The nonprofit organization said it connects community based and economic development lenders with the capital resources of Wall Street with the purpose of funding projects that create jobs, stimulate economic development or build affordable housing in low-income and economically disadvantaged communities.
CRF is one of 41 organizations selected from a pool of 208 applicants receiving a third-round New Markets Tax Credit allocation. CRF was awarded the largest third-round allocation of any organization and was the only third-round allocation recipient in Minnesota. To date, CRF has received the largest combined (rounds 1-3) allocation of New Markets Tax Credits totaling $412.5 million. Through the New Markets Tax Credit program, investors can receive tax credits worth more than 30% of the amount they invest.
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