WNC Receives an Allocation of $53 Million for the New Markets Tax Credits (NMTC) Program

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The CDFI Fund of the U.S. Department of the Treasury announced that WNC has received an allocation of $53 million for the New Markets Tax Credits (NMTC) Program. This is the fourth award of this kind for WNC, bringing its total allocation amount to $178 Million since the inception of the NMTC program. WNC has invested NMTC funds nationally bringing Retail Centers, Charter Schools, Hospitals, and Community Centers to poverty stricken communities, creating thousands of new jobs.

“WNC is pleased with news of this award which will allow us to continue our mission of helping disadvantaged communities increase wealth and jobs by providing access to capital where it is needed most,” said Will Cooper, Jr., President and CEO of WNC.

The CDFI Fund of the U.S. Department of the Treasury announced that WNC has received an allocation of $53 million for the New Markets Tax Credits (NMTC) Program. This is the fourth award of this kind for WNC, bringing its total allocation amount to $178 Million since the inception of the NMTC program. WNC has invested NMTC funds nationally bringing Retail Centers, Charter Schools, Hospitals, and Community Centers to poverty stricken communities, creating thousands of new jobs.

The New Markets Tax Credit(NMTC) Program was established in 2000 as part of the Community Renewal Tax Relief Act of 2000. The goal of the program is to spur revitalization efforts of low-income and impoverished communities across the United States and Territories. The NMTC Program provides tax credit incentives to investors for equity investments in certified Community Development Entities, which invest in low-income communities.

“WNC is pleased with news of this award which will allow us to continue our mission of helping disadvantaged communities increase wealth and jobs by providing access to capital where it is needed most,” said Will Cooper, Jr., President and CEO of WNC.

Founded in 1971, WNC is a leading Tax Credit Syndicator with nearly $5 billion in real estate assets acquired, including more than 1,050 properties in 45 states. WNC has successfully syndicated more than 195 funds on behalf of 19,500 institutional and retail investors, including 21 Fortune 500 companies, multinational banks, and many of the nation’s leading insurance companies. WNC is based in Irvine, California, and has eight offices nationwide. For more information about WNC, please visit http://www.wncinc.com.

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Todd Williams
WNC
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