Last Friday, September 22, 2023, the CDFI Fund awarded $5 billion in NMTC allocation to 102 CDEs.
2022 NMTC Program Award Resources
Table of 2022 Allocatees (Click to Expand)
| Name of Allocatee | City | State | Service Area | Allocated Amount |
|---|---|---|---|---|
| UB Community Development, LLC | Atmore | AL | Multi-state | $65,000,000 |
| Heartland Renaissance Fund, LLC | Little Rock | AR | Multi-state | $50,000,000 |
| Phoenix Community Development and Investment Corporation | Phoenix | AZ | Local | $60,000,000 |
| Raza Development Fund, Inc. | Phoenix | AZ | National | $60,000,000 |
| DV Community Investment, LLC | Phoenix | AZ | National | $65,000,000 |
| Prestamos CDFI, LLC | Phoenix | AZ | Multi-state | $65,000,000 |
| L.A. Charter School New Markets CDE, LLC | Los Angeles | CA | Statewide (or territory-wide) | $35,000,000 |
| New Markets Community Capital, LLC | Los Angeles | CA | Statewide (or territory-wide) | $40,000,000 |
| Border Communities Capital Company, LLC | Carlsbad | CA | Multi-state | $45,000,000 |
| Los Angeles Development Fund | Los Angeles | CA | Local | $50,000,000 |
| National New Markets Fund, LLC | Los Angeles | CA | National | $50,000,000 |
| California Statewide Communities Development Corporation | Walnut Creek | CA | Statewide (or territory-wide) | $60,000,000 |
| Civic Community Partners, Inc. | San Diego | CA | Local | $60,000,000 |
| Clearinghouse Community Development Financial Institution | Lake Forest | CA | Multi-state | $60,000,000 |
| Genesis LA CDE, LLC | Los Angeles | CA | Local | $60,000,000 |
| San Francisco Community Investment Fund | San Francisco | CA | Local | $60,000,000 |
| Wells Fargo Community Development Enterprises, Inc. | San Diego | CA | National | $65,000,000 |
| Native American Bank, N.A. | Denver | CO | National | $50,000,000 |
| Colorado Enterprise Fund, Inc. | Denver | CO | Statewide (or territory-wide) | $60,000,000 |
| Colorado Growth and Revitalization Fund, LLC | Denver | CO | Statewide (or territory-wide) | $65,000,000 |
| Building America CDE, Inc. | Washington | DC | National | $40,000,000 |
| Consortium America, LLC | Washington | DC | National | $50,000,000 |
| National Trust Community Investment Corporation | Washington | DC | National | $50,000,000 |
| Partners for the Common Good, Inc. | Washington | DC | National | $50,000,000 |
| Community Hospitality Healthcare Services, LLC | Englewood | FL | National | $40,000,000 |
| Black Business Investment Fund, Inc. | Orlando | FL | Multi-state | $50,000,000 |
| Florida Community Loan Fund | Orlando | FL | Statewide (or territory-wide) | $60,000,000 |
| Community Housing Capital, Inc. | Decatur | GA | National | $25,000,000 |
| Habitat for Humanity NMTC, LLC | Atlanta | GA | National | $35,000,000 |
| Carver Financial Corporation | Savannah | GA | National | $40,000,000 |
| Atlanta Emerging Markets, Inc. | Atlanta | GA | Local | $55,000,000 |
| Truist Community Development Enterprises | Atlanta | GA | National | $65,000,000 |
| Punawai 'O Pu'uhonua, LLC | Honolulu | HI | Statewide (or territory-wide) | $55,000,000 |
| Advanced CapAccess | Cedar Rapids | IA | National | $35,000,000 |
| Midwest Renewable Capital, LLC | Grimes | IA | National | $40,000,000 |
| Rural Development Partners LLC | Forest City | IA | National | $50,000,000 |
| National Community Investment Fund | Chicago | IL | National | $25,000,000 |
| Chicago Development Fund | Chicago | IL | Local | $55,000,000 |
| IFF | Chicago | IL | Multi-state | $55,000,000 |
| Chase New Markets Corporation | Chicago | IL | National | $65,000,000 |
| Fort Wayne New Markets Revitalization Fund, LLC | Ft Wayne | IN | Multi-state | $35,000,000 |
| French Lick Redevelopment CDE, LLC | Paoli | IN | Statewide (or territory-wide) | $35,000,000 |
| New Market Opportunity Fund CDE, LLC | Indianapolis | IN | Statewide (or territory-wide) | $40,000,000 |
| Old National CDE Corporation | Louisville | KY | Multi-state | $20,000,000 |
| Advantage Capital Community Development Fund, LLC | New Orleans | LA | National | $40,000,000 |
| Enhanced Community Development, LLC | New Orleans | LA | National | $40,000,000 |
| AMCREF Community Capital, LLC | New Orleans | LA | National | $45,000,000 |
| The Community Builders CDE, LLC | Boston | MA | National | $25,000,000 |
| HEDC New Markets, Inc | Boston | MA | National | $45,000,000 |
| BlueHub Capital, Inc. | Boston | MA | National | $65,000,000 |
| Mid-City Community CDE, LLC | Bethesda | MD | National | $40,000,000 |
| Harbor Bankshares Corporation | Baltimore | MD | Multi-state | $50,000,000 |
| Urban Research Park CDE, LLC | Hunt Valley | MD | National | $50,000,000 |
| CEI Capital Management, LLC | Brunswick | ME | National | $60,000,000 |
| Invest Detroit CDE | Detroit | MI | Local | $45,000,000 |
| Cinnaire New Markets, LLC | Lansing | MI | Multi-state | $60,000,000 |
| Michigan Community Capital | Lansing | MI | Statewide (or territory-wide) | $65,000,000 |
| National Impact Fund, LLC | Wayzata | MN | National | $25,000,000 |
| National New Markets Tax Credit Fund, Inc. | Minneapolis | MN | National | $50,000,000 |
| CBKC CDC, LLC | Kansas City | MO | Multi-state | $50,000,000 |
| Travois New Markets, LLC | Kansas City | MO | National | $50,000,000 |
| USBCDE, LLC | St. Louis | MO | National | $55,000,000 |
| Enterprise Financial CDE, LLC | St. Louis | MO | National | $60,000,000 |
| Midwest Industrial Redevelopment Fund, LLC | St. Louis | MO | National | $60,000,000 |
| Legacy Economic Growth Fund, LLC | Springfield | MO | Multi-state | $65,000,000 |
| MuniStrategies, LLC | Jackson | MS | Multi-state | $35,000,000 |
| PB Community Impact Fund, LLC | Mendenhall | MS | Multi-state | $40,000,000 |
| Montana Community Development Corporation | Missoula | MT | Multi-state | $60,000,000 |
| Self-Help Ventures Fund | Durham | NC | National | $50,000,000 |
| Mascoma Community Development, LLC | Lebanon | NH | National | $50,000,000 |
| CCG Community Partners, LLC | Princeton | NJ | National | $65,000,000 |
| Finance New Mexico, LLC | Santa Fe | NM | Statewide (or territory-wide) | $25,000,000 |
| Empowerment Reinvestment Fund, LLC | New York | NY | National | $40,000,000 |
| Community Development Venture Capital Alliance, The | New York | NY | National | $50,000,000 |
| Empire State New Market Corporation | New York | NY | Statewide (or territory-wide) | $50,000,000 |
| NYC Neighborhood Capital Corporation | New York | NY | Local | $50,000,000 |
| NYCR-CDE, LLC | New York | NY | Local | $55,000,000 |
| Civic Builders, Inc. | New York | NY | National | $60,000,000 |
| Corporation for Supportive Housing | New York | NY | National | $60,000,000 |
| Uptown Consortium, Inc. | Cincinnati | OH | Local | $20,000,000 |
| Cleveland New Markets Investment Fund II, LLC | Cleveland | OH | Local | $35,000,000 |
| Dayton Region New Market Fund, LLC | Dayton | OH | Local | $50,000,000 |
| Chickasaw Nation Community Development Endeavor LLC | Ada | OK | National | $50,000,000 |
| REI Development Corp. | Durant | OK | Statewide (or territory-wide) | $60,000,000 |
| National Community Fund I, LLC | Portland | OR | National | $40,000,000 |
| Ecotrust CDE, LLC | Portland | OR | National | $60,000,000 |
| Community First Fund | Lancaster | PA | Local | $30,000,000 |
| South Carolina Community Loan Fund | Charleston | SC | Statewide (or territory-wide) | $50,000,000 |
| The Innovate Fund, LLC | Greenville | SC | Multi-state | $50,000,000 |
| TD Community Development Corporation | Greenville | SC | National | $65,000,000 |
| Pathway Lending CDE, LLC | Nashville | TN | Multi-state | $45,000,000 |
| Three Roots Capital | Knoxville | TN | National | $45,000,000 |
| TransPecos Development Corp | San Antonio | TX | Statewide (or territory-wide) | $35,000,000 |
| Texas Mezzanine Fund, Inc. | Dallas | TX | Statewide (or territory-wide) | $40,000,000 |
| PeopleFund NMTC, LLC | Austin | TX | Statewide (or territory-wide) | $45,000,000 |
| Texas LIC Development Company LLC | Austin | TX | Statewide (or territory-wide) | $50,000,000 |
| The Community Business Investment Fund, LLC | Austin | TX | National | $60,000,000 |
| Hampton Roads Ventures, LLC | Norfolk | VA | National | $35,000,000 |
| Evernorth Rural Ventures, Inc. | Burlington | VT | Multi-state | $60,000,000 |
| First-Ring Industrial Redevelopment Enterprise, Inc. | West Allis | WI | Local | $30,000,000 |
| FirstPathway Community Development, LLC | Milwaukee | WI | Multi-state | $50,000,000 |
| Waveland Community Development, LLC | Milwaukee | WI | National | $65,000,000 |
Five Year Track Record Analysis
A note of caution: We cannot know for certain what CDEs proposed in their 2022 applications. This analysis is somewhat speculative. I do not mean to imply that the CDFI Fund favors certain activities over others. However, using CDEs’ recent track record gives us a general idea of which types of CDEs won allocation. Using NMTC Coalition data from the past 5 years of NMTC transactions (2018-2022), I compared the track record of organizations that won a 2022 allocation (999 projects and $8.5 billion deployed) to the track record of organizations that did not win a 2022 allocation (455 projects and $5.9 billion deployed).
I noticed a few patterns and a few areas where there was no difference between awarded CDEs and others. For example, the share of manufacturing projects and rural projects was higher for award recipients than it was for those who did not win an award in 2022.
I was curious whether project size or the prevalence of multi-CDE projects made a difference in award amounts. The median total project size and the average number of CDEs in each deal were similar for both groups.
| Category | 2022 Winners | Others |
|---|---|---|
| Projects Financed, 2018-2022 | 999 | 455 |
| NMTC Deployed, 2018-2022 | $8.5 billion | $5.9 billion |
| Percent of Allocation to Manufacturing and Industrial | 30.23% | 19.48% |
| Percent of Allocation to Community Facilities and Nonprofits | 48.01% | 52.40% |
| Median Project Size | $11,210,000 | $11,106,825 |
| Average CDEs Per Project | 1.61 | 1.67 |
| Non-metropolitan percentage | 29.6% | 22.7% |
Allocatee Experience
This was a tough year for new applicants trying to break into the program. Only 3 first-time award recipients (by my count) received allocation, though these CDEs all have staff with significant familiarity with the NMTC program:
- Advanced CapAccess
- Native American Bank, N.A.
- Three Roots Capital
Targeting Indigenous Communities
Several CDEs with a track record (or likely business plan) or investments in Indiana Country received allocations. Based on CDEs’ track record of investments, we project about $332 million out of $5 billion (6.6 percent) of NMTC allocation will reach Indigenous Communities and census tracts with a plurality of Native Americans, Alaskan Natives, or Native Hawaiians.
If these numbers pan out, this would be a record year for NMTC investments in Indian Country. The program average is about 1.5%, though it has been increasing recently.
