黄色短视频

News

黄色短视频 receives $55 million in New Markets Tax Credit Allocation

September 29, 2023

U.S. Bancorp Impact Finance鈥檚 community development entity has now been awarded more than $1 billion in total allocations, one of only three to do so

U.S. Bancorp Impact Finance, a subsidiary of 黄色短视频, and its community development entity (CDE) 鈥 USBCDE, LLC鈥撯痳eceived $55 million of New Markets Tax Credit (NMTC) allocation from the U.S. Department of Treasury. The allocation is part of the federal government鈥檚 $5 billion NMTC program, which helps economically distressed communities attract private investment capital.

USBCDE, LLC has now been awarded more than $1 billion in total allocations, one of only three CDEs to do so. It is one of 102 CDEs to receive a share of the NMTC allocation authority package announced by the Treasury鈥檚 Community Development Financial Institutions Fund (CDFI Fund). The bank received its first award in 2006; this is its 13th allocation under the NMTC program; and the sixth year in a row it has received an award. Since its inception, USBCDE has invested more than $910 million in 46 states plus D.C., helping create more than 59,000 jobs and increasing the capacity served at community facilities like schools and health care centers by more than 1.9 million people annually.

photo of development opening
Left to right: U.S. Bancorp Impact Finance employees Mike Kinder, Bill Carson, Laura Vowell and Crystal Carter at the recent grand opening of R&R Marketplace in Dellwood, Missouri, one of the recent projects that USBCDE has financed with its allocation.

鈥淭hese allocations of NMTCs are an important tool in helping to catalyze growth and build wealth in communities that have historically lacked access to capital,鈥澛爏aid U.S. Bancorp Impact Finance Managing Director of Community Finance Solutions Laura Vowell. 鈥淲e鈥檙e committed to investing in projects and with partners that prioritize increasing access to capital and helping to close the racial wealth gap.鈥

Recent projects that USBCDE has financed with its allocation include:

  • An expansion of the Lakota Tech High School serving members of the Pine Ridge Reservation in South Dakota. This project has two components: an addition to the existing building for additional classroom space as well as the construction of a new stand-alone automotive tech and welding training facility that will help Lakota Tech students learn skills that employers seek.
  • Development of the Children鈥檚 Village at Lotus House, a multi-provider children鈥檚 resource center in Miami, serving women, families and children experiencing homelessness.
  • Development of a community-owned grocery store and community space in Detroit, increasing access to healthy and sustainably grown foods while building community ownership and empowerment.
  • The renovation of a long-vacant shopping center in Dellwood, Missouri, into a vital resource for the predominantly Black community that provides early childhood education, workforce development, co-working space, a restaurant and a bank.聽

Fee income collected through these projects is also reinvested. Impact Finance distributes it as grants to organizations with a racial equity focus and has provided $7.6 million to organizations and communities since 2013.

In addition to being a vocal advocate for more equitable access to capital in the NMTC industry, Impact Finance has provided technical assistance, grant dollars and referrals for third-party support to several person of color-led CDEs to assist in completing the allocation application. USBCDE also deploys some of its own allocation to emerging and person of color-led CDEs through the intermediary CDE model 鈥 a partnership that helps the CDE build a NMTC track record, offers an opportunity to deploy this resource within their selected community and is a potential factor for success in gaining future allocation.

Overall, about 20% of this year鈥檚 allocatees and allocation went to CDEs led by persons of color.

鈥淲e鈥檙e happy to see with this round of allocations continued improvement in representation, particularly an increased representation in Native-led CDEs and investment in Native areas,鈥 Vowell said. 鈥淲e鈥檙e excited for all of the allocatees and look forward to helping support their success.鈥

More stories

Affordable housing leader reflects on her journey and community impact

Lisa Gutierrez is one of three 2023 inductees into the California Housing Consortium鈥檚 Hall of Fame

Bank-funded affordable housing changes California residents鈥 lives

In the last 20 years, U.S. Bancorp Impact Finance funding has created 38,000 residential units in the state

U.S. Bancorp Impact Finance makes continued investments in developers of color

$300,000 in grants will support five nonprofits, help build wealth, increase affordable housing, expand community impact

Media center

Press contact information, latest news and more

Learn more

Company facts, history, leadership and more

Work for 黄色短视频

Explore job opportunities based on your skills and location