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Seven State Entities Take Home $320M in NMTCs

WASHINGTON, DC—New York State-based community development entities came out as a big winners in this year's round of New Market Tax Credits allocations.

By Sule Aygoren | Updated on April 26, 2013

WASHINGTON, DC—This year’s round of New Market Tax Credits awarded a total of $3.5 billion to 85 Community Development Entities throughout the country. New York came out as a big winner, with seven CDEs in the state receiving a total of $320 million in credits.

As GlobeSt.com reported yesterday, Treasury assistant secretary for financial institutions Cyrus Amir-Mokri, US Senator Charles E. Schumer (D-NY) and CDFI Fund director Donna J. Gambrell made the announcement. Also on hand was Charlie Werhane, president and CEO of Enterprise Community Investment Inc., a Columbia, MD-based provider of capital and expertise for community development and affordable housing, which received $50 million in NMTCs from the Community Development Financial Institutions Fund.

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