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New Markets Tax Credits

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Congress authorized tax credits to raise up to $15 billion in community development investment funds under the Community Renewal Tax Relief Act of 2000. The U.S. Treasury’s Community Development Financial Institutions Fund competitively allocates tax credits to for-profit community development entities. The first competition awarded $975 million in tax credits, supporting up to $2.5 billion in investments, to 66 winners out of 346 applicants. Phoenix won the largest award; its $66.3 million in tax credits will support investments up to $170 million.

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