Philadelphia, September 1, 2021 – Reinvestment Fund received a $60 million New Markets Tax Credit (NMTC) allocation award today as part of the 2020 round of awards announced by the U.S. Department of the Treasury’s CDFI Fund. Reinvestment Fund will use its award to support investments in its core markets, with an emphasis on projects that improve outcomes for communities of color that have been disproportionately affected by the COVID-19 pandemic and the resulting economic fallout. Reinvestment Fund is among 100 awardees who received a total of $5 billion in awards this round.
“The pandemic has only underscored the vulnerability of Black and brown communities in the face persistent systemic challenges,” said Don Hinkle-Brown, President and CEO of Reinvestment Fund. “With this award, we will invest in projects that advance equity and strengthen the resources that people need in order to be healthy, obtain a quality education, earn a living wage and build wealth.”
A nonprofit Community Development Financial Institution (CDFI), Reinvestment Fund pursues a comprehensive approach to strengthening historically excluded neighborhoods and creating economic opportunities for their residents. Its NMTC program is a critical part of its approach, enabling it to support large, high-impact projects that prioritize what the local community actually needs or wants.
“The NMTC is a precious resource that can be the difference for getting community-led projects off the ground,” explains Christina Szczepanski, Managing Director for Structured Finance at Reinvestment Fund. “We look forward to supporting projects that enhance the fabric of communities, and change the very systems that create inequality of opportunity.”
Reinvestment Fund’s last allocation supported a range of projects, including the Norton Healthcare Sports & Learning Center in Louisville, Kentucky. The community-driven project, led by the Louisville Urban League (LUL), transformed a large, vacant brownfield into a state-of-the-art sports and education facility. The facility stands as a beacon of possibility and its positive impact was immediate, creating more than 300 jobs. The facility opened in the spring and has already hosted runners from states across the US and other countries. Professional athletes and Olympic hopefuls have stopped by to train.
Reinvestment Fund has received $594 million in NMTC allocations in previous rounds, which has helped support close to $1.3 billion in total investments in communities. Our allocations support projects that provide essential services to their communities including health care, education, and access to healthy food, as well as projects that serve as anchors for community revitalization.