Funds will promote economic and community development in Maricopa county
Phoenix Community Development & Investment Corporation (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.
PCDIC is one of 102 Community Development Entities (CDEs) across the U.S. to receive a total of $5 billion in funding for the 2022 calendar year allocation application. Qualified areas for the federal NMTC program are based on federally designated census tracts. Historically, NMTC program awards have generated $8 of private investment for every $1 invested by the federal government.
PCDIC intends to focus its allocation on the development of community facilities within Maricopa county that will help bridge the skills gap for the county’s workforce, increase access to education and healthcare, and provide relief for the homeless.
NMTC projects that PDCIC has funded in recent years include an operational expansion for St. Mary’s Food Bank in Phoenix, a new facility for Child Crisis Arizona in Mesa, Ariz., and a new healthcare center in Guadalupe, Ariz., serving the Pascua Yaqui tribal community.
“Over the past four years, we’ve been awarded a total of $195 million that allows us to invest in our local community. These investments are in areas that will greatly benefit our community by providing much needed services, like healthcare or access to food,” said Susan Barnes, executive vice president and CFO of Goodwill of Central and Northern Arizona and chair of the PCDIC board of directors. “We are grateful to be awarded this allocation, which will allow us to continue to positively impact our community.”
To learn more, please read the U.S. Treasury’s press release. Visit pcdic.org for more information on the NMTC program and past funded projects.
About the Phoenix Community Development & Investment Corporation (PCDIC)
The Phoenix Community Development & Investment Corporation (PCDIC), a 501(c)(3) nonprofit corporation, was created in 2002 in response to the Community Renewal Tax Relief Act of 2000, which established the New Markets Tax Credit (NMTC) program. PCDIC is self-funded, makes its own loan decisions and is managed by staff at the Phoenix IDA. For more information, visit pcdic.org.