The House Ways and Means Committee’s reconciliation package included $100 million in additional allocation for U.S. Territories, with $80 million reserved for Puerto Rico. Puerto Rico represents roughly 80 percent of the population in U.S. territories.
This investment will be welcome in areas generally underserved by the NMTC in the early years of the program. Since 2003, there have been 23 NMTC investments in territories ($215 million in NMTC allocation used and $341 million in total project investment). That includes 19 projects in Puerto Rico, two projects in Guam, and two projects in American Samoa (one of those was a sub-allocation from one CDE to another, so it’s really just one project). Seventy-percent of that allocation was placed in U.S. territories over the last three and a half years (2018-2021).
Selected Project Profiles:
San Francisco, (2013)
Jamestown, (2017)
Chicago, (2016)
- CDE(s): IFF
Mountain City, (2022)
- CDE(s): MuniStrategies | Pathway Lending | PNC
Neptune, (2007)
- CDE(s): CRFUSA | New Jersey Community Loan Fund
Douglas, (2016)
- CDE(s): CEI Capital Management | Truist
Butte, (2018)
- CDE(s): Mofi
Lancaster, (2020)
- CDE(s): MHIC
Roxbury, (2007)
- CDE(s): MHIC
Glasgow, (2022)
- CDE(s): AMCREF
Ogden, (2021)
- CDE(s): Advantage Capital
Memphis, (2006)
- CDE(s): Enterprise Community Partners | Grow America
Brattleboro, (2015)
- CDE(s): Evernorth Rural Ventures | MHIC
Mendota, (2020)
- CDE(s): Central Valley NMTC
Philadelphia, (2019)
Martinsville, (2015)
- CDE(s): Greenline Ventures | Rural Development Partners
Ellenboro, (2014)
- CDE(s): Self-Help
Fort Wayne, (2018)
Hempstead, (2008)
- CDE(s): CRFUSA
Bristow, (2004)
- CDE(s): REI Development Corp.