Truist Awarded $65 Million in New Markets Tax Credit Allocation to Fuel Community Development
CHARLOTTE, N.C., Sept. 2, 2020 /PRNewswire/ -- Truist Financial Corporation (NYSE: TFC) today announced it has been selected by the U.S. Treasury Department's Community Development Financial Institution (CDFI) Fund to receive $65 million in New Markets Tax Credit (NMTC) allocation.
- CHARLOTTE, N.C., Sept. 2, 2020 /PRNewswire/ -- Truist Financial Corporation (NYSE: TFC) today announced it has been selected by the U.S. Treasury Department's Community Development Financial Institution (CDFI) Fund to receive $65 million in New Markets Tax Credit (NMTC) allocation.
- The bank's subsidiary, SunTrust Community Development Enterprises (CDE), was one of 76 recipients to receive an award.
- The allocation was tied for the largest award made to any Community Development Entity.
- It marks the 10th time the subsidiary has been selected as a recipient, with awards totaling $643 million in allocation authority.