NEW ORLEANS, May 29, 2019 (GLOBE NEWSWIRE) -- Enhanced Community Development, a subsidiary of Enhanced Capital, has been awarded a $50 million allocation in the competitive federal New Markets Tax Credit (NMTC) program. Administered by the Community Development Financial Institutions Fund of the U.S. Department of the Treasury, the New Markets Tax Credits allocations for the 2018 allocation round were announced May 23.
Enhanced Community Development will utilize this allocation to continue catalyzing economic growth in both urban and rural, low-income and distressed communities nationwide. Enhanced has received multiple NMTC awards and has invested in projects that have brought critical goods, services and jobs to underserved communities.
“We’re excited to use this new allocation to build upon our history of investing that transforms communities,” said Richard Montgomery, Managing Director at Enhanced Capital. “The New Markets Tax Credit program has been hugely successful in bringing private capital to areas where development has stagnated, and we are proud to participate and provide new economic opportunities for these communities and underserved populations.”
The U.S. Department of the Treasury’s Community Development Financial Institution Fund (CDFI) awarded $3.5 billion in New Markets Tax Credits to 73 community development entities in the 2018 allocation round.
To date, the NMTC program has generated a return of $8 in private investment on every $1 invested by the federal government, according to the most recent report published by the CDFI. Additional impacts resulting from this program include the creation or retention of more than 800,000 jobs and the construction and rehabilitation of 191 million square feet of manufacturing, commercial and retail space across the United States.
Through the New Markets Tax Credit program, Enhanced Capital has supported projects ranging from the rehabilitation of a culinary institute in Louisiana, to the construction of a cinema in an impoverished, minority community. These projects, and many more, are revitalizing economies and bringing jobs to low-income families and rural communities. Learn more about the catalytic impact of the NMTC program in Enhanced’s 2018 Community Impact Report.
About Enhanced Capital:
Enhanced Capital is a diversified, national asset manager that invests capital into small businesses, renewable energy projects, historic real estate rehabilitation and affordable housing projects through federal and state incentive programs and other public policy investment strategies. Enhanced creates customized solutions for tax credit and mission-focused investors based on their investment needs, including CRA requirements, geographic footprint of investments, and investment product type. To learn more, visit our website: http://enhancedcapital.com.