CAHEC New Markets Receives $50 Million Allocation for Community Development
TL;DR
CAHEC New Markets was awarded $50 million of NMTC allocation authority, creating an advantage for community development projects.
The NMTC allocation will finance high-impact community facilities, improving access to education, healthcare, and essential goods and services in distressed communities.
The NMTC allocation will create new jobs, improve access to education and healthcare, and serve over 53,000 patients annually, making the world a better place.
CAHEC New Markets has been awarded a total of $270 million of NMTC allocation and is projected to help create over 3,000 jobs, making it an interesting and impactful project.
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The U.S. Department of the Treasury's CDFI Fund has awarded CAHEC New Markets $50 million in New Markets Tax Credit (NMTC) allocation authority for the CY 2023 allocation round. This latest award brings CAHEC New Markets' total allocation to $270 million, significantly boosting its capacity to finance community development projects in high-need areas.
The NMTC program is designed to stimulate economic growth and job creation in low-income communities by attracting private sector investment. CAHEC New Markets plans to use this allocation to finance high-impact community facilities throughout the Southeast and mid-Atlantic regions. These projects are expected to create new jobs and improve access to education, healthcare, and essential services in areas facing economic distress.
The impact of CAHEC New Markets' previous allocations has been substantial. To date, their projects have created or are projected to create over 3,000 jobs, 4,850 student seats, and 362 shelter and recovery center beds. Additionally, they have improved access to healthcare facilities serving over 53,000 patients annually, demonstrating the program's significant community benefits.
Brian Oxford, Director of Community Capital at CAHEC New Markets, expressed pride in the organization's selection from a competitive applicant pool. He emphasized their commitment to deploying the allocation towards projects that respond directly to community needs.
This allocation is particularly significant in the context of ongoing efforts to revitalize economically distressed areas. By focusing on essential community facilities, CAHEC New Markets is addressing critical infrastructure gaps that can hinder economic development and quality of life in low-income communities. The potential for job creation and improved access to vital services could have long-lasting positive effects on these areas.
The award to CAHEC New Markets reflects a broader national initiative to channel private investment into underserved communities. As one of the recipients in this allocation round, CAHEC New Markets' success in securing funding underscores the continued importance of the NMTC program in fostering economic development where it is most needed.
Curated from 24-7 Press Release
