Norfolk, VA (July 15, 2020) – Hampton Roads Ventures, L.L.C. (HRV) has been awarded an allocation of $50 million in New Markets Tax Credit (NMTC) authority from the Community Development Financial Institutions Fund (CDFI Fund) under the U. S. Department of Treasury. HRV was one of 76 organizations, out of a pool of 206 applicants nationwide, that received a portion of the $3.548 billion total in NMTC allocations, as part of the Tax Relief, Unemployment Insurance Authorization and Job Creation Act of 2012.
“For almost 20 years, the New Markets Tax Credit has attracted private capital into businesses and communities as they recover from significant shocks to our economy,” said CDFI Fund Director Jodie Harris. “Projects that spur job creation, enable access to technology infrastructure and develop community facilities like federal qualified health centers, are examples of how New Markets Tax Credit investments are especially critical for low-income communities across the country.”
To date, HRV has successfully competed for and deployed $260 million in NMTC allocations from six previous funding rounds. HRV is a national Community Development Entity (CDE) with a significant focus on non-metropolitan areas that has invested in 33 projects, creating 1,500 permanent full-time jobs in low income communities.
HRV plans to commit its new NMTC allocation to qualifying communities hit hardest by the COVID-19 pandemic, including a renewed emphasis on the creation and retention of jobs, access to healthcare and food security in rural areas and under-served states. HRV will continue to support investments that generate significant positive impact and offer catalytic effects to spur additional private investment in disadvantaged neighborhoods.
More information on the Community Development Financial Institutions Fund award list can be found at http://www.cdfifund.gov/.