MADISON, WI, DECEMBER 30th, 2025 – Forward Community Investments, Inc. (FCI) announced today that it has been awarded a $55 million allocation through the federal New Markets Tax Credit (NMTC) Program run by the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund.
The $55 million award ties the largest NMTC allocation in FCI’s history and is part of a historic $10 billion national NMTC allocation made in the 2024–2025 award round, the largest allocation round since the program’s inception. The NMTC Program is designed to stimulate private sector investment in economically distressed urban and rural communities that face persistent barriers to accessing capital.
Nationally, the $10 billion NMTC allocation is expected to:
- Drive private investment into communities that lack access to traditional capital
- Accelerate job creation in sectors such as manufacturing, small business development, and community services
- Leverage billions more in private capital, multiplying the impact of federal investment
- Strengthen local economies through financing for critical infrastructure and community facilities
FCI utilizes NMTC allocations to finance community centered development projects that provide essential services and serve as anchors for local economies across Wisconsin. These investments often support health care facilities, educational institutions, workforce development centers, and other nonprofit-led infrastructure, particularly in rural and underserved areas.
“We are grateful for the continued support of the CDFI Fund through the NMTC program. This allocation represents a meaningful opportunity for Forward Community Investments and for the communities we serve,” said Ryan Zerwer, President and CEO of FCI. “The NMTC program is highly competitive. This award reflects the strength of our track record and positions FCI to bring meaningful, long-term investment to high-impact community focused projects across Wisconsin.”
Since first receiving an NMTC allocation in 2014, FCI has deployed $237.2 in NMTC financing across Wisconsin, partnering with nonprofit and community organizations to help acquire, construct and update facilities, expand services, and support long-term community vitality.
“The scale of this allocation will allow FCI to activate more complex and high-impact projects,” said Rob Beach, Chief Operating Officer of FCI. “NMTC financing continues to be an essential tool for projects that deliver lasting community benefit but face challenges accessing conventional capital.”
Previous awards have enabled investment in crucial community projects such as:
- Construction of the Lincoln-King Community and Health Care Center (Racine)
- Development of the new Boys and Girls Club of Janesville (Janesville)
- Construction of the Lac Courte Oreilles Community Health Center (Hayward), for which FCI received national recognition as the Novogradac Non-Metro 2024 QLICI of the Year.
- Development of the Dr. Howard Fuller Collegiate Academy High School and renovation of the Dr. Howard Fuller Collegiate Academy Middle School (Milwaukee)
- Development of the Eau Claire Children’s Museum Multi-Use Community Facility (Eau Claire)
Organizations interested in NMTC financing through Forward Community Investments are encouraged to visit www.forwardci.org/new-markets.
About Forward Community Investments
Forward Community Investments (FCI) is a statewide Community Development Financial Institution (CDFI) committed to igniting the future of nonprofits, real estate entrepreneurs, and small business owners by providing financial support that allows them to thrive. Our work investing in the communities and neighborhoods that need it most promotes a future where all Wisconsin residents have access to the resources, partnerships, and capital needed to build a prosperous, self-sustaining future. For more information about FCI, visit www.forwardci.org.
Media contact:
Kirby L. Toon
Director of Capital Strategy
Forward Community Investments, Inc.
Phone: (608) 204-8841 (office)