The Nonprofit Finance Fund has announced an award of $55 million in New Markets Tax Credits from the U.S. Treasury Department's Community Development Financial Institutions Fund in support of community improvement and development efforts.
Financing from the NMTC Program will enable NFF to support high-impact nonprofits working to provide greater opportunities for residents of neighborhoods that struggle to attract private investors. Since 2007, NFF has put a total of $401 million in NMTC allocations to work through thirty-eight projects in the areas of youth development, education, and health care.
In 2018, NFF leveraged NMTCs to enable Boston-based Community Servings, which provides medically tailored meals to individuals and families living with critical or chronic illnesses, to build a $21 million campus and expand its services, and provided the YMCA of Snohomish County in Everett, Washington, with capital to construct a new headquarters building and expand its programming and services.
"NFF is honored to receive our ninth NMTC allocation," said NFF managing director of financing Norah McVeigh. "NMTCs give us the ability to offer flexible financing to high-impact nonprofits that are driving positive change in their communities. Without NMTCs, many of these projects wouldn't happen."