CHARLOTTE, N.C., Oct. 13, 2023 /PRNewswire/ -- Truist Financial Corporation (NYSE: TFC) today announced it has received $65 million in New Markets Tax Credits (NMTC) allocation authority from the U.S. Treasury Department's Community Development Financial Institution (CDFI) Fund. This is the 12th time Truist Community Development Enterprises, a subsidiary of Truist Financial Corporation, has received a NMTC award and the second year in a row it received the largest amount granted to any Community Development Entity (CDE).
The NMTC Program helps economically distressed communities attract private investment capital. As part of the program, Truist provides loans and investments with reduced interest rates and/or non-traditional terms and conditions to support community development projects.
"Truist has been active in the NMTC Program for many years and we're proud to have been trusted with more than $750 million in allocation authority, to date," said Jamise Goodman, NMTC program director for Truist Community Development Enterprises. "This year's award will help spark economic development and employment opportunities in low-to-moderate-income communities across the regions we serve."
Truist Community Development Enterprises is part of Truist Community Capital, a client-focused business that provides developers, CDEs, local governments and nonprofit organizations tailored solutions to take projects from concept to reality. Through its investments in community development projects, Truist Community Capital works to ensure access to services and amenities that directly benefit neighborhoods and residents.
"Through the NMTC Program we've supported new healthcare facilities, provided opportunities for educational attainment and helped create quality jobs that inspire and build better lives and communities," said Kathy Farrell, head of Commercial Real Estate at Truist. "This new round of allocation will build on the impactful investments Truist is making to enhance neighborhoods, support residents and improve access to vital services."
About Truist
Truist Financial Corporation (NYSE: TFC) is a purpose-driven financial services company committed to inspiring and building better lives and communities. Truist has leading market share in many high-growth markets in the country and offers a wide range of products and services through our retail and small business banking, commercial banking, corporate and investment banking, insurance, wealth management, and specialized lending businesses. Headquartered in Charlotte, North Carolina, Truist is a top 10 U.S. commercial bank with total assets of $555 billion as of June 30, 2023. Truist Bank, Member FDIC. Learn more at Truist.com.
SOURCE Truist Financial Corporation