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