Subsidiary of TruFund Financial Services Receives Prestigious Allocation, Poised to Drive Economic Growth in Low-Income Communities Nationwide, Bringing Total Allocations to $430 Million Over 12 Years
FOR IMMEDIATE RELEASE
New York, NY – September 20, 2024 – The Empowerment Reinvestment Fund, LLC., a subsidiary of TruFund Financial Services, is proud to announce its inclusion in the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) list of New Markets Tax Credit (NMTC) allocation recipients for the calendar year 2023. As one of 104 Community Development Entities (CDEs) selected, Empowerment Reinvestment Fund is set to contribute to the $5 billion in tax credits aimed at fostering economic development in low-income urban, rural, and Tribal communities across the country.
The NMTC Program, established to stimulate investment in underserved areas, has been a critical driver of job creation, commercial revitalization, and the establishment of essential community facilities. "Our receipt of this $40 million dollar allocation underscores TruFund’s ongoing commitment to creating sustainable, inclusive growth in communities that need it most," said Monica Edwards, Senior Vice President, and Director of New Markets Tax Credit. "This award will enable us to continue leveraging private capital for impactful projects that generate economic opportunities and community assets."
The Treasury Department's NMTC allocations have generated more than $81 billion in investments since the program's inception, contributing to significant economic gains and job creation in disadvantaged communities. Empowerment Reinvestment Fund looks forward to utilizing this vital resource to create further positive outcomes for underserved communities.
For more information, please contact:
Monica Edwards
Senior Vice President | Director of New Markets Tax Credit
medwards@trufund.org
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About TruFund Financial Services, Inc.
TruFund Financial Services is a mission-driven Community Development Financial Institution (CDFI) committed to helping historically disadvantaged individuals and communities to create thriving and resilient small businesses and entrepreneurial ecosystems in order to close racial and economic disparities and ensure an inclusive and equitable society.
