PORTLAND, OR, June 6,2014 — National Community Fund I, LLC (NCF) was awarded its seventh 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 $55 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.
$442 million in NMTC allocation since 2006
Through a highly competitive application process, $3.5 billion of NMTCs were awarded to 87 to 87 CDEs in 32 states and the District of Columbia, from a pool of 310 applicants requesting a total of $25.9 billion in tax credits. This latest allocation brings NCF’s total allocation awards to $442 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, $85 million in 2012 and $50 million in 2013.
“The projects supported by New Market Tax Credits provide much-needed opportunities and infrastructure in distressed communities,” said Carl Talton, CEO and President of PFF. “We are proud to continue our track record of success in securing NMTC allocation for the National Community fund, and we look forward creating impact with future projects.”
Creating opportunities in distressed communities
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.
About United Fund Advisors & National Community Fund
UFA 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 $2 billion 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.” UFA’s investments have incorporated a wide array of alternative financing tools, including NMTCs, Renewable Energy Investment Tax Credits, Historic Rehabilitation Tax Credits and EB-5 capital.
National Community Fund is a community development entity formed by Portland Family of Funds Holdings, Inc. and UFA. NCF partners with economic development agencies to provide below-market, flexible financial products for high-impact projects located in highly-distressed urban and rural communities throughout the country. NCF was recently awarded its seventh consecutive NMTC allocation from the Community Development Financial Institutions Fund of the U.S. Department of Treasury. In 2014 NCF was awarded $55 million in NMTC allocation authority, bringing NCF’s total allocation awards to $442 million.
About Portland Family of Funds
PFF 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 $442 million of NMTC allocation since 2007. For further information, visit http://www.portlandfunds.com.