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.

The Housing Partnership Network, Inc. (HPN), a Community Development Entity (CDE) partner of Smith NMTC, has received a $70 million NMTC allocation—its largest award to date!—that will support investments in affordable homeownership projects.

“We are a proud partner of The Housing Partnership Network, Inc.,” shares Howard Smith, Smith NMTC Co-Founder and Principal.

“This allocation will help HPN continue to support their prolific nonprofit housing and community development organizations through flexible and accessible capital products and multiple other programs to create accessible homes and transform communities.”

Both CDEs managed by Smith NMTC, HPN and Community Housing Capital have received awards for the 2024/2025 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.

Housing for All

The Housing Partnership Network (HPN)—an award-winning business collaborative of 122 of the nation’s leading housing and community development organizations—utilizes the NMTC program to provide development subsidy to its member organizations who are building and rehabbing diverse housing for sale in areas of economic distress. Prior to this week’s award announcement, HPN has received and deployed $225 million in NMTC allocation over 5 award rounds since 2017 to fund 32 homeownership projects for the development of over 1,060 homes across 13 states.

As an extension of its work as a nonprofit CDFI, HPN facilitates peer-to-peer learning and promotes policy and practice that is based on the proven experience of some of the nation’s most successful nonprofits. Through its unique networked approach, organizations and leaders accelerate and scale innovation to more rapidly respond to changing market challenges and opportunities. Together, HPN addresses local needs with solutions rooted in community expertise.

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: Southwest Minnesota Housing Partnership (SWMHP) groundbreaking for new single-family for-sale homes in Mankato with the General Contractor team, City Development staff, SWMHP staff. The project has benefitted from a $9.7 million NMTC-supported loan (QLICI) provided by HPN through an August 2025 multi-QALICB closing facilitated by Smith NMTC Associates, LLC. Click here to read more about the transaction.