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
 

Recent related news

United States: Department Of Labor To Revise Overtime Rule - Smith Gambrell & Russell LLP

On June 30, 2017, the United States Department of Labor ("DOL") told the Fifth Circuit Court of Appeals that it plans to revise the 2016 Final Rule ("Final...
Mondaq - Legal

U.S. ends airline laptop ban: New security measures make the electronics OK to carry on

New security measures added at international airports now allow laptop computers, tablets and other large electronic devices in the cabins of flights to the...
L.A. Times - Business

US withholds $350 million aid to Pakistan

*Washington D.C. [United States], July 22 (ANI): The United States has withheld the disbursement of USD 350 million aid to Pakistan after Pentagon chief Jim...
ANI News - US

United States: Trump Administration Treasury Report – Impact On The Financial CHOICE Act - Kramer Levin Naftalis & Frankel LLP

The U.S. Department of Treasury (the "Treasury Department") issued a report titled A Financial System That Creates Economic Opportunities (Banks and Credit...
Mondaq - LegalAlso reported by •Business Wire

US-China trade rifts resurface even after friendly summit

Three months after President Donald Trump and his Chinese counterpart, Xi Jinping, shared chocolate cake at an amiable summit in Florida, tensions between the...
SeattlePI.com - Business

United States: Good News For Taxpayers: IRS Targets For Reform Burdensome Regulations On Partnerships, Corporations, REITs, Estates, And More - Lowndes, Drosdick, Doster, Kantor & Reed, P.A.

Earlier this year, President Trump issued Executive Order 13789, which ordered the Treasury Department to review all significant tax regulations issued after...
Mondaq - Legal


You Might Like


Other recent news in Press Releases

UNITED STATES Transurethral Resection of the Prostate (TURP) Procedures Outlook 2017-2023 - Research and MarketsZoneTV and Ooyala Join Forces with Microsoft to Bring ARTIFICIAL INTELLIGENCE to TV Channels for the First Time
MCA Connect Wins 2017 MICROSOFT Dynamics Services Partner of the Year for USDavid Kind Announces Handcrafted, Custom, Designer Eyewear Sun Clips Made in LOS ANGELES
Hospital-Community Partnerships Improve Rural HEALTH CARE and Health OutcomesU.S. Cellular Launching MOTO Z2 Force Edition on Aug. 10; Online Presale Begins July 25
Walgreens to Bring Nearly 500 Jobs, Including 191 New Positions, to Chandler, ARIZONAMartin Senn, CEO of Davinci Virtual Office Solutions recently interviewed by ROBERT Reiss on The CEO Radio Show in New York City
FieldConnect Unveils Advanced Cloud Platform for SPECTRUM by Dexter + ChaneyMICHAEL KORS Holdings Limited to Acquire Jimmy Choo PLC for 230 Pence Per Share in Cash

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+