MuniStrategies receives $55 million in New Markets Tax Credit allocation
JACKSON, MS, May 23, 2019 — MuniStrategies LLC was awarded its fifth New Markets Tax Credit (NMTC) allocation from the Community Development Financial Institutions (CDFI) Fund of the U.S. Department of Treasury. In the most recent round, MuniStrategies was awarded $55 million in NMTC allocation authority.
MuniStrategies will use its NMTC allocation to invest in rural operating businesses that target advanced manufacturing, agribusiness and community wellness projects in severely distressed low-income communities in Mississippi, Arkansas, Alabama, Georgia and Tennessee. Targeted projects will create accessible high-quality jobs, address education and workforce training needs, and provide needed community goods and services.
$253 million in NMTC allocation since 2011
Through a highly competitive application process, $3.5 billion of allocation authority was awarded to 73 Community Development Entities (CDEs) this round by the CDFI Fund, which received 214 applications from entities nationwide requesting an aggregate total of $14.8 billion in NMTC allocation authority. This latest allocation brings MuniStrategies total allocation awards to $253 million since 2011. Previously, MuniStrategies has successfully deployed $198 million in NMTC authority spanning four allocations since 2011.
“Our team has been hard at work identifying worthy projects that can measurably help businesses, sustain communities and improve the lives of local residents,” said Alan Lange, Managing Director of MuniStrategies. “This latest allocation is validation of the impacts that our investments have created throughout our service area.”
A select list of previously funded projects can be found at http://munistrategies.com/impact/
MuniStrategies projects have resulted in $670 million in total investment, the creation of nearly 2,700 permanent jobs, and project commitments of $6,750,000 in workforce development spending on scholarships and internships.
MuniStrategies is a Community Development Entity (CDE) as recognized through the Department of Treasury to participate in New Markets Tax Credit (NMTC) financing and has previously deployed $198 million in allocation authority. More information about MuniStrategies is available at www.munistrategies.com.