Major Development in NMTC Investments: Transforming Communities in the Southwest

In October 2023, CPLC Prestamos CDFI marked a significant achievement by receiving $65 million in New Markets Tax Credit for investment in low-income communities. It stands as a major milestone for Prestamos, being one of the largest awards in its history and representing the maximum amount granted in that year. Prestamos CDFI continues its commitment to driving community development through the New Markets Tax Credit (NMTC) with three impactful projects:

West Las Vegas Library

The construction of the West Las Vegas Library, spanning 40,000 square feet and supported by an $8 million Prestamos NMTC allocation, is addressing poverty, unemployment, and educational needs. Expected to benefit over 22,500 individuals annually, especially low-income and minority persons, the project will create 40 permanent jobs and 195 temporary construction positions. Partners Clearinghouse CDFI, Accion Opportunity Fund, and Chase Community Equity have contributed a total of $20.5 million in NMTC allocation.

Sola Model/Z Modular Home Manufacturing Facility

Prestamos CDFI provided a $13 million NMTC allocation for a modular affordable housing project in Los Angeles. This investment is projected to deliver over 1,500 housing units initially and nearly 10,000 annually by 2029, addressing the city’s urgent need for affordable housing. The project will create 312 permanent quality jobs (75% accessible to persons with barriers to employment). Mayor Karen Bass of Los Angeles welcomes this investment amidst the employment and housing crises in the area. With $6 million in funding support from Grow America, the project aligns with the city’s goal of creating 5,700 affordable units yearly, benefiting 10,000 low-income residents annually.

College of the Desert Indio Education Building

Lastly, in Indio, California, Prestamos CDFI is part of a $70 million collaborative effort to construct a state-of-the-art educational facility at the College of the Desert’s campus. Supported by an $11 million NMTC allocation, this project aims to serve 10,000 students annually while creating 80 permanent jobs and 618 construction opportunities. Targeting a community grappling with high poverty and unemployment rates, the project, backed by $60 million secured from various partners, will enhance educational access, and foster economic prosperity in the region.

To learn more about these investments in detail and explore all projects funded by New Market Tax Credit, please visit: https://prestamoscdfi.org/new-market-tax-credits/.