Media Contact: Jesse Dean, 347-931-0132
October 25, 2023 – New York, NY – CSH, a leading national nonprofit organization and CDFI dedicated to improving access to stable, quality housing for individuals experiencing long-term homelessness, is proud to announce that it has successfully secured $60 million in New Market Tax Credits (NMTC) from the U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund). This significant allocation will enable CSH to amplify its commitment to advancing quality healthcare and support services that address critical needs and create a positive impact for supportive housing tenants.
The award of $60 million in NMTC is a testament to CSH's outstanding track record in advancing projects for supportive housing, healthcare, and other support services. The funding will directly finance various projects to invest capital into projects tied to supportive and affordable housing that promote economic growth and access to essential services.
"We are thrilled and grateful to receive this substantial investment from the New Market Tax Credits program," said Deborah De Santis, President and CEO at CSH. "CSH uses these funds to ensure access to essential community-based services and healthcare for affordable and supportive housing residents that support their opportunity to thrive."
The New Market Tax Credits program, administered by the CDFI Fund, is vital in driving economic development and revitalization in underserved communities. CSH's allocation of $60 million in NMTC will enable the organization to leverage public-private partnerships further and secure the necessary financing for community projects that align with its mission to advance quality affordable and supportive housing.
This announcement comes after the CDFI Fund's recent release of the NMTC allocation awards, as highlighted in their September statement. CSH's successful application underscores its commitment to utilizing innovative financing mechanisms to bring about transformative change in the communities it serves.