AUSTIN, Texas--(BUSINESS WIRE)--Five Points Community Capital (Five Points) is pleased to announce it has received $50 million in New Markets Tax Credit (NMTC) allocation from the U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund. Five Points plans to use this $50 million NMTC award to create jobs and improve access to goods and services in vulnerable communities throughout the United States, with a targeted focus on rural areas.
With its four previous NMTC awards totaling $180 million, Five Points has funded more than 50 businesses with costs exceeding $270 million, creating, and keeping over 2,600 permanent jobs and 794 construction jobs. Approximately 80% of Five Points' NMTC allocation has been directed toward rural communities.
According to the CDFI Fund, for every $1 of federal investment, the NMTC program generates $8 of private investment. The NMTC program has successfully directed over $66 billion into low-income communities across the United States.
"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," said Roy Alston, Executive Director of Five Points Community Capital.
About Five Points Community Capital
Five Points Community Capital is an emerging community development financial institution that offers technical expertise and flexible financial products to businesses in distressed communities. Five Points aims to connect private sector capital with underserved individuals, communities, and organizations through a variety of products and services.
Five Points Community Capital is an Equal Opportunity Provider.
