NEW YORK, NY – January 19, 2026 – NYC Regional Community Development (NYCR-CDE) is pleased to announce an award of $75 million in New Markets Tax Credits from the U.S. Department of Treasury. It was one of 142 organizations from across the United States receiving an allocation. The $10 billion awarded to these organizations marked the largest allocation in the history of the New Markets Tax Credit Program.

Since 2016, NYCR-CDE has received eight separate annual tax credit awards totaling $390 million from the Department of Treasury. To receive an award, NYCR-CDE was required to demonstrate a mission and track record of providing investment capital in low-income communities and spurring job creation.

NYCR-CDE’s new $75 million award will provide financing to development projects that typically face financing challenges, such as community health care centers, public charter schools, community centers, and youth programs located in underserved areas of New York City. Examples of projects utilizing NYCR-CDE tax credit financing over the past ten years include:

• Construction of six Federally Qualified Heath Centers in Queens, Manhattan, and the Bronx
• Construction of the Major Owens Health & Wellness Community Center in Brooklyn
• Redevelopment of the Nike Armory Track & Field Center in Washington Heights
• Expansion of St. John’s Episcopal Hospital Center in Far Rockaway
• Construction of eleven public charter schools in Brooklyn, Manhattan, and the Bronx

“We are honored to receive this allocation from the U.S. Department of Treasury,” said George Olsen, NYCR-CDE Co-Managing Principal. “This new $75 million New Markets Tax Credit award will continue our mission to provide critical capital to low-income communities throughout New York City.”

“We are proud of our track record of directing investment to underserved areas over the past 18 years,” said Paul Levinsohn, NYCR-CDE Co-Managing Principal. “This allocation enables us to continue to jumpstart more shovel-ready projects that promote economic growth and lasting job creation.”

The New Markets Tax Credit Program was created by Congress in 2000 in an effort to stimulate private investment and economic growth in low-income rural and urban communities that lack access to capital. Historically, underserved neighborhoods often have difficulty attracting investment. The program aims to break this cycle of disinvestment by attracting the private investment necessary to reinvigorate struggling local economies. Private capital is incentivized by providing federal income tax credits to investors in exchange for making equity investments in low-income neighborhoods. Since 2001, $71 billion in New Markets Tax Credits have been invested in low-income communities nationwide resulting in the construction or rehabilitation of approximately 268 million square feet of commercial real estate and the creation of 1.2 million jobs.