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:
Louisville, (2018)
- CDE(s): CAHEC | Capital One | Community Hospitality Healthcare Services | IFF
Canton, (2017)
- CDE(s): IFF
Grand Rapids, (2021)
- CDE(s): Michigan Community Capital
Keene, (2022)
- CDE(s): Evernorth Rural Ventures
Buffalo, (2019)
Washington, (2018)
- CDE(s): City First | DC Housing Enterprises
Chicago, (2015)
- CDE(s): Cinnaire New Markets | IFF
Quincy, (2010)
- CDE(s): CRFUSA | Enterprise Community Partners
Bronx, (2009)
- CDE(s): Enterprise Community Partners
Dallas, (2018)
- CDE(s): Dallas Development Fund | Pacesetter CDE
Chicago, (2011)
Baltimore, (2018)
Carrollton, (2017)
San Pablo, (2012)
- CDE(s): TELACU
Atlanta, (2016)
- CDE(s): Atlanta Emerging Markets | Bank of America
San Francisco, (2018)
Pomona, (2022)
- CDE(s): TELACU
Pittsburgh, (2019)
- CDE(s): Pittsburgh Urban Initiatives
Pittsfield, (2005)
- CDE(s): MHIC
Maysville, (2018)