PORTLAND, Ore., June 3, 2019 /PRNewswire/ -- National Community Fund I, LLC was awarded $70 million in its tenth New Markets Tax Credit allocation from the Community Development Financial Institutions (CDFI) Fund of the U.S. Department of Treasury. The CDFI Fund plays an important role in generating economic growth and opportunity in some of the United States' most distressed communities.
National Community Fund is a Portland-based community development entity providing below-market, flexible financial products for projects and businesses in highly distressed communities throughout the nation. It is managed by United Fund Advisors, LLC and Portland Family of Funds Holdings, Inc.
Through a highly competitive application process, National Community Fund secured its $70 million allocation from a pool of 214 applicants. This latest allocation brings its total awards to $657 million since National Community Fund's inception in 2006. Altogether, $3.5 billion of New Markets Tax Credits were awarded to 73 community development entities in 35 states, the District of Columbia and Puerto Rico. National Community Fund received the largest award of this round.
"Since 2006, National Community Fund has leveraged $657 million in New Markets Tax Credits to develop projects that provide much-needed employment opportunities and provide critical goods and services to low-income communities," said Cam Turner, a managing director of National Community Fund. "This latest allocation of $70 million will allow us to build upon our success of working with organizations around the country to transform lives, families and entire communities. We would especially like to thank U.S. Senator Ron Wyden and Congressman Earl Blumenauer for their continued support of the New Markets Tax Credit program."
Creating opportunities in distressed communities
National Community Fund partners with economic and community development agencies to finance projects in underserved neighborhoods that have financing gaps, demonstrate strong local support, and deliver meaningful community impacts to low-income people. National Community Fund recently provided financing to the Garlington Center, an innovative behavioral health care center in Portland that offers whole health services for those living with mental health and addiction challenges. National Community Fund will use its additional allocation to provide flexible, patient capital to high-impact manufacturing, retail, and community facility projects in urban and rural communities throughout the country.
Portland Family of Funds Holdings, Inc. and United Fund Advisors, LLC formed National Community Fund in 2006. The two firms previously managed Portland New Markets Fund I, LLC, a community development entity that received and deployed $100 million of New Markets Tax Credits to 10 projects throughout Portland with combined total project costs of nearly $250 million.
About United Fund Advisors
United Fund Advisors is a mission-based fund manager and financial services company providing tax-advantaged investment capital and advisory services to community development projects throughout the country. As a certified B Corporation with over $500 million of assets under management, all of its investments and services are driven by its triple-bottom-line mission to create opportunities for profitable investments that enhance social and environmental yields. Since the inception of the New Markets Tax Credits program in 2002, United Fund Advisors has built a reputation as a financial innovator, having invested in numerous projects in 35 states that have benefitted from New Markets Tax Credit financing. Learn more: unitedfundadvisors.com
SOURCE United Fund Advisors