Allocations to support wide-ranging projects in Reinvestment Fund’s core markets
Philadelphia, February 13, 2018 –Reinvestment Fund received a $70 million New Markets Tax Credit (NMTC) allocation award today as part of the 14th round of awards announced by the U.S. Department of the Treasury’s CDFI Fund. Reinvestment Fund will use its award to finance high-impact projects that drive economic opportunity in struggling communities across the nation. Reinvestment Fund is among 73 awardees who received a total of $3.5 billion in awards this round.
“We have a notable record of success investing in distressed communities, helping bring critical resources to projects that spark catalytic change,” said Don Hinkle-Brown, President and CEO of Reinvestment Fund. “With this award, we will continue to invest in critical community infrastructure from quality education to health care to jobs. We look forward to collaborating with our network of partners and community stakeholders, particularly in the mid-Atlantic and Southeast, to effectively deploy these allocations.”
A nonprofit CDFI, Reinvestment Fund, has received $473 million in previous allocations over the history of the program, supporting over $780 million in total capital for investment in urban and rural projects. These awards have supported a range of projects including the restoration of the previously vacant, historic Pythian Building in downtown New Orleans. The renovated building includes workforce affordable housing, a community health center and a soon-to-open marketplace that will house a variety of local food entrepreneurs. In rural Punxsutawney, Pennsylvania, Reinvestment Fund’s allocation helped build a much-needed multi-service healthcare facility that includes a primary care center, a pharmacy and services from the local community hospital.
“NMTCs are an important piece of the comprehensive set of solutions needed to attract investment into struggling communities,’’ said Mark Zandi, Chair of Reinvestment Fund’s Board of Directors and Chief Economist at Moody’s Analytics. “With its extensive experience using capital and data to target investment in ways that effect positive change, Reinvestment Fund is uniquely positioned to channel this award into linchpin projects that can create economic anchors and extend prosperity to all Americans.”
About Reinvestment Fund
Reinvestment Fund is a catalyst for change in low-income communities. We integrate data, policy and strategic investments to improve the quality of life in low-income neighborhoods. Using analytical and financial tools, we bring high-quality grocery stores, affordable housing, schools and health centers to the communities that need better access—creating anchors that attract investment over the long term and help families lead healthier, more productive lives. To learn more about Reinvestment Fund, visit www.reinvestment.com.