LIIF Awarded $55 Million New Markets Tax Credit Allocation
Today, the U.S. Treasury Department’s Community Development Financial Institutions (CDFI) Fund announced that the Low Income Investment Fund (LIIF) has been awarded $55 million in New Markets Tax Credit (NMTC) allocation. Nationally, the CDFI Fund awarded $3.5 billion in NMTC allocations to 85 organizations. This is LIIF’s sixth consecutive award and brings LIIF’s total NMTC allocation to $265 million.
“This new allocation of $55 million in NMTCs will enable LIIF to advance its holistic strategy of building healthy, vibrant communities,” said Judi Kende, Senior Vice President, Eastern and Central Regions, and head of LIIF’s NMTC Program. “The CDFI Fund’s NMTC Program has been one of LIIF’s most important tools for revitalizing neighborhoods and creating economic opportunity for low income families. Our previous allocations are fully deployed, so LIIF will be able to immediately invest this award into our pipeline of community-building projects, such as health centers, schools and community centers.”
One of LIIF’s NMTC transactions last year provided $14 million in credits to fill the financing gap in a $27.5 million transaction with Community Health Care (CHC), a nonprofit Federally Qualified Health Center based in Tacoma, Washington. The project will build a brand new 59,000-square-foot medical and dental facility that will serve 17,200 patients annually, five times the capacity of the smaller clinic it will replace. The center will provide 86 permanent, full-time jobs, as well as support neighborhood revitalization. To date, LIIF’s NMTC investments have created or preserved 6,400 jobs and generated more than $470 million in investments for distressed communities.
In addition, LIIF is pleased to announce Amy Laughlin’s promotion to Associate Director, New Markets Tax Credits and National Charter Schools, reporting to Ms. Kende. To learn more about LIIF’s New Markets Tax Credit Program please contact Ms. Laughlin at 415.489.6159 or firstname.lastname@example.org.
Judi Kende, Senior Vice President, Eastern & Central Regions, 212.509.5509 x11, email@example.com
Amy Laughlin, Associate Director, NMTCs & National Charter Schools, 415.489.6159, firstname.lastname@example.org
- Learn more about LIIF’s Capital Products
- Learn more about the Community Health Care (CHC) project
- Learn more about LIIF’s Impact
- Read the full announcement from the CDFI Fund