Last week, the Community Development Financial Institutions Fund (CDFI Fund) announced more than $5 billion in New Markets Tax Credit (NMTC) awards nationwide — and we’re thrilled to announce that our partner, The Housing Partnership Network, Inc., was awarded a $45 million NMTC allocation.
Since 2017, Housing Partnership Network has employed the NMTC program to advance their members’ work in the field of single-family homeownership. To date, they have deployed $120 million to 12 HPN member organizations and supported the development of a projected 550+ for-sale homes. This resource enables HPN’s members to build more single-family homes and offer more affordable mortgages, quality housing stock, and homeownership support services to home buyers and residents of underserved communities.
At Smith NMTC Associates, we have had the distinct honor of partnering with the HPN team to support their mission of creating lasting opportunities for low- and moderate-income families to become homeowners.
An Overview of the 2021 New Markets Tax Credit Awards
We also extend our congratulations to the 107 organizations that received a collective $5 billion in NMTC allocation awards from the CDFI Fund this year. This announcement brings the total amount awarded through the NMTC program to a historic $71 billion — a significant investment that will spur economic growth in underserved neighborhoods across the country.
Historically, the NMTC program has generated $8 of private investment for every $1 of federal funding. To date, the program has deployed over $62.9 billion in investments to low-income communities and businesses.
About Smith NMTC Associates
In 2007, Smith NMTC Associates pioneered the use of New Markets Tax Credits (NMTCs) for affordable homeownership development—transforming communities and the lives of families throughout the United States. Today, we help CDEs and nonprofit developers leverage the NMTC program to increase access to for-sale affordable housing and community facilities.
We partner with mission-driven and like-minded organizations to expand the impact of NMTCs on affordable homeownership opportunities. We’d love to discuss how you can use the NMTC program to further serve your community and your constituents.