National New Markets Fund, LLC (NNMF), a subsidiary of SDS, has been awarded a $70 million New Markets Tax Credit (NMTC) allocation by the U.S. Department of the Treasury to finance real estate development in low-income communities. This is the fifth and largest NMTC allocation for NNMF, which has been awarded more than $237 million in such credits since 2006. NNMF is a joint venture partnership between SDS and Economic Innovation International, Inc.
“This new $70 million allocation will enable our fund to continue facilitating projects that are difficult to finance yet destined to help distressed and underserved communities,” said Deborah La Franchi, co-founder and President of NNMF and CEO of its parent community, Los Angeles-based SDS. “The credits we invest will help create jobs and services while stimulating economic growth where it is needed most.”
In the latest allocation round, The Treasury Department’s Community Development Financial Institutions Fund allocated a total of $3.6 billion in NMTCs to 70 organizations after a competitive selection process that included more than 300 applicants from across the country.
NNMF invests in high-impact projects with the capacity to transform qualified low-income communities. The Fund has closed financing on 16 major projects nationwide since 2006.
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