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U.S Bank receives $60 million of New Markets Tax Credit allocation

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Thursday, November 3, 2022
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U.S. Banks community development entity (CDE) USBCDE, LLC received $60 million of New Markets Tax Credit (NMTC) allocation from the U.S. Department of Treasury.

Key Points: 
  • U.S. Banks community development entity (CDE) USBCDE, LLC received $60 million of New Markets Tax Credit (NMTC) allocation from the U.S. Department of Treasury.
  • USBCDE was one of 107 CDEs to receive a share of the NMTC allocation authority package announced by the Treasurys Community Development Financial Institutions Fund (CDFI Fund).
  • Its the banks 12th allocation under the NMTC program and the fifth year in a row it has received an award.
  • CDEs allocate tax credits to projects, attracting private investment capital that helps grow businesses and create jobs in economically distressed communities.