The Innovate Fund Secures $50 Million in New Market Tax Credits Allocation

GREENVILLE, S.C. (Oct. 12, 2023) — The Innovate Fund has secured a $50 million allocation from the federal Community Development Financial Institutions (CDFI) Fund, the Greenville, S.C.-based community development entity announced today. This is The Innovate Fund’s seventh allocation from the CDFI Fund, a program administered by the Treasury Department.

The Innovate Fund (TIF) anticipates funding at least five projects with this most recent award. The organization prioritizes projects that create quality living-wage jobs and those that provide critical health and education services to the most vulnerable low-income populations across its service area of Georgia, North Carolina, South Carolina and Tennessee.

“The CDFI Fund provides critical resources that enable The Innovate Fund to support transformative community development projects,” said Emma Wyatt, TIF Program Manager. “Our team is looking forward to partnering with people and organizations to use these funds to leverage significant additional investments in their communities.”

TIF was established in 2004 to bring vital gap funding to projects in disadvantaged, low-income communities that suffer from low wages, high poverty and poor health outcomes. TIF has directly deployed $327 million of New Market Tax Credits investments in 28 transactions that have leveraged an additional $480.1 million of indirect capital.

TIF has created 6,460 direct jobs and expanded health and wellness services to nearly 230,000 people. By targeting geographic areas of higher distress, like Appalachian communities and Opportunity Zones, TIF improves the lives of the region’s most disadvantaged populations. TIF’s investments address critical health disparities and create accessible living-wage jobs that move families out of poverty.

 Since its inception, TIF has secured $377 million in New Markets Tax Credit allocations.