Cinnaire has been awarded a $60 million New Markets Tax Credit (NMTC) allocation from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund). These tax credits incentivize private sector investors to partner in community financing efforts.
Cinnaire plans to focus its allocation of the award to fund projects that support education, vocational training, and job opportunities across its footprint. Since 2009, Cinnaire is a 10-time recipient of this federal allocation with awards totaling more than $534 million.
“The flexibility and impact delivered by the NMTC program continues to result in high demand for the resource. We are thankful to again have the opportunity to dedicate this resource toward aligned partners and projects,” said Peter Giles, Cinnaire senior vice president, public funding. “The NMTC program award supports Cinnaire’s mission to transform people and place and allows us to continue our laser-focused work on projects that support education, vocational training, and employment opportunities all in areas of disinvestment. We’re grateful to our partners at the CDFI Fund for the ongoing successful and effective management of the NMTC program.”
The CDFI Fund announcement brings the total amount awarded through the NMTC program to more than $70 billion. Historically, the NMTC program awards have generated $8 of private investment for every $1 invested by the federal government.