PCDIC was recently awarded a $60 million New Markets Tax Credit (NMTC) allocation from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) to spur investment and economic growth in low-income communities within Maricopa county.
This marks the fourth consecutive year that PCDIC has received NMTC funding following last year’s allocation of $45 million, and previous years’ allocations of $55 million and $35 million, respectively. The NMTC program is designed to stimulate private investment in projects that create substantial community impacts in economically distressed communities. The program helps to fill project financing gaps by enabling investors to make larger investments than would otherwise be possible.