NCB Capital Impact Awarded $40 million in New Markets Tax Credits by Treasury Department
WASHINGTON, DC (April 24, 2013) —The U.S. Department of the Treasury’s CDFI Fund announced today that NCB Capital Impact was awarded $40 million in New Markets Tax Credit (NMTC) allocation. Capital Impact was one of 85 organizations to receive a combined $3.5 billion in allocation nationally. This is Capital Impact’s 6th award, increasing Capital Impact’s total allocation to $449 million.
“This allocation of New Markets Tax Credits will help Capital Impact build strong, economically vibrant communities,” said Terry Simonette, president and CEO of Capital Impact. “This allocation is a critical financing tool to build economic security and create new jobs in low-income communities throughout the country. Capital Impact will invest this award into projects that create new community health centers, increase educational opportunities and bring grocery stores to build healthier communities.”
Last year, Capital Impact invested $7.6 million in NMTCs to create a new, full-service Northgate Gonzalez supermarket in Inglewood, California. The new 30,000 square foot store is located in a formerly vacant and blighted building in a busy commercial and residential neighborhood. The new store created over 120 new jobs in the community, and has increased access to fresh, health foods for over 100,000 area residents.
Over the last seven years, Capital Impact has distributed $409 million through 46 projects nationwide, creating thousands of jobs, increasing access to healthy foods, building community health centers, and expanding educational opportunities in the areas that need it most.