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.
Share on
Share on
Post on 
Share by

Recent related news

United States: US Lifts Sanctions On Sudan - Clyde & Co

On January 13, 2017, the US Treasury Department announced that a new general license will authorize all transactions prohibited by the Sudanese Sanctions...
Mondaq - Legal

Asian shares mixed after Trump inauguration, dollar weakens

BEIJING (AP) — Japanese stocks tumbled while Chinese markets gained Monday after Donald Trump took office as U.S. president and promised "American first"...
SeattlePI.com - Business

Trump rips BMW and Mercedes, but auto industry a complex target

[...] his musing shows an incomplete understanding of how globalized the auto industry has become since Ronald Reagan went after Toyota and Honda in the 1980s....
SFGate - Business

United States: To Comply Or Not To Comply? How The DOL's Overtime Rule, And The Court's Decision To Suspend The Rule, May Affect Your Restaurant - Fisher Phillips LLP

Remember in May of last year, when the United States Department of Labor (DOL) announced a new rule to drastically increase the amount salaried workers will need...
Mondaq - Legal

United States: Final International Entrepreneur Parole Rule Published, In Effect As Of July 17, 2017 - Green and Spiegel LLP

Effective July 17, 2017, a new immigration-related option will be available for international entrepreneurs. The Department of Homeland Security has finalized...
Mondaq - Legal

United States: Recent Developments In U.S. Department Of Labor Overtime Regulations And Impact For New York Employers - Stroock & Stroock & Lavan LLP

In late November 2016, Judge Mazzant of the U.S. District Court for the Eastern District of Texas issued a preliminary injunction preventing the U.S. Department...
Mondaq - Legal

United States: DOJ And FTC Issue New Antitrust Guidelines For Licensing Of Intellectual Property - Fox Rothschild LLP

Updating policies that had been on the books for more than two decades, the U.S. Department of Justice and the Federal Trade Commission on Jan. 12, 2017, issued...
Mondaq - Legal

Mr. President-Elect, Please Spare The Office Of Community Policing

President Elect Trump, You will be the president of the United States in just a few hours and you have a monumental task ahead of you. We are a country...
Huffington Post - Politics

You Might Like

Other recent news in Press Releases

Glancy Prongay & Murray LLP Files Securities Class Action Lawsuit Against Banc of CALIFORNIA, Inc.IMPORTANT INVESTOR ALERT: GOLDBERG Law PC Announces an Investigation of Banc of California, Inc., and Advises Investors with Losses to Contact the Firm
Harris Corporation to Announce SECOND QUARTER Results on Thursday, February 2, 2017Marcus Hiles - Western Rim’s Founder - on the Distinctions of Residential Living in Frisco Vs. DALLAS
Two Day Pharmacovigilance Europe Conference 2017 (LONDON, United Kingdom - May 24-25, 2017) - Research and MarketsOpen Letter to PRESIDENT TRUMP: Serving American Interests by Engaging the Iranian People
Sprint Acquires 33 PERCENT of TIDAL and Creates Game-Changing PartnershipUnitedHealthcare and Optum Support People Affected by Severe Weather in GEORGIA and Mississippi
Pettit Kohn Names Two New Shareholders in SOUTHERN CALIFORNIAPhoneClub.com Welcomes Chinese New Year with an Amazing FACEBOOK Contest


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+