Five Points Community Capital Secures $50M NMTC Award
Five Points Community Capital's New Achievement
Five Points Community Capital is thrilled to share that it has successfully secured a $50 million allocation in New Markets Tax Credits (NMTC) from the U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund. This funding will be pivotal in enhancing local economies by creating job opportunities and improving access to goods and services in underprivileged areas across the nation, with a special emphasis on rural regions.
Previous Successes and Impact
This latest award builds on Five Points' impressive history, having previously received four NMTC awards totaling $180 million. To date, these funds have enabled the financial institution to support more than 50 businesses with expenditures surpassing $270 million. The initiatives have resulted in the creation and retention of over 2,600 permanent jobs, alongside an additional 794 jobs during construction phases. Notably, approximately 80% of the NMTC benefits have been channeled into rural communities, showcasing Five Points' commitment to these vital areas.
Significance of NMTC Program
The CDFI Fund reports an astounding return on investment through the NMTC program; for every dollar invested by the federal government, an impressive $8 is generated in private sector investments. Cumulatively, the NMTC program has injected over $66 billion into low-income communities throughout the U.S., establishing a robust framework for economic upliftment.
Leadership Commitment
Roy Alston, Executive Director of Five Points Community Capital, expressed his gratitude for the recent $50 million award. He remarked, “We are grateful that the CDFI Fund awarded Five Points $50 million to support its work in low-income communities in the Southeast that suffer from high poverty. This award will enable us to continue our mission of supporting business projects to create quality and accessible jobs and provide other benefits and services to the communities and the people who need them most. This recognition is a testament to the effectiveness of our program and reaffirms our commitment to serving the most vulnerable communities.”
Five Points Community Capital's Mission
Five Points Community Capital focuses on bridging the gap between private sector investment and the individuals, organizations, and communities that need it the most. As an emerging community development financial institution, it provides not only capital but also the technical guidance necessary for businesses in distressed areas to flourish. The goal is to foster sustainable growth and economic resilience in communities that are often overlooked.
Upcoming Projects and Initiatives
With this new funding, Five Points is looking to expand its reach even further, implementing new projects that directly benefit underserved areas. By prioritizing job creation and improving access to essential services, the organization aims to uplift communities and contribute to their overall well-being. The leadership team is enthusiastic about identifying opportunities that align with their mission of fostering economic development.
Community Engagement
Engagement with local stakeholders will be crucial as Five Points embarks on this journey. The organization understands that collaboration with community leaders and organizations will enhance the impact of its initiatives. By working together, Five Points can ensure that the projects not only address immediate needs but also encourage long-term growth.
About Five Points Community Capital
Five Points Community Capital stands as an Equal Opportunity Provider, emphasizing inclusivity and equal access to its services. With a keen focus on community development, it aims to harness the power of financial resources to uplift those in need, driving innovation and opportunity in the most underserved areas.
Frequently Asked Questions
What is the New Markets Tax Credit program?
The New Markets Tax Credit program is designed to encourage investment in low-income communities by providing tax benefits to investors who put capital into projects that stimulate economic growth.
How does Five Points Community Capital support local communities?
Five Points Community Capital supports local communities by providing flexible financial products and expertise, aimed at creating jobs and improving access to goods and services.
What impact has Five Points had with previous NMTC awards?
Previously, Five Points funded over 50 businesses, which generated thousands of jobs and directed significant investment into rural communities.
Why is job creation important for low-income communities?
Job creation is vital for low-income communities as it leads to financial stability, improved quality of life, and the overall economic uplift of these areas.
How can individuals learn more about Five Points Community Capital?
Individuals interested in learning more can visit Five Points Community Capital's website or reach out directly to the organization for more information on their programs and initiatives.
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