On Tuesday, December 23, 2025, the Community Development Financial Institutions (CDFI) Fund announced the award of $10 billion in New Markets Tax Credit (NMTC) authority for the 2024/2025 double allocation round.

Community Housing Capital (CHC), a Community Development Entity (CDE) partner of Smith NMTC, has received an $85 million NMTC allocation—its largest award to date!—that will support investments in affordable homeownership projects.

“We’re incredibly proud of our partnership with Community Housing Capital,” shares Howard Smith, Smith NMTC Co-Founder and Principal.

“Their commitment to creating flexible and accessible capital products for nonprofit developers aligns with our mission to leverage NMTCs for affordable homeownership. This allocation will accelerate their impact, helping to alleviate the national housing shortage while revitalizing neighborhoods, increasing the affordable housing stock, creating construction jobs, bringing tax dollars and fees to cities and towns across the U.S., and strengthening the economic stability of families and their communities.”

Both CDEs managed by Smith NMTC, CHC and The Housing Partnership Network, Inc. have received awards for the 2023 round. Along with an award to Habitat for Humanity International, a total of $205 million in NMTC allocation authority has been awarded to exclusively homeownership-focused CDEs.

Homeownership is a key driver of economic development through construction jobs, state and local taxes and fees, and providing homes for the workforce. It provides families with long-term financial stability and a pathway to building intergenerational wealth. Homeownership has a cascading effect that strengthens neighborhoods, encourages local investment and businesses, and improves educational and health outcomes for homebuyers and their children.

Building Wealth Through Homeownership

Community Housing Capital (CHC) was founded to facilitate the creation and preservation of affordable housing. Since 2022, the organization has deployed $95 million in NMTCs to fund 14 projects across 9 states.

Guided by their mission of providing equitable access to capital that is transformative for NeighborWorks America (NWA) organizations and the communities they serve, CHC has provided NMTC-supported loans to fund the production of 344 homes to date in low-income communities.

Incentivizing Investment in Low-Income Communities

In the 21 rounds to date since 2003, the CDFI Fund has made 1,809 allocation awards totaling $91 billion in tax credit authority. For every $1 of federal investment, the NMTC program has generated $8 of private investment.

• View the Award Book and learn key facts and statistics about the allocates
• Search the Award Database for profiles of individual allocates
• Explore the States Served Map for the service areas of recent allocates

Of the $10 billion awarded for the 2024/2025 allocation round, $205 million (2%) was awarded to Community Development Entities (CDEs) exclusively focused on developing affordable for-sale homes. These investments provide affordable pathways to homeownership—a critical and dire need for long-term economic stability and to build intergenerational wealth. Each home built helps to decrease the critical shortage of quality affordable housing stock in the U.S.

Earlier this year, thanks to leadership from Senator Crapo (R-ID), Senator Daines (R-MT), Rep. Jason Smith (R-MO) and Rep. Tenney (R-NY), the New Markets Tax Credit program was permanently extended through the passage of the “One Beautiful Bill,” which was signed into law by President Trump on July 4, 2025.

Pictured above: Staff from Affordable HomeMatters, a subsidiary of Intend Indiana, visit a build site in South Bend, Indiana. The home is part of a project that benefitted from a $6.825 million NMTC-supported loan (QLICI) provided by CHC through a March 2025 multi-QALICB closing facilitated by Smith NMTC Associates, LLC. Click here to read more about the transaction.