Forward Community Investments (FCI) Awarded $20 Million in New Markets Tax Credits
For the second consecutive year, Forward Community Investments (FCI), a statewide community development financial institution (CDFI) based in Madison, was awarded $20 million in New Markets Tax Credits (NMTC) by the U.S. Department of Treasury's CDFI Fund. This allocation will allow FCI to build on its two decades of success as a financial partner in mission-based projects designed to expand opportunity in Wisconsin's most economically challenged communities.
"FCI has worked hard for 20+ years to help build strong, equitable communities across Wisconsin," said FCI President Salli Martyniak. "We're pleased and excited that the CDFI Fund has the confidence in our excellent team to entrust us with this powerful community development tool."
Out of 263 applications, FCI was one of 76 organizations across the nation--and one of only two based in Wisconsin--selected to receive an NMTC award from this year's $3.5 billion total allocation. The NMTC Program was established by Congress in December 2000 to help economically distressed communities attract private investment capital. To date, the CDFI Fund has made 912 allocation awards totaling $43.5 billion in tax credit authority.
"Our first NMTC allocation, awarded in 2014, allowed FCI to be involved in some extraordinary, innovative projects," Martyniak said, "In particular, we are proud to have supported Sojourner Family Peace Center and St. Ann Center for Intergenerational Care, both Milwaukee-based organizations. These two projects are transforming their communities and helping create a more just and equitable Wisconsin."
The Sojourner project is a national model in providing services for survivors of domestic violence. "We're grateful to Forward Community Investments for the crucial role they played in making the new Center a reality," said Sojourner Executive Director Carmen Pitre. "Their expertise in managing complicated financial deals and their commitment to supporting organizations working for social justice is a huge asset in Wisconsin."
Forward Community Investments (FCI) is an investor, connector, and advisor for organizations and initiatives working to transform Wisconsin communities by reducing racial, social, and economic disparities. For more information on FCI, visit www.forwardci.org. For more information on the New Markets Tax Credit program, visit https://www.cdfifund.gov/what_we_do/programs_id.asp?programID=5.