NEW ORLEANS, Nov. 03, 2015 (GLOBE NEWSWIRE) — First NBC Bank, through its Community Development Entity, First NBC Community Development Fund, LLC, has been approved by the Community Development Financial Institutions Fund (“CDFI Fund”) to expand its operating market area for providing New Markets Tax Credit allocations to include the States of Louisiana, Arkansas, Tennessee, Mississippi, and Alabama and the Florida counties of Escambia, Santa Rosa and Okaloosa. This expanded market area will be effective beginning with new allocations of New Markets Tax Credits in 2016 and beyond and represents an expansion into neighboring markets where First NBC Bank has performed limited financing and tax credit investment activities.
The CDFI Fund was created for the purpose of promoting economic revitalization and community development through investment in and assistance to community development financial institutions. The CDFI Fund achieves its purpose by promoting access to capital and local economic growth in various ways, including through its New Markets Tax Credit Program by providing an allocation of tax credits to Community Development Entities which enable them to attract investment from the private-sector and reinvest these amounts in low-income communities.
Since its creation, the CDFI Fund has awarded over $2 billion to community development organizations and financial institutions; it has awarded allocations of New Markets Tax Credits which will attract private-sector investments totaling $43.5 billion, including $1 billion of special allocation authority to be used for the recovery and redevelopment of the Gulf Opportunity Zone. First NBC Community Development Fund, LLC has previously received and invested $118 million in previous allocation awards into qualifying projects within its prior market area.
CONTACT: Contact: Ashton J. Ryan Jr. President & CEO (504) 566-8000 Or Brad Calloway EVP/Tax Credit Manager (504) 671-3814-work (504) 913-6355-cell