Award Will Spur Projects that Support Education, Vocational Training and Job Opportunities in Underserved Communities
The U.S. Department of Treasury’s Community Development Financial Institutions Fund (CDFI Fund) has awarded Cinnaire a $60 million New Markets Tax Credit (NMTC) Allocation. These tax credits incentivize private sector investors to partner in community financing efforts, stimulating economic growth in low-income urban and rural communities across the country.
“This $60 million New Markets Tax Credit award will enable us to continue driving transformative projects in underserved communities, creating opportunities where they are needed most,” said Mark McDaniel, Cinnaire President and CEO. “Our commitment to fostering economic growth and delivering long-term impact has never been stronger, and we look forward to leveraging these resources to build a brighter future for families and communities.”
Cinnaire plans to focus its allocation of the award to fund projects that support education, vocational training, and job opportunities across its footprint. Since 2009, Cinnaire is an eleven-time recipient with awards totaling $594 million.
“The New Markets Tax Credit is a vital tool for spurring investment in distressed communities,” said Peter Giles, Cinnaire Senior Vice President, Public Funding. “It bridges the gap between opportunity and access, enabling projects that might not otherwise come to life. By supporting economic growth, creating jobs, and improving essential services, the NMTC program plays a critical role in building stronger, more equitable communities. We are proud to be part of this important work and committed to maximizing its impact.”
The CDFI Fund announcement brings the total amount awarded through the NMTC program to more than $81 billion. Historically, NMTC Program awards have generated $8 of private investment for every $1 invested by the federal government.
About Cinnaire
Cinnaire is a non-profit financial partner that supports community and economic revitalization initiatives through creative investments, loans, and development services. Since 1993, Cinnaire has invested $4.7 billion to develop 811 housing communities in 10 states, providing 49,700 affordable apartment homes for more than 100,000 individuals and families, and has provided community development loans to support the creation/retention of more than 187,000 square feet of commercial, mixed-use, and community space. In its mission to change lives and transform neighborhoods into thriving communities, Cinnaire has helped to create or retain over 76,000 jobs and spurt $7.9 billion in economic impact. www.cinnaire.com
