The federal CDFI Fund recently announced a new round of New Markets Tax Credit allocations, including a $50 million award to LISC to fuel economic development, health and jobs. "New Markets Tax Credits help us fill capital gaps for women- and minority-owned businesses, rural communities and communities of color that are working to overcome long histories of discrimination,” noted LISC President and CEO Maurice A. Jones.

The federal New Markets Tax Credit program has proven itself to be an effective way to drive much-needed investment capital and commercial development into distressed communities across the country. LISC will use a new $85 million allocation under the program to help attract and grow small businesses, revive blighted manufacturing sites, build new heath centers, develop grocery stores in food deserts, and launch new schools and child care centers in low-income areas.

As part of a $3.5 billion tax credit allocation, the U.S. Treasury Department has chosen LISC to administer $70 million in New Market Tax Credits (NMTC), which help spur economic development. LISC is among the top awardees under this federal program, and will use the investment authority to encourage private investors to put capital into markets that would otherwise seem to risky.