Edition: Global  
One News Page
“Probably the fastest-access news portal in the world”
> >

Clearinghouse CDFI Awarded $65 Million New Markets Tax Credit Allocation from the United States Department of Treasury

PRWeb Tuesday, 29 November 2016
Credits will be used to finance community development projects in California, Nevada, Arizona, New Mexico, and Sovereign Nations in the Western United States

Lake Forest, CA (PRWEB) November 29, 2016

Clearinghouse Community Development Financial Institution (Clearinghouse CDFI) announced today that it has been awarded a $65 million New Markets Tax Credit (NMTC) allocation from the United States Department of Treasury CDFI Fund through a competitive application process. Clearinghouse CDFI will use the credits to provide financing for affordable housing, commercial real estate, small business loans, and other projects located in low-income and distressed communities in California, Nevada, Arizona, New Mexico, and Sovereign Nations in the Western United States.

“The U.S Treasury CDFI Fund has been a vehicle for bringing needed support to distressed communities. We are thankful to be an eight-time recipient of this program,” said Douglas Bystry, President and Chief Executive Officer of Clearinghouse CDFI. “We intend to use these credits to further our mission to positively impact our service area, whether it be affordable housing, community centers, or other impactful community development loans.”    

The New Markets Tax Credit Program (NMTC Program) helps economically distressed communities attract private investment capital. This federal tax credit helps to fill project financing gaps by allowing investors to make larger investments than would otherwise be possible. Communities benefit from the jobs associated with these investments, as well as greater access to public facilities, goods, and services. This includes: manufacturing, food, retail, housing, health, technology, energy, education, and childcare.

“For the past 15 years, we have seen how the New Markets Tax Credit improves the quality of life and economic prospects for low-income Americans. The historic $7 billion in tax credits awarded through the 2015-2016 round will support community projects and businesses nationwide,” said Annie Donovan, CDFI Fund Director.

Through the NMTC Program, the CDFI Fund allocates tax credit authority to Community Development Entities (CDEs). CDEs, such as Clearinghouse CDFI, are financial intermediaries through which investment capital flows from an investor to a qualified business located in a low-income community. CDEs use their authority to offer tax credits to investors in exchange for equity in the CDE. With these capital investments, CDEs can make loans and investments to businesses operating in distressed areas that have better rates and terms and more flexible features than the conventional marketplace.

Clearinghouse CDFI was previously awarded a $35 million and an $80 million NMTC allocation in 2011 and 2013 respectively.

About Clearinghouse Community Development Financial Institution (Clearinghouse CDFI):
Clearinghouse Community Development Financial Institution (Clearinghouse CDFI) addresses unmet credit needs in California, Nevada, Arizona, New Mexico, and Sovereign Nations in the Western U.S. Clearinghouse CDFI is an industry leader helping to bridge the gap between conventional lending standards and the needs of low-income and distressed communities.

Over 19 years, Clearinghouse CDFI has funded $1.2 billion in total loans for over 1,650 projects which have created or retained more than 13,800 jobs and benefit over 1 million individuals. Clearinghouse CDFI is also a B Corp—a certification received from the nonprofit B Lab. B Corps are companies who meet rigorous standards of social and environmental performance, transparency, and accountability, and use business as a force for good. At September 30, 2016, Clearinghouse CDFI has total assets of $339 million. More information is available at: http://www.clearinghousecdfi.com.
0
shares
Share on
Facebook
Share on
Twitter
Post on 
Reddit
Share by
Email
 

You Might Like


Recent related news

Lady Liberty Portrayed As A Black Woman On New U.S. Coin

Lady Liberty Portrayed As A Black Woman On New U.S. Coin
For the 225th anniversary of the United States Mint and Treasury, the department has unveiled a new and progressive commemorative coin, and promises more in the...
VIBE - Lifestyle

BizVibe Textile and Apparel News: Global Cotton Production to Rise

BizVibe Textile and Apparel News: Global Cotton Production to Rise
LONDON--(BUSINESS WIRE)--#Apparel--Several reports from the United States Department of Agriculture forecast a promising future for cotton production in several...
Business Wire - Press Releases

New Mexican heroin ‘China Blanca’ threatens United States

According to Animal Político, the arrest of seven gang members, and the assurance of $3.37 million in cash, 35 weapons, 68 pounds of methamphetamines, 50 pounds...
Raw Story - US

Digital Ally Wins Major Legal Victory as the United States Court of Appeals for the Federal Circuit Affirms the Invalidity of Key Claims in Utility Associates' '556 Patent

LENEXA, KS--(Marketwired - Jan 17, 2017) -  Digital Ally, Inc. (NASDAQ: DGLY) (the "Company" or "Digital"), which develops, manufactures and markets advanced...
Marketwired - Press Releases

James Dunn’s New Book, “The United States of Empire: The Passing of the Mantle from the United Kingdom to the United States” is an Ode to an Unexpected Global Super Power

Recent release “The United States of Empire: The Passing of the Mantle from the United Kingdom to the United States” from Page Publishing author James Dunn...
PRWeb - Press Releases

US Mint Unveils New Coin Depicting African-American Lady Liberty

US Mint Unveils New Coin Depicting African-American Lady Liberty
The United States Mint revealed a new $100 gold coin which features an African-American woman for the first time as the face of Lady Liberty on Thursday,...
WorldNews - Front Page

Department of the Treasury Officials Join United States Mint for Unveiling of 2017 American Liberty 225th Anniversary Gold Coin

Treasury Secretary Jacob Lew, Deputy Treasury Secretary Sarah Bloom Raskin and United States Mint (Mint) Principal Deputy Director Rhett Jeppson unveil designs...
PRWeb - Press Releases

United States: New York State Division of Tax Appeals Issues Determination Rejecting Department's "Other Business Receipts" Position for Electronic Service Receipts - Reed Smith

The New York State Division of Tax Appeals has issued a determination regarding the proper methodology for sourcing electronic service receipts under Article 9-A...
Mondaq - Legal


Other recent news in Press Releases

Yakult Lady System Committed to Bring Good HEALTH and Cheer to Your DoorstepBlue Prism Expands Presence in Asia Pacific with New Sales and Customer Support OFFICE in Sydney
Dolby Atmos Transforms the 2017 SUNDANCE FILM FESTIVALHear Ye, Hear Ye! LEGOLAND® California Resort Breaks Ground on NORTH AMERICA’s First LEGOLAND® Castle Hotel!
CORRECTING and REPLACING The Big Game Kicks Off With EA Sports Bowl in HOUSTON on February 2Asbestos Disease Awareness Organization President and Co-Founder Linda Reinstein Issues Statement Protesting the Confirmation of Oklahoma Attorney General SCOTT PRUITT as EPA Administrator
526 New LIUNA Journeypersons Ready to Build SOUTHERN CaliforniaNintendo Announces FIRE EMBLEM Games for Mobile, Nintendo Switch, Nintendo 3DS
UANI Urges WORLD ECONOMIC FORUM Attendees in Davos to Exercise ‘Responsive and Responsible Leadership’ and Forgo Business Opportunities in IranFirst Quarter Nets Strong Organic Growth for TD AMERITRADE

Twitter

Environmentally friendly: One News Page is hosted on servers powered solely by renewable energy
© 2017 One News Page Ltd. All Rights Reserved.  |  About us  |  Disclaimer  |  Press Room  |  Terms & Conditions  |  Privacy Policy  |  Content Accreditation
 RSS  |  News for my Website  |  Free news search widget  |  Help  |  Contact us  |  DMCA / Content Removal
How are we doing? Send us your feedback  |   LIKE us on Facebook   FOLLOW us on Twitter   FIND us on Google+