FCI receives $40 million in New Markets Tax Credits from CDFI Fund for CY 2020
Forward Community Investments (FCI) is excited to announce an award of $40 million in New Markets Tax Credits (NMTC) from the Community Development Financial Institutions Fund (CDFI Fund) under the CY 2020 round of allocation. As the only awardee solely focused on deploying allocation to nonprofit organizations and facilities in Wisconsin, we look forward to partnering with organizations across the state on projects that will work directly towards reducing socio-economic and racial disparities in the communities where NMTC resources are deployed.
Since 2013, FCI has deployed $105 million in NMTCs to communities across the state of Wisconsin to nonprofit organizations focused on addressing socio-economic and racial disparities through thoughtful social service programming and development. FCI has utilized its previous allocations to support nonprofit partners for the construction, acquisition, and rehabilitation of projects and developments which responded to the needs and input from surrounding community residents and stakeholders.
“We are extremely pleased, humbled, and excited to be selected by the CDFI Fund to receive $40 Million in New Markets Tax Credits allocation. We are even more thrilled to be the only CDFI solely focused on utilizing these credits to amplify the work of Wisconsin nonprofits. FCI’s proven track record of successful NMTC deployment has provided Wisconsin communities with much-needed funding in some of the most economically stressed regions of our state. We are motivated to partner with nonprofits who are working tirelessly to reduce the racial and socioeconomic disparities that are all too prevalent in our state,” states Jaimes Johnson, FCI’s Board Chair.
Projects receiving NMTC allocations from FCI include youth performing arts centers and afterschool facilities, local community centers, intergenerational care centers, veterans’ programs, job readiness programs, and holistic community health centers focused on both physical and mental health.
FCI looks forward to having the opportunity to work with our nonprofit partners across the state to work together to identify and finance impactful projects that will address community needs and work to reduce inequality in Wisconsin. For more information about FCI’s NMTC program, please click here or reach out at info@forwardci.org.
About the New Markets Tax Credit Program:
The New Markets Tax Credit Program was established by the United States Congress in 2000. The goal of the credit is to stoke private market investment in low-income communities in all 50 states. The flexibility in how the credit can be deployed makes the subsidy attractive to a wide variety of projects and investors and has been responsible for more than $52 billion in direct investment and leveraged more than $100 billion in total capital invested in revitalization projects since its inception. More information about the CDFI Fund can be found here.
