$50 Million Award Will Spur Development in Low-Income Communities
All those much-needed community resources were possible thanks to the New Markets Tax Credits program, which invests in high-impact developments in low-income neighborhoods. Earlier this week the Community Development Financial Institutions Fund (CDFI Fund) awarded Enterprise a $50 million New Markets Tax Credit (NMTC) allocation. Since the program’s inception, Enterprise has received a total of $960 million in NMTC awards, making us one of the largest recipients in the country.
We’ll celebrate our latest NMTC investment Thursday (Feb. 22) with the opening of the last phase of development of Town Hall Education Arts Recreation Campus (THEARC). THEARC – in which we invested $10 million in NMTC allocation – is a “home away from home” for many underserved children and adults in Washington, D.C.’s Wards 7 and 8, some of the poorest communities in the area. While seeing the new building will be exciting, what really matters is the children who are gaining access to dance and music classes; the boys and girls receiving mentoring and tutoring; and the families getting medical and dental care at affordable rates – or at no cost at all.
Throughout 2018 and beyond, Enterprise will continue to use NMTC to bring even more investment into the communities that need it most and to demonstrate the value of this highly effective program.