US Treasury grants Truist $65m NMTC allocation to spur investment in underserved communities

Truist Community Development Enterprises (CDE), a subsidiary of Truist Financial Corporation, secures a $65 million New Markets Tax Credit (NMTC) allocation from the US Treasury.
NMTCs offer favorable interest rates and financial terms to attract private investment from entities, banks, and corporations.
NMTCs are used to finance projects in underprivileged communities, including affordable housing, education, healthcare, and small businesses, to stimulate economic growth and create jobs.
Truist CDE has received NMTCs 12 times from the Treasury’s Community Development Financial Institution (CDFI) Fund, totaling over $750 million in allocation authority.
Truist CDE is part of Truist Community Capital (TCC), which connects developers, governments, and nonprofits to realize community development projects.
The allocation will support economic development and job opportunities in low-to-moderate-income communities.
Truist’s NMTC program has previously supported healthcare, education, and job creation in underserved communities to improve lives and neighborhoods.