Nonprofit Receives $60M in Funding for Community Development and Education
Cinnaire, a nonprofit financial partner that supports affordable housing developments and community revitalization initiatives, recently secured a $60 million New Markets Tax Credit (NMTC) allocation from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund). The NMTC program encourages private sector investment in community financing efforts.
Cinnaire plans to allocate the funds to support education, vocational training, and job opportunities in its areas of operation, the nonprofit said in a recent press release. The CDFI Fund's NMTC program has now awarded more than $70 billion in total, generating $8 of private investment for every $1 invested by the federal government. Cinnaire has received NMTC allocations totaling over $534 million since 2009.
“The flexibility and impact delivered by the NMTC program continues to result in high demand for the resource. We are thankful to again have the opportunity to dedicate this resource toward aligned partners and projects,” said Peter Giles, Cinnaire senior vice president, public funding. “The NMTC program award supports Cinnaire’s mission to transform people and place and allows us to continue our laser-focused work on projects that support education, vocational training, and employment opportunities all in areas of disinvestment. We’re grateful to our partners at the CDFI Fund for the ongoing successful and effective management of the NMTC program.”