CHARLOTTE, N.C., Nov. 1, 2022 /PRNewswire/ -- Truist Financial Corporation (NYSE: TFC) today announced it has received $60 million in New Markets Tax Credits (NMTC) allocation authority from the U.S. Treasury Department's Community Development Financial Institution (CDFI) Fund. The bank's subsidiary, Truist Community Development Enterprises, was one of 107 recipients to receive an award. The allocation was tied for the largest award made to any Community Development Entity (CDE) this year. This is the 11th time Truist Community Development Enterprises has been selected as a recipient, with awards totaling $703 million in allocation authority.
The NMTC Program helps economically distressed communities attract private investment capital. As part of the program, Truist provides loans and investments with reduced interest rates and/or non-traditional terms and conditions to support community development projects that stimulate economic growth and create employment, education and wellness opportunities.
"Truist has participated in the NMTC Program since its founding and has closed more than $2.5 billion of NMTC transactions across the markets we serve," said Jamise Goodman, NMTC program director for Truist Community Development Enterprises. "This NMTC allocation will increase our investments in the neighborhoods where we live, work and serve our clients, creating new opportunities to inspire and build better lives and communities."
Truist Community Development Enterprises is part of Truist Community Capital, a client-focused business that provides developers, CDEs, local governments and nonprofit organizations tailored solutions to take projects from concept to reality. Through its investments in community development projects, Truist Community Capital works to ensure access to services and amenities that directly benefit neighborhoods and residents. Since the inception of the NMTC Program, Truist has used the funds to support minority-owned businesses, increase educational attainment and improve access to healthcare, among other projects.
"The NMTC Program enhances Truist Community Capital's ability to invest in projects that will forge new partnerships and create new opportunities for individuals and businesses," said Keitt King, head of Truist Community Capital. "We look forward to deploying this capital to empower organizations to achieve their goals and support our communities."
Truist Financial Corporation (NYSE: TFC) is a purpose-driven financial services company committed to inspiring and building better lives and communities. Truist has leading market share in many high-growth markets in the country and offers a wide range of products and services through our retail and small business banking, commercial banking, corporate and investment banking, insurance, wealth management, and specialized lending businesses. Headquartered in Charlotte, North Carolina, Truist is a top 10 U.S. commercial bank with total assets of $548 billion as of Sept. 30, 2022. Truist Bank, Member FDIC. Learn more at Truist.com.
SOURCE Truist Financial Corporation