U.S. Bank Receives $65 Million in Tax Credit Allocations
Funds will be used for community investments that drive economic development and job growth in lower-income communities
“With this allocation, we’ve maintained our commitment to investing in projects that erode the racial wealth divide, while also focusing on building relationships and a pipeline of projects in rural communities of color,” said
The USBCDE was one of only 76 community development entities to receive a share of the NMTC allocation authority package announced last week by the Treasury’s
Community Development Entities, like USBCDE, allocate tax credits to projects to attract private sector investments in disadvantaged communities that lack access to the long-term capital investment needed to support and grow businesses and create jobs. The program is an effective economic development tool to infuse up-front capital in areas that need it most. According to the
Some of the diverse projects USBCDE has financed with its allocation awards in the past year include a new state-of-the-art
USBCDE also announced the addition of four new members to its advisory board, which reviews each deal in partnership with the bank’s NMTC team, ensuring alignment with its impact strategy. The new members include:
Dakota Cole, Secretary of Treasuryof The Chickasaw Nation; in addition to overseeing payroll for 11,000 tribal employees, $200 millionin annual federal awards, and $3.5 billionin assets, he is Managing Director for Chickasaw Nation Community Development Endeavor, LLC, a nationally certified community development entity.
Phil Glynn, president, Travois, a CDE that provides financing, development consulting and architectural services to Native communities coast-to-coast. Since 1995, Travois has brought $1.4 billionof financing to affordable housing, infrastructure and community development. This has resulted in over 5,000 new homes and 5,000 new jobs in American Indian, AlaskaNative and Native Hawaiian communities.
Jose Martinez, President of Prestamos, a CDFI supporting Latino-owned businesses and low-income communities in Arizona, Nevada, New Mexico, Texasand California; and executive vice president of Economic Development for Chicanos Por La Causa, a Latino-based Community Development Corporation.
Esther Shin, MSW, President, Urban Strategies; her expertise spans the spectrum of community transformation activities that range from resource development to community engagement to program development and evaluation; she has led or supported securing 11 Choice Neighborhood Implementation grants.
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