PORTLAND, OR--(Marketwire -02/28/12)- National Community Fund I, LLC (NCF) was awarded its fifth consecutive New Markets Tax Credit allocation award of $85 million on Thursday, February 23, from the Community Development Financial Institutions (CDFI) Fund of the U.S. Department of Treasury. Through a highly competitive application process, $3.6 billion of NMTCs were awarded to 70 organizations in 29 states, from a pool of 314 applicants requesting a total of $26.7 billion in tax credits.
NCF is a community development entity (CDE) formed by United Fund Advisors, LLC (UFA) and Portland Family of Funds Holdings, Inc. (PFF) to provide below-market, flexible financial products for real estate and business projects located in highly-distressed communities throughout the nation. This latest allocation brings NCF's total awards to $337 million since its inception in 2006. NCF previously received $252 million of allocation across four rounds, which has been used to finance 22 projects in 10 states with total development costs in excess of $1 billion. PFF also manages Portland New Markets Fund I, LLC, a CDE that previously received and deployed $100 million of NMTCs in 10 projects in Portland, Oregon, with combined total project costs of nearly $250 million.
"We are thrilled that NCF has once again received an allocation of NMTCs," said Carl Talton, Executive Chair of UFA and PFF. "We are honored that our track record of providing catalytic financing in distressed communities has been recognized by the CDFI Fund, and are excited to continue providing our financial products and services to underserved communities throughout the country. This allocation will be used to finance projects that will spur economic activity by creating jobs, new services, community resources, wealth-building opportunities, and tax revenues in the communities that need them the most."
NCF will use its 2011 NMTC allocation to expand the volume of its financing for high-impact projects that generate substantial community benefits to low-income persons and residents of highly-distressed urban and rural communities. NCF will collaborate with its national network of economic and community development partners to identify and finance projects and businesses that create quality jobs, provide critical goods and services and achieve environmentally sustainable outcomes.
United Fund Advisors, LLC is a fund manager and financial services company that provides tax-advantaged investment capital and advisory services for community development and renewable energy projects throughout the country. With over $500 million of assets under management, all of UFA's investments and services are driven by its triple bottom line mission "to create opportunities for profitable investments which enhance social and environmental yields." Nearly all of UFA's products and services involve syndication of tax credits and benefits, including NMTCs, Renewable Energy Investment Tax Credits, Historic Rehabilitation Tax Credits, and other federal and state tax credits and benefits. Across the country, UFA and its affiliates have financed over 100 projects and businesses with total development costs exceeding $2.6 billion. For further information, visit www.unitedfundadvisors.com.
Portland Family of Funds Holdings, Inc. is a mutual benefit corporation formed to undertake economic development activities in Portland, Oregon. PFF manages Portland New Markets Fund I, which received a $100 million NMTC allocation in 2004. PFF is also the controlling entity of nationally-focused National Community Fund I, LLC, which has received $337 million of NMTC allocation since 2007. For further information, visit www.portlandfunds.com.