LIIF Receives $48 Million New Markets Tax Credit Award
The Low Income Investment Fund (LIIF) is proud to announce that it has been awarded its seventh consecutive New Markets Tax Credit (NMTC) allocation from the U.S. Treasury’s Community Development Financial Institutions Fund. As part of the Treasury’s 2013 round, LIIF was awarded $48 million in NMTC allocation authority. LIIF was one of only 87 organizations nationwide to receive NMTC allocations, which totaled $3.5 billion.
To date, LIIF has invested $265 million of NMTCs in a range of projects serving low income people across the nation, including schools, community health centers, community facilities and transit-oriented developments. This latest award brings LIIF’s total NMTC allocation to $313 million.
“Since our first award in 2008, the NMTC program has been a catalyst for attracting private investors to projects in distressed neighborhoods. In particular, NMTCs have enhanced our ability to support complex, integrated projects that bring together a variety of services for low income families. This new allocation will allow us to continue to make these critical investments,” said Nancy O. Andrews, LIIF’s President and CEO. “LIIF continues to see increased demand for NMTCs from our partners. Last year, LIIF deployed its $55 million allocation in six months. We have a very strong pipeline of high impact projects identified for this new allocation.”
LIIF’s NMTC award will enable it to support strategic projects that are in keeping with its holistic approach to serving families. For example, LIIF’s last award financed the Lighthouse for Children development in Fresno, CA. LIIF provided First 5 Fresno, a county-wide child care advocate, with an $8 million allocation of NMTC to construct a new, 44,000-square-foot early learning and child education center. The new facility is under construction and will be home to a high quality child development center, a community learning center offering adult education and health and social services, and office space for First 5 and other local nonprofits.
To date, LIIF’s NMTC investments have created or preserved 6,500 jobs and generated more than $652 million in investments for distressed communities. To learn more about LIIF’s New Markets Tax Credit Program please contact Ms. Laughlin at 415.489.6159 or firstname.lastname@example.org.