s CDFI Fund. The NMTC program allows UACD to direct capital to underserved communities nationwide with a focus on projects in located in Federal, State and Locally designated distressed communities, emphasizing, affordable healthcare, social services, quality and accessible jobs, and innovation, while supporting neighborhood strategies. This is UACD’s tenth New Market Tax Credit award for a total of $423 million in allocations since their first award in 2007.
“UACD has been investing in distressed urban communities for over 50 years. This award will support expansion of our investment in community designated distressed Zones, while supporting neighborhood centered out stabilization and long term community and resident wealth creation,” said Bill Struever, President of UACD. “NMTCs are a powerful and flexible tool for financing impactful projects in urban communities.”
The New Markets Tax Credit was enacted in 2000 in an effort to stimulate private investment and economic growth in low income urban neighborhoods and rural communities that lack access to the patient capital needed to support and grow businesses, create jobs, add affordable housing and sustain healthy local economies. NMTCs are a federal tax credit focused on helping to fund projects in economically distressed communities.
Urban Action Community Development is a national Community Development Entity (CDE) that invests in transformational urban neighborhood projects with innovative delivery strategies in under-resourced communities. UACD is an equal opportunity provider.
