Central States Development Partners, Inc. is an Equal Opportunity Provider.
Central States Development Partners, Inc. (Central States), is proud to announce it has been awarded a $50 million New Markets Tax Credit (NMTC) allocation from the U.S. Department of Treasury’s CDFI Fund. The announcement came on September 19, 2024.
As a national Community Development Entity (CDE), Central States assists economically distressed communities with high minority populations facing economic challenges such as low wages, high rates of poverty, and a lack of critical community services. This is Central States’ seventh federal NMTC allocation, having received $220 million in NMTC allocation prior. Central States has made a powerful impact, having used its previous NMTC allocations to support the creation of 2,500 full-time equivalent jobs and provide essential services to over 98,000 individuals. This, combined with its collaboration with other unaffiliated CDEs, has resulted in over $842 million in total project costs and facilitated the creation or retention of 12,676 total jobs in highly distressed areas across 15 states. Click below to view our Impact Report. 
|
Central States Development Partners, Inc. (Central States) is a nationwide Community Development Entity (CDE) that was formed by its parent non-profit, GROWTH, to serve and provide investment capital for low-income communities or low-income persons.
Central States has received six consecutive federal NMTC allocation awards. $50 million received in 2023 Allocation Round $60 million received in 2021 Allocation Round $30 million received in 2020 Allocation Round $30 million received in 2019 Allocation Round $35 million received in 2018 Allocation Round $20 million received in 2017 Allocation Round $45 million received in 2015-2016 Allocation Round In addition to its federal NMTC allocations, Central States Development Partners have been awarded State NMTCs as follows: - State of Illinois: Two time allocatee: $4.3 million and $9.7 million respectively - State of Nevada: Two time allocatee: Awarded $11.7 million and - State of Kentucky: Awarded $3.6 million "We are honored by the CDFI Fund’s support in advancing our mission to transform underserved urban and rural communities across the United States, especially those with majority-minority populations,” said Brian Hollenback, President/CEO of Central States Development Partners. “This award will ignite the creation of meaningful manufacturing jobs with living wages, expand access to essential healthcare and social services, and drive profound change where it is needed most." About New Market Tax CreditsThe New Markets Tax Credit (NMTC) Program is a highly effective and cost-efficient tool for driving meaningful change in disadvantaged communities. Designed to catalyze private investment, the NMTC Program offers federal tax credits to investors, significantly increasing capital flow to economically distressed areas. By providing targeted incentives, the NMTCs are used to finance businesses and real estate projects, breathing new life into underserved urban and rural areas.
Community Development Entities (CDEs), like Central States, allocate NMTC’s to qualifying businesses in high-distress areas, driving quality job creation, economic development, expanded community services, and improved healthcare access. These investments transform local economies, guiding them towards vitality and sustainable growth. In 2023, over 84% of NMTC investments were directed towards severely distressed urban and rural communities with high poverty rates, low median family incomes, and high unemployment rates. For every $1 invested by the Federal government, the NMTC Program generates over $8 in private investment, creating a dramatic positive impact. |
Advocacy
The NMTC Program is set to expire on December 31, 2025.
To ensure the continuation of this essential program, the New Markets Tax Credit Extension Act of 2023 (H.R. 2539) has been introduced in the House of Representatives, with its Senate counterpart, S. 234, introduced by Senators Cardin (D-MD) and Daines (R-MT).
Making the NMTC permanent would ensure ongoing investments that foster economic development and create opportunities where they are needed most.
Central States remains committed to advocating for the NMTC Program, with its top priority being the permanent establishment of the program to continue driving growth in underserved communities.
To ensure the continuation of this essential program, the New Markets Tax Credit Extension Act of 2023 (H.R. 2539) has been introduced in the House of Representatives, with its Senate counterpart, S. 234, introduced by Senators Cardin (D-MD) and Daines (R-MT).
Making the NMTC permanent would ensure ongoing investments that foster economic development and create opportunities where they are needed most.
Central States remains committed to advocating for the NMTC Program, with its top priority being the permanent establishment of the program to continue driving growth in underserved communities.
In accordance with federal law and the U.S. Department of the Treasury policy, Central States Development Partners, Inc. is prohibited from discriminating on the basis of race, color, national origin, sex, age or disability. To file a complaint of discrimination, write to Department of the Treasury, Office of Civil Rights and Diversity, 1500 Pennsylvania Ave. NW, Washington D.C., 20220 or call (202) 622-1160.
