U.S. Treasury Department Fund Awards $55 Million to Phoenix Community Development & Investment Corporation to Promote Economic and Community Development in Maricopa County

PCDIC

The U.S. Treasury Department’s Community Development Financial Institutions Fund awarded the Phoenix Community Development & Investment Corporation (PCDIC) a $55 million New Markets Tax Credit (NMTC) allocation as part of its program. 

PCDIC is one of 100 Community Development Entities (CDEs) to receive funding for the 2020 calendar year allocation application. PCDIC was the only local CDE to receive funding specifically for projects located in Maricopa county.

The NMTC program attracts capital to eligible projects by providing private investors with a federal tax credit for investments made in businesses or economic development projects located in some of the most distressed communities across the nation. Qualified areas are based on census tracts where the individual poverty rate is at least 20 percent, or where median family income does not exceed 80 percent of the area’s median income.

The U.S. Treasury Department’s Community Development Financial Institutions Fund awarded the Phoenix Community Development & Investment Corporation (PCDIC) a $55 million New Markets Tax Credit (NMTC) allocation as part of its program. 

PCDIC is one of 100 Community Development Entities (CDEs) to receive funding for the 2020 calendar year allocation application. PCDIC was the only local CDE to receive funding specifically for projects located in Maricopa county.

The NMTC program attracts capital to eligible projects by providing private investors with a federal tax credit for investments made in businesses or economic development projects located in some of the most distressed communities across the nation. Qualified areas are based on census tracts where the individual poverty rate is at least 20 percent, or where median family income does not exceed 80 percent of the area’s median income.

“This funding allocation will be a tremendous help in economically-disadvantaged areas across Phoenix and the county,” said Phoenix Mayor Kate Gallego. “The NMTC program helps us attract private investment and jumpstart economic development in communities that need it most.”

PCDIC intends to focus its allocation on the development of community facilities that will bridge the skills gap for the county’s workforce, increase access to education and healthcare, and provide relief for the homeless.

“Today’s allocation, along with last year’s $35 million, brings a total of $90 million that goes back into our local community,” said Ginger Spencer, deputy city manager for the City of Phoenix and chair of the PCDIC Board of Directors.

To learn more, please read Treasury’s press release or the 2020 NMTC Program Award Book