The Innovate Fund wins $60 million in New Markets Tax Credits
May 28, 2019
The Innovate Fund announced it was awarded a $60 million allocation of New Markets Tax Credits (NMTCs) by the Community Development Financial Institution Fund (CDFI Fund) of the U.S. Department of the Treasury. The funds will help finance economic and community development projects in Low-Income Communities across South Carolina. The Innovate Fund a South Carolina based Community Development Entity (CDE) managed by taxadvantagegroup and Greenville Local Development Corporation
With support from U.S. Senators Tim Scott and Lindsey Graham, The Innovate Fund secured its 5th NMTC award during this year’s round of funding, bringing its total NMTC allocation amount to $277 million. The CDFI Fund released $3.5 billion in NMTC awards nationwide on May 23, 2019. The purpose of the federally funded NMTC program is to stimulate new investment in Disadvantaged Businesses and Low-Income Communities with high levels of poverty and unemployment.
“We are dedicated to transforming South Carolina’s hardest hit communities and with this award, we will be able to fund projects from the Upstate to the Lowcountry – in our cities and our rural areas – in an effort to lift up the communities across the state most in need” said Whitney Ferguson, The Innovate Fund Program Manager.
About The Innovate Fund
Established in 2004, The Innovate Fund and affiliates were created to provide federal New Markets Tax Credit (NMTC) financing for Disadvantaged Businesses and Communities located in South Carolina’s Low-Income Communities.
