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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.