As nonprofits nationwide struggle to keep up with increased needs amid persistent inflation, Forward Community Investments (FCI) received $55 million from the New Market Tax Credit (NMTC) Program to supercharge investments in local communities. The allocation to FCI was made through the United States Treasury’s Community Development Financial Institutions (CDFI) Fund, which selected 107 community development entities across 35 states to support increased private market investment in economically distressed communities.
“Many communities today are facing difficult economic headwinds, and the demand for low-interest, flexible investment funds is greater than ever,” said Ryan Zerwer, President and CEO of FCI. “After a highly competitive process, FCI is excited to receive these funds to increase support of local nonprofits that are the backbone of our communities.”
FCI utilizes NMTC Program allocations to provide financing to nonprofit organizations developing community facilities that provide critical services to areas in Wisconsin that need it most. Since 2014, FCI has been awarded and deployed over $132 million in Qualified Low-Income Community Loans to nonprofit partners and local community stakeholders in low-income communities throughout the state.
- Past awards have enabled socially impactful projects such as:
- Construction of the Sixteenth Street Mental Health Support Center (Milwaukee)
- Development of the Eau Claire Children’s Museum Multi-Use Community Facility (Eau Claire)
- Construction of the Boys and Girls Club of Dane County McKenzie Regional Workforce Center (Madison)
Zerwer added, “This year, the NMTC program received nearly $15 billion in requests for allocation from a pool of only $5 billion of available funding. It is an incredible achievement for FCI to win such a substantial award of $55 million, reflecting the incredible impact of the collective efforts of our team and the impact FCI has in the communities we serve. We look forward to collaborating with our partners to put these tax credit dollars to work across Wisconsin in the coming year.”
Organizations interested in NMTC Program financing through FCI can learn more about the program and the criteria we use to evaluate projects here.