CSH, a national nonprofit intermediary and Community Development Financial Institution (CDFI) advancing supportive housing, announced it was awarded $50 million in New Markets Tax Credit (NMTC) allocation from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund). This significant funding will bolster CSH’s efforts to invest in quality healthcare and support services essential for helping supportive housing tenants thrive.
The $50 million NMTC allocation is the tenth such award from the Treasury Department, bringing CSH’s total NMTC allocation awards to $485 million. This funding underscores CSH’s exceptional track record in identifying innovative projects for community-based and healthcare services serving people with extremely low incomes living in supportive and affordable housing properties.
“We are deeply grateful for the opportunity to channel New Markets Tax Credit allocations into projects and communities that bridge the gap between housing and essential services,” said Deborah De Santis, President and CEO of CSH. “CSH is particularly excited to invest in groundbreaking facilities that revolutionize healthcare and community-based services, ensuring access to quality, person-centered care.”
The NMTC funding will allow CSH to directly finance various initiatives, injecting capital into projects that promote economic growth and enhance access to essential services for people living in supportive and affordable housing.
Administered by the CDFI Fund, the NMTC program is vital in driving economic development and revitalization in communities that historically have not received adequate capital investment.
CSH’s $50 million NMTC allocation is part of the $5 billion announced by the Treasury Department, distributed among 104 awardees. Established by Congress in 2000, the CDFI Fund NMTC program has completed 20 rounds of allocations, giving out 1,667 awards worth $81 billion in tax credit authority.
Ross Clarke, Director of the New Markets Tax Credit program at CSH said, “We are proud to offer innovative financing solutions to bring about transformative change in communities.”
