New Markets Tax Credit Program Allocation Awards Announced: Capital Fund Receives $40 Million
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund announced the awardees for the 2017 round of New Markets Tax Credit (NMTC) allocations. The $3.5 billion in awards are aimed at revitalizing low-income communities and increasing economic opportunity nationwide. Community Health Center Capital Fund (Capital Fund), was awarded a $40 million NMTC allocation.
NMTC financing is a critical source of low-cost capital and equity for health center facility projects—often securing approximately 20-22% of total project costs. This allocation award will help Capital Fund provide health centers with greater access to this funding option through a streamlined and accelerated process for eligible projects.
Capital Fund has extensive experience providing attractive tax credit financing and direct loans for health center projects. Of the nearly $1 billion in financing obtained by health centers through the NMTC program, approximately 60% was raised with the assistance of Capital Fund and/or its affiliate, Capital Link. For more information about how Capital Fund can help health centers, click here.