Truist received $60 million in New Market Tax Credits to support community development projects
CHARLOTTE, North Carolina, November 1, 2022 /PRNewswire/ — Truist Financial Corporation (NYSE: TFC) today announced that it has received $60 million in the New Market Tax Credits (NMTC) Allocation Authority of the Community Development Financial Institution (CDFI) Fund of the US Treasury Department. The bank’s subsidiary, Truist Community Development Enterprises, was one of 107 recipients to receive an award. The award was tied with the largest award given to a Community Development Entity (CDE) this year. It’s the 11the times Truist Community Development Enterprises was selected as the recipient, with awards totaling $703 million in allocation authorization.
The NMTC program helps communities in economic difficulty attract private investment capital. Under the program, Truist provides loans and investments with reduced interest rates and/or non-traditional terms and conditions to support community development projects that spur economic growth and create employment opportunities, education and welfare.
“Truist has participated in the NMTC program since its inception and has closed over $2.5 billion of NMTC transactions in the markets we serve,” said James Goodman, NMTC Program Director for Truist Community Development Enterprises. “This NMTC allocation will increase our investments in the neighborhoods where we live, work and serve our customers, creating new opportunities to inspire and build better lives and communities.”
Truist Community Development Enterprises is part of Truist Community Capital, a customer-focused company that provides developers, CDEs, local governments, and nonprofits with tailored solutions to take projects from concept to reality. Through its investments in community development projects, Truist Community Capital strives to provide access to services and amenities that directly benefit neighborhoods and residents. Since the inception of the NMTC program, Truist has used the funds to support minority-owned businesses, raise education levels and improve access to health care, among other projects.
“The NMTC program enhances Truist Community Capital’s ability to invest in projects that will forge new partnerships and create new opportunities for individuals and businesses,” said Keitt King, Head of Truist Community Capital. “We look forward to deploying this capital to empower organizations to achieve their goals and support our communities.”
Truist Financial Corporation (NYSE: TFC) is a purpose-driven financial services company committed to inspiring and building better lives and communities. Truist holds leading market share in many high-growth markets nationwide and offers a broad range of products and services through our retail and small business banking, commercial banking, corporate banking, and corporate banking businesses. and investment, insurance, wealth management and specialty lending. Based at Charlotte, North CarolinaTruist is a top 10 US commercial bank with total assets of $548 billion of the September 30, 2022. Truist Bank, Member FDIC. Learn more at Truist.com.
SOURCE Truist Financial Corporation