Enhanced Community Development, a subsidiary of Enhanced Capital Group, LLC, announced that it has been awarded $65 million in New Markets Tax Credits (NMTC) allocation by the U.S. Treasury Department's Community Development Financial Institutions (CDFI) Fund. This award, part of the Treasury’s $5 billion allocation to 104 Community Development Entities (CDEs) for the 2023 NMTC round, brings Enhanced Community Development’s cumulative federal NMTC allocation to $495 million since 2006. This year’s award marks the tenth time Enhanced Community Development has received a federal NMTC allocation.

The NMTC program, created by Congress in 2000, is designed to drive economic revitalization in underserved communities by attracting private capital investment through federal tax credit incentives. This latest allocation reflects the Treasury Department's broader effort to stimulate economic growth, job creation, and development in low-income urban, rural, and Tribal communities across the nation.

"We are incredibly honored to receive this $65 million allocation, which enables us to significantly increase the impact on the communities that need it most," said Richard Montgomery, Managing Partner at Enhanced Capital. "The New Markets Tax Credit Program is a powerful tool for creating meaningful change in areas often overlooked by many investors and traditional sources of capital."

The NMTC Program has a proven track record of scaling impactful capital, generating $8 in private investment for every $1 invested by the federal government. Since its inception, the program has facilitated the deployment of more than $63.6 billion in low-income communities across the U.S., resulting in the creation or retention of over 894,000 jobs and the construction or rehabilitation of nearly 260 million square feet of commercial real estate.[1]

Catherine Blume, Vice President at Enhanced Capital, echoed the importance of the allocation, "The New Markets Tax Credit Program is vital to building resilient and vibrant communities. With this allocation, we can help bring capital to underserved areas, create jobs, and improve quality of life by supporting vital projects.”

Enhanced Community Development has deployed $750 million in federal and state NMTC investments across the country, supporting over 130 projects and fostering economic activity in low-income communities. Previous NMTC-funded projects have included manufacturing companies, healthcare facilities, educational institutions, and community centers that serve the needs of economically disadvantaged populations.

For more information on Enhanced Community Development and its work in revitalizing underserved communities, please visit www.enhancedcapital.com.

[1] “The U.S. Department of the Treasury Announces $5 Billion in New Markets Tax Credits,” Department of the Treasury, September 19, 2024. https://www.cdfifund.gov/news/603