HRV Selected for New Markets Tax Credit (NMTC) Allocation of $50 Million

Norfolk, VA (September 1, 2021) – Hampton Roads Ventures, L.L.C. (HRV) has been selected to receive an allocation of $50 million in New Markets Tax Credit (NMTC) authority from the Community Development Financial Institutions Fund (CDFI Fund) under the U. S. Department of Treasury. HRV was one of 100 organizations, out of a pool of 208 applicants nationwide, that received a portion of the $5 billion total in NMTC allocations.

“These investments will create jobs and spur economic growth in urban and rural communities across the country,” Secretary of the U.S. Treasury, Janet L. Yellen, said. “Many of the communities that will receive these funds have confronted economic challenges over many decades. Challenges which have been made more difficult by a lack of investment. It’s critical that Congress sustain these investments over time by making the New Markets Tax Credit Program permanent.” 

”For over 20 years, the New Markets Tax Credit has facilitated essential investments into low-income communities and businesses helping them to rebuild after years of disinvestment and enabling them to recover from external forces, such as the current pandemic, which have caused disproportionate harm to the businesses and families in these communities,” said CDFI Fund Director Jodie Harris.

U. S. Senators in Virgina, Mark Warner and Tim Kaine, applauded the new allocation. “In December, the Senate came together to pass an emergency COVID-19 relief bill that delivered a needed lifeline to communities across Virginia,” said the Senators. “That assistance included a critical, five-year extension of the New Markets Tax Credit program, which has been proven to give a leg up to local economies. We look forward to seeing these dollars at work, spurring new investments and strengthening communities across Virginia.”

Prior to this award, HRV had successfully competed for $310 million in NMTC allocations from seven previous funding rounds.  HRV is a national Community Development Entity (CDE) with a significant focus on non-metropolitan areas that has invested in 40 projects, creating approximately 2,000 permanent full-time jobs in low income communities.

HRV plans to commit its new NMTC allocation to qualifying communities, including a renewed emphasis on the creation and retention of jobs, access to healthcare and food security in rural areas and under-served states.

Click on the link below to see a joint press release from Senators Kaine and Warner:

https://www.kaine.senate.gov/press-releases/warner-and-kaine-applaud-110-million-in-federal-funding-to-support-economic-development-in-distressed-communities-in-virginia

More information on the Community Development Financial Institutions Fund award list can be found at http://www.cdfifund.gov/.

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