Treasury Department Reports That CDFI Fund Awarded $543 Million in 2016

On February 7 the Treasury Department released the Community Development Financial Institutions (CDFI) Fund’s Year in Review Report for FY 2016, indicating that the CDFI Fund awarded organizations more than $543 million in financial assistance, loans and bond guarantees, leveraging billions of dollars in investor capital during this time. According to the data, $3.16 billion in loans and investments were made possible through the NMTC program; after FY 2016 closed, the Treasury Department announced $7 billion in NMTC in allocation, the single largest award round the tax credit program has seen. Between the CDFI Program and the NMTC awardees, 34,000 affordable housing units were financed in FY 2016. Additional highlights of FY 2016 include the Capital Magnet Fund’s first award since FY 2010 and the 2016 CDFI Prize Competition recognizing innovative practices to introduce capital to underserved rural areas. Read the full report here.

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