Prestamos is proud to announce the award of $65 million in New Markets Tax Credits (NMTC) from the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund.
This year’s award is the single largest granted in Prestamos’ history and represents the highest amount awarded in 2023 among top recipients across the country. Prestamos has received a cumulative total of $170 million through five previous NMTC awards. This award is a testament to the longstanding impact of our mission and commitment to alleviate issues of inequality in low-income communities.
The NMTC Program attracts private capital into low-income communities by permitting individual and corporate investors to receive a tax credit against their federal income tax in exchange for making investments on qualified projects within economically distressed communities. This award is part of a $5 billion NMTC allocation authority package announced by the CDFI Fund. Federal data shows that for every dollar of allocation provided under the NMTC program, an additional $8 of private investment is leveraged for the economic development and growth of these underserved groups.