department of the treasury allocates $65 million in new markets tax credits to colorado growth and revitalization fund

(DENVER) – The United States Department of the Treasury announced that it has allocated $65 million in New Markets Tax Credits (NMTCs) to the Colorado Growth and Revitalization (CGR) Fund. Colorado Housing and Finance Authority (CHFA) administers NMTCs through the CGR Fund, a Community Development Entity that operates in partnership with the City and County of Denver, and for which CHFA is the managing member.

Awarded annually by the federal government, NMTCs attract private capital for local development and revitalization efforts in underserved and low-income communities. The $65 million award marks the sixth consecutive year that the CGR Fund has received NMTCs, and ties last year’s record for the largest one-year allocation in CGR Fund’s history. It is also the highest award amount allocated to qualified applicants this year according to the NMTC Program Award Book.

Allocations are made through a competitive process to qualified Community Development Entities (CDEs) who have a demonstrated record of investing in underserved areas. Since its inception, CGR Fund has deployed approximately $297 million in NMTC supporting more than 3,500 jobs throughout Colorado.

“We are proud to receive this allocation, and grateful for the opportunity to continue to invest in economic development efforts in communities throughout Colorado,” said Steve Boice, Business Finance Manager at CHFA. “New Markets Tax Credits play an important role in supporting jobs, catalyzing revitalization, and providing necessary goods and services to Coloradans.”

New Markets Tax Credits may be used to support businesses across a range of industries including manufacturing, healthcare, energy, childcare, and education. Recent developments in Colorado supported by CGR Fund through NMTCs include the Food Bank of the Rockies Western Slope Etkin Family Distribution Center, the Urban Peak Mothership, and the Durango Integrated Healthcare facility. More information about New Markets Tax Credits administered through the CGR Fund is available on the CHFA website.

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