trending Market Intelligence /marketintelligence/en/news-insights/trending/j3v-rcondgjbftsrsd1gug2 content esgSubNav
In This List

Treasury grants $3.5B in new markets tax credits awards to 73 entities

Blog

Banking Essentials Newsletter: 7th February Edition

Case Study

A Bank Outsources Data Gathering to Meet Basel III Regulations

Podcast

Private Markets 360° | Episode 8: Powering the Global Private Markets (with Adam Kansler of S&P Global Market Intelligence)

Blog

Banks’ Response to Rising Rates & Liquidity Concerns


Treasury grants $3.5B in new markets tax credits awards to 73 entities

The U.S. Treasury Department's Community Development Financial Institutions Fund awarded more than $3.5 billion in new markets tax credit awards to 73 community development entities.

The award recipients — selected from a pool of 230 applicants that requested approximately $16.2 billion in tax credit allocation authority — are expected to make more than $685 million in new markets tax credit investments in nonmetropolitan counties.

Atlanta-based SunTrust Banks Inc.'s SunTrust Community Development Enterprises LLC was awarded with $70 million in national new markets tax credits, while Citigroup Inc.'s Citibank NMTC Corp. was awarded $65 million in national new markets tax credits.

Other recipients for national new markets tax credits include Toronto-Dominion Bank's TD Community Development Corp., which was awarded with $60 million and Savannah, Ga.-based Carver Financial Corp. with $30 million.

Meanwhile, Fresno, Calif.-based Central Valley Community Bancorp's Central Valley NMTC Fund LLC was awarded with $55 million in local new markets tax credits; Baltimore-based Harbor Bankshares Corp. was awarded with $55 million in multistate new markets tax credits; and Wesbanco Bank Community Development Corp., an affiliate of Wheeling, W.Va.-based WesBanco Inc., was awarded $40 million in multistate new markets tax credits.