TruFund Financial Services, Inc. Among Allocatees with a $35 Million In New Markets Tax Credit Award by United States Department Of Treasure Community Development Financial Institutions Fund

New York, NY – November 1, 2022 –TruFund Financial Services, Inc. announces today, it has been selected by the Community Development Financial Institutions Fund’s (CDFI Fund) to receive $35 million in New Markets Tax Credit (NMTC) to attract private capital investment into rural and underserved communities.  The announcement by the United States Department of Treasury was made official on Friday, October 28th.  This award is the 10th NMTC allocation through TruFund’s subsidiary, Empowerment Reinvestment Fund LLC (ERF), a certified Community Development Entity (CDE), bringing ERFs total awards to $350 million in New Market Tax Credits allocations from the CDFI Fund since 2003.

In the official announcement, the CDFI Fund announced the awards of $5 billion in NMTC allocation to 107 community development organizations from a pool of 199 applicants that requested an aggregate total of $14.7 billion in tax credit allocation authority. The award recipients are headquartered in 35 different states and the District of Columbia. Over 20% of the investments will be made in rural communities. It is estimated that these award recipients will make nearly $1 billion in New Markets Tax Credit investments in non-metropolitan counties and will spur economic and community development in distressed and low-income communities.

TruFund will focus its investments across its four strategic priorities:  job creation, community services, catalytic projects that generate quality jobs and provide access to critical services, such as healthcare, and healthy foods, and disaster recovery.  All these priority focus areas are essential to recovery and meeting the needs of distressed communities during and post-pandemic.

“We are enthusiastic about this award and the opportunity it brings to contribute to the economic recovery of our communities in the wake of COVID 19. We intend to use this allocation to deepen our commitment to and impact in rural areas and communities of color to foster quality job creation, racial equity, and economic mobility for low-income people." said James H. Bason, President & CEO of TruFund.

The announcement brings the total amount awarded through the NMTC Program to more than $71 billion. Historically, NMTC Program awards have generated $8 of private investment for every $1 invested by the federal government. Through the end of fiscal year 2021, NMTC Program award recipients deployed more than $62.9 billion in investments in low-income communities and businesses; with impacts such as the creation or retention of more than 857,000 jobs, and the construction or rehabilitation of nearly 239 million square feet of commercial real estate.


About CDFI Fund – New Markets Tax Credit

The New Markets Tax Credit Program, established by Congress in December 2000, permits individual and corporate taxpayers to receive a non-refundable tax credit against federal income taxes for making equity investments in financial intermediaries known as Community Development Entities (CDEs).  is administered by the U.S. Department of the Treasury.  It is designed to stimulate economic growth and job creation in low-income communities by providing much-needed investment capital, financial counseling, and other services.  Awardees are selected after a highly competitive and rigorous government review process.

To learn more about the New Markets Tax Credit Program and this year’s awardees, please visit  2021 CDFI Fund - NMTC Award Book

About TruFund Financial Services


TruFund Financial Services, Inc. is a wholly independent national non-profit Community Development Financial Institution (CDFI). TruFund seeks to stimulate economic development in communities that are underserved by traditional banking institutions by providing fair and accessible capital, hands-on technical assistance and innovative solutions to small businesses and nonprofit organization. To learn more about TruFund, visit