The Innovate Fund Secures $40 Million NMTC Allocation to Drive Economic Development in Underserved Communities
Greenville, SC — Sept. 25, 2024— The Innovate Fund is excited to announce that it has been awarded a substantial $40 million allocation of New Markets Tax Credits (NMTCs) as part of the Calendar Year 2023 Award. This vital funding will empower The Innovate Fund to further its mission of revitalizing communities by fostering job creation and enhancing health and wellness for low-income residents across the region.
The NMTC Program, administered by the Community Development Financial Institutions (CDFI) Fund, aims to stimulate investment in low-income areas by addressing critical financing gaps. For every dollar of federal investment, the NMTC Program generates an impressive $8 in private investment, fueling a diverse array of projects that create jobs and improve access to essential services.
Emma Wyatt, Program Manager of The Innovate Fund, shared her enthusiasm for the allocation: “This $40 million investment allows us to significantly expand our impact, particularly in Appalachian communities. We are committed to fostering sustainable economic opportunities and improving the quality of life for residents in our service area.”
With a proven track record in deploying NMTC investments, The Innovate Fund has already invested $288 million in projects across South Carolina, North Carolina, Tennessee, Georgia, and Virginia. These strategic investments have not only facilitated job creation but have also enhanced access to essential goods and services, resulting in the development/ redevelopment of over 3 million square feet of real estate. The Innovate Fund’s recent expansion into Virginia and West Virginia highlights its unwavering commitment to serving Appalachian communities.
