California Business Minute™

Hi, I am Tim Johnson and welcome to the California Business Minute.

The US Treasury’s Community Development Financial Institutions Fund (CDFI Fund)
selected 70 Community Development Entities (CDEs) to receive allocations of New
Markets Tax Credits (NMTCs) through the 2008 round of the NMTC Program. These
70 CDEs are authorized to issue to their investors a combined total of $3 5 billion in
equity for which NMTCs can be claimed

This is the sixth NMTC allocation round. In the six rounds to date, the CDFI Fund has
made 364 allocation awards totaling $19 5 billion in tax credit authority, including $1 billion
that was specifically set aside for recovery and redevelopment in the wake of Hurricane Katrina.

For California 17 organizations received allocations for a total of $1.004 billion.  This year’s
allocation illustrates a return to the state and more importantly to community based organizations.
California received the second highest allocation in the nation only behind New York. Below are the
California recipients.

Banc of America CDE, LLC ($85 million)
Boston Community Capital Inc. ($85 million)
Citibank NMTC Corporation ($31.25 million)
Clearinghouse CDFI ($90 million)
Local Initiatives Support Corporation ($80 million)
Low Income Investment Fund ($50 million)
MBS Urban Initiatives CDE, LLC ($50 million)
National Community Investment Fund ($30 million)
National New Markets Fund, LLC ($50 million)
National New Markets Tax Credit Fund, Inc. ($110 million)
New Markets Community Capital, LLC ($40 million)
Nonprofit Finance Fund ($50 million)
Northern California Community Loan Fund ($21 million)
UA LLC ($27 million)
usbcde, llc ($80 million)
Wells Fargo Community Development Enterprises, Inc. ($90 million)
WNC National Community Development Advisors, LLC ($35 million)

I am Tim Johnson and this has been the California Business Minute.

http://www.cdfifund.gov/news_events/CDFI-2008-47-NewMarketAwardsAnnounced.asp