Capital Impact Partners has announced a $60 million allocation in New Markets Tax Credits from the U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) in support of projects to increase access to social services in disinvested communities.

With the most current allocation, Capital Impact Partners is now a ten-time NMTC recipient, with awards totaling more than $687 million. The organization has used NMTC allocations to support the financing of more than seventy-eight transactions nationwide across the country that have increased access to health care, education, healthy foods, and affordable housing and enabled seniors to age in their communities with dignity. Historically, NMTC Program awards have generated $8 of private investment for every $1 invested by the federal government.

Previous Capital Impact Partners projects supported through NMTC include the Joshua House Health Center, which offers primary care, dental, optometry, and mental health services to homeless individuals residing in Los Angeles's "Skid Row," and Marygrove Conservancy, which was established to operate and steward the Marygrove College campus in Detroit after its closure in 2019 and seeks to facilitate the redevelopment of the campus as a cradle-to-career, pre-kindergarten-to-graduate degree "P-20" education campus.

"The New Markets Tax Credit program allows us to serve as a conduit for capital between government agencies and private investors, to help underestimated communities address barriers to success caused by issues of systemic racism and disinvestment," said Ellis Carr, president and chief executive officer of Capital Impact Partners and CDC Small Business Finance. "We are grateful for the trust that the CDFI Fund has in our ability to work with communities to uplift their needs and solutions."

(Photo credit: Capital Impact Partners)