JACKSON, MS, September 1, 2021 — MuniStrategies LLC was awarded its sixth 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 $65 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, Tennessee, South Carolina and Florida. Targeted projects will create accessible, high-quality manufacturing jobs and address education, health and workforce training needs in rural communities.
$318 million in NMTC allocation since 2011
Through a highly competitive application process, $5 billion of allocation authority was awarded to 100 Community Development Entities (CDEs) this round by the CDFI Fund. There were 208 applicants that applied for $15.1 billion of tax credit allocation authority. “For over 20 years, the New Markets Tax Credit has facilitated essential investments into low income communities and businesses helping them to rebuild after years of disinvestment and enabling them to recover from external forces, such as the current pandemic, which have caused disproportionate harm to the businesses and families in these communities,” said CDFI Fund Director Jodie Harris.
This latest allocation brings MuniStrategies total allocation awards to $318 million since 2011. Previously, MuniStrategies has successfully deployed $253 million in NMTC authority through five previous NMTC allocations.
“We are excited to have the opportunity once again to help improve lives and livelihoods in the rural Southeast where community investment is needed the most,” said Alan Lange, Managing Director of MuniStrategies. “The NMTC program and this most recent allocation of incentives will help us help communities respond to this most challenging environment during the recovery.”
A select list of previously funded projects can be found at https://munistrategies.com/impact/
Measurable impact
MuniStrategies projects have resulted in $985 million in total investment, the creation of nearly 7,200 jobs, and project commitments of over $11,000,000 in spending on workforce training, scholarships and internships.
More information about the NMTC program can be found at CDFI’s website.
The US Department of Treasury release on the NMTC allocation can be found here.
The CY2020 list of allocatees can be found here.
About MuniStrategies
MuniStrategies is a Community Development Entity (CDE) as recognized through the Department of Treasury to participate in New Markets Tax Credit (NMTC) financing and is now embarking on its sixth allocation of NMTCs. More information about MuniStrategies is available at www.munistrategies.com.