Feb. 13 (UPI) -- The U.S Treasury's Community Development Financial Institutions Fund announced Tuesday it's awarded $3.5 billion in New Markets tax credits, in a bid to stimulate the national economy.
The treasury said in a statement the tax credit allocation awards will help stimulate investment and economic growth in low-income urban neighborhoods and rural communities across the United States.
"Today's awards will finance projects ranging from manufacturing plants that create jobs to critically needed infrastructure," Treasury Secretary Steven Mnuchin said.
Seventy-three out of 230 entities were selected to receive part of the award. They are based in in 29 different states, Guam and the District of Columbia.
The Treasury estimates those receiving the credits will make more than $685 million in New Markets investments in nonmetropolitan counties.
The New Markets program, established by Congress in 2000, permits individual and corporate taxpayers to receive a non-refundable tax credit against federal income taxes for making equity investments in entities that provide loans, investments or financial counseling in low-income urban and rural communities.
Tuesday's announcement brought the total amount of money awarded through the NMTC program to $54 billion.
Recipients of the award received anywhere between $15-$75 million and included local, multi-state and national organizations.
Officials said all 73 entities have committed to providing at least 75 percent of their investments in areas characterized by distress and high unemployment rates.
Some recipients include the Citibank NMTC Corporation in New York, AltCap in Kansas City, Florida Community Loan Fund in Orlando and the Guam Community Development Enterprise in Tamuning.