PORTLAND, OR, April 24, 2013 – National Community Fund I, LLC (NCF) was awarded its sixth consecutive New Markets Tax Credit (NMTC) allocation from the Community Development Financial Institutions (CDFI) Fund of the U.S. Department of Treasury. This year NCF was awarded $50 million in NMTC allocation authority.

NCF is a community development entity (CDE) formed by Portland Family of Funds Holdings, Inc. (PFF) and United Fund Advisors, LLC (UFA) to provide below-market, flexible financial products for real estate projects in highly distressed communities throughout the nation.

$387 million since 2006

Through a highly competitive application process, $3.5 billion of NMTCs were awarded to 85 CDEs in 28 states, from a pool of 282 applicants requesting a total of $21.9 billion in tax credits. This latest allocation brings NCF’s total allocation awards to $387 million since its inception in 2006. It received $65 million of NMTC allocation in 2008, $50 million in 2009, $60 million in 2010, $77 million in 2011, and $85 million in 2012.

“We are excited to share and celebrate the news of our collective success in securing another round of allocation for NCF,” said Carl Talton, CEO and President of PFF. “We look forward to the impactful project opportunities it will bring to low-income communities. This success comes as we celebrate PFF & UFA’s 10th anniversary, and should be a harbinger of good things to come for another 10 years.”

Substantial community benefits

NCF will use its NMTC allocation to expand its financing of projects that generate substantial community benefits to low-income persons and residents of highly distressed urban and rural communities. NCF will collaborate with its national network of economic and community development partners to identify and finance projects and businesses that create quality jobs, provide critical goods and services, and achieve environmentally sustainable outcomes. NCF will make loans with below-market interest rates and/or contain flexible or nontraditional rates or terms, and will offer patient equity at rates that are a fraction of those offered in the conventional marketplace.

See the NMTC Fast Facts for more on the benefits of this program.

PFF also manages Portland New Markets Fund I, LLC, a CDE that previously received and deployed $100 million of NMTCs in 10 projects throughout Portland with combined total project costs of nearly $250 million.

United Fund Advisors, an affiliate of PFF, is a fund manager and financial services company that provides tax-advantaged investment capital and advisory services for community development and renewable energy projects throughout the country. With over $700 million of assets under management, all of UFA’s investments and services are driven by its triple bottom line mission “to create opportunities for profitable investments which enhance social and environmental yields.” Nearly all of UFA’s products and services involve syndication of tax credits and benefits, including NMTCs, Renewable Energy Investment Tax Credits, Historic Rehabilitation Tax Credits, and other federal and state tax credits and benefits. Across the country, UFA and its affiliates have closed NMTC financings for 125 projects and businesses with total development costs exceeding $4.8 billion. For further information, visit www.unitedfundadvisors.com.

Portland Family of Funds is a mutual benefit corporation that undertakes economic development activities in Portland, Oregon. PFF manages Portland New Markets Fund I, which received a $100 million NMTC allocation in 2004. PFF is also the controlling entity of nationally focused NCF, which has received $337 million of NMTC allocation since 2007. For further information, visit www.portlandfunds.com.