With its affiliate, New Markets Support Company (NMSC), LISC taps critical federal program to fuel businesses in underserved urban and rural communities.
NEW YORK (Oct. 31, 2022)—National efforts to bridge gaps in health, wealth and opportunity got a boost in recent days, as the U.S. Treasury Department awarded $5 billion in New Markets Tax Credit investment authority to 107 organizations—including $40 million for the Local Initiatives Support Corporation (LISC).
LISC will leverage this latest NMTC allocation to invest in businesses that are core to the economic infrastructure of communities, including retail, manufacturing, health care, education, and recreational facilities. As in LISC’s other programs, NMTC investments will prioritize racial and gender equity, while helping create jobs and revitalize communities with high rates of poverty and unemployment.
LISC has long been one of the largest awardees of the NMTC program, which is managed by the Treasury Department’s Community Development Financial Institutions Fund (CDFI Fund). Working through its affiliate, New Markets Support Company (NMSC), LISC has been allocated more than $1.2 billion in NMTC authority to help business owners in both urban and rural communities build and upgrade facilities, purchase new equipment, access working capital and refinance high-cost debt so they can grow. NMSC also works with other NMTC allocatees to manage their funds and advance their impact strategies.
You can learn more in the Treasury Department’s announcement, and check in on LISC’s NMTC work at www.newmarkets.org.
FOR IMMEDIATE RELEASE:
October 31, 2022
MEDIA CONTACT:
Colleen Mulcahy, for LISC
312-342-8244
Email Colleen