Edition: United States  
One News Page
“Probably the fastest-access news portal in the world”
> >

Clearinghouse CDFI Awarded $65 Million New Markets Tax Credit Allocation from the United States Department of Treasury

PRWeb Tuesday, 29 November 2016
Credits will be used to finance community development projects in California, Nevada, Arizona, New Mexico, and Sovereign Nations in the Western United States

Lake Forest, CA (PRWEB) November 29, 2016

Clearinghouse Community Development Financial Institution (Clearinghouse CDFI) announced today that it has been awarded a $65 million New Markets Tax Credit (NMTC) allocation from the United States Department of Treasury CDFI Fund through a competitive application process. Clearinghouse CDFI will use the credits to provide financing for affordable housing, commercial real estate, small business loans, and other projects located in low-income and distressed communities in California, Nevada, Arizona, New Mexico, and Sovereign Nations in the Western United States.

“The U.S Treasury CDFI Fund has been a vehicle for bringing needed support to distressed communities. We are thankful to be an eight-time recipient of this program,” said Douglas Bystry, President and Chief Executive Officer of Clearinghouse CDFI. “We intend to use these credits to further our mission to positively impact our service area, whether it be affordable housing, community centers, or other impactful community development loans.”    

The New Markets Tax Credit Program (NMTC Program) helps economically distressed communities attract private investment capital. This federal tax credit helps to fill project financing gaps by allowing investors to make larger investments than would otherwise be possible. Communities benefit from the jobs associated with these investments, as well as greater access to public facilities, goods, and services. This includes: manufacturing, food, retail, housing, health, technology, energy, education, and childcare.

“For the past 15 years, we have seen how the New Markets Tax Credit improves the quality of life and economic prospects for low-income Americans. The historic $7 billion in tax credits awarded through the 2015-2016 round will support community projects and businesses nationwide,” said Annie Donovan, CDFI Fund Director.

Through the NMTC Program, the CDFI Fund allocates tax credit authority to Community Development Entities (CDEs). CDEs, such as Clearinghouse CDFI, are financial intermediaries through which investment capital flows from an investor to a qualified business located in a low-income community. CDEs use their authority to offer tax credits to investors in exchange for equity in the CDE. With these capital investments, CDEs can make loans and investments to businesses operating in distressed areas that have better rates and terms and more flexible features than the conventional marketplace.

Clearinghouse CDFI was previously awarded a $35 million and an $80 million NMTC allocation in 2011 and 2013 respectively.

About Clearinghouse Community Development Financial Institution (Clearinghouse CDFI):
Clearinghouse Community Development Financial Institution (Clearinghouse CDFI) addresses unmet credit needs in California, Nevada, Arizona, New Mexico, and Sovereign Nations in the Western U.S. Clearinghouse CDFI is an industry leader helping to bridge the gap between conventional lending standards and the needs of low-income and distressed communities.

Over 19 years, Clearinghouse CDFI has funded $1.2 billion in total loans for over 1,650 projects which have created or retained more than 13,800 jobs and benefit over 1 million individuals. Clearinghouse CDFI is also a B Corp—a certification received from the nonprofit B Lab. B Corps are companies who meet rigorous standards of social and environmental performance, transparency, and accountability, and use business as a force for good. At September 30, 2016, Clearinghouse CDFI has total assets of $339 million. More information is available at: http://www.clearinghousecdfi.com.
0
shares
Share on
Facebook
Share on
Twitter
Post on 
Reddit
Share by
Email
 

You Might Like


Recent related news

Trump admin challenges Hawaii judge’s halt on new travel ban

The Justice Department is asking the federal judge in Hawaii who temporarily halted President Trump’s new travel ban to limit the scope of his ruling so that...
FOXNews.com - PoliticsAlso reported by •SeattlePI.com

Colony Starwood Homes Announces Update to 2016 Dividend Income Tax Treatment

SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Colony Starwood Homes (NYSE:SFR) (the “Company”) announced today an update to the tax treatment of dividends on its...
Business Wire - Press Releases

United States: Health Tech Oversight Up in the Air in Wake of New HHS Position - Day Pitney LLP

A March 24 article, "Health Tech Oversight Up in the Air in Wake of New HHS Position," in Bloomberg BNA's Health IT Law & Industry Report and other publications...
Mondaq - Legal

The United States Government Just Insulted Gender Equality Advocates Around The World

This year, gender equality advocates who traveled to New York from all around the world to take part in the Commission on the Status of Women (CSW) at the United...
Huffington Post - World

Japanese manufacturers brace for possible U.S. import tax - Reuters poll

TOKYO (Reuters) - Japanese manufacturers are wary of a possible U.S. border tax, with just over half expecting profits to take a hit if the United States slaps a...
Reuters India - Business

Two Day Computer System Validation Seminar - Reduce Costs and Avoid 483s (Philadelphia, PA, United States - May 8-9, 2017) - Research and Markets

Two Day Computer System Validation Seminar - Reduce Costs and Avoid 483s (Philadelphia, PA, United States - May 8-9, 2017) - Research and Markets
DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Computer System Validation - Reduce Costs and Avoid 483s" conference to their...
Business Wire - Press Releases

US condemns arrest of Russian protesters in Moscow

"The United States strongly condemns the detention of hundreds of peaceful protesters throughout Russia on Sunday," State Department's Acting Spokesman Mark...
DNA - World

Charter’s U.S. hiring plans draw White House attention

Charter Communications Inc.’s plan to add 20,000 jobs in the United States by moving call center positions to the U.S. was in the spotlight Friday, drawing...
bizjournals - Business


Other recent news in Press Releases

United States Paperboard Market ANALYSIS And Forecasts to 2025 - Research and MarketsORIX and IGS Solar Expand Solar Investment and Operations across the UNITED STATES
American Water’s Jennifer Gambol to Participate in NEW YORK CITY Bar Association PanelThe 2017 KANSAS State Science & Engineering Fair Will Highlight the Best Student Researchers from KANSAS
Enrollment for NORTH CAROLINA Virtual Academy’s 2017-2018 School Year is Now OpenWRESTLEMANIA® Available Live in China for the First Time
Affordable Adventures: Explore COLORADO on a Shoestring BudgetHSBC Bank Plc : Form 8.5 (EPT/RI) - LONDON Stock Exchange Group Plc
CALIFORNIA Resources Corporation to Participate at Upcoming Industry ConferencesChapel of the Flowers Plans Grand Opening for Contemporary La Capella Chapel in LAS VEGAS

Twitter

Environmentally friendly: One News Page is hosted on servers powered solely by renewable energy
© 2017 One News Page Ltd. All Rights Reserved.  |  About us  |  Disclaimer  |  Press Room  |  Terms & Conditions  |  Privacy Policy  |  Content Accreditation
 RSS  |  News for my Website  |  Free news search widget  |  Help  |  Contact us  |  DMCA / Content Removal
How are we doing? Send us your feedback  |   LIKE us on Facebook   FOLLOW us on Twitter   FIND us on Google+