Press Release

Schumer, Gillibrand Announce $365 Million In Federal Tax Incentives To Support Businesses In Underserved Communities In New York

Sep 29, 2023

Today, U.S. Senate Majority Leader Chuck Schumer and U.S. Senator Kirsten Gillibrand announced $365,000,000 in federal tax incentives to be used by seven Community Development Entities (CDEs) in New York City to catalyze investments in businesses and low-income communities. The authority was provided by the U.S. Department of the Treasury’s Community Development Financial Institution Fund (CDFI Fund)’s New Markets Tax Credit (NMTC) program and will allow CDEs to offer tax credits to attract investment in businesses operating in underserved communities.

“The CDFI Fund is a vital stream of federal investment that supports businesses in low-income and historically undeserved communities,” said Senator Schumer. “I’ve prioritized funding the CDFI program to deliver this critical assistance to New York to help uplift our most vulnerable businesses and neighborhoods. I’ll continue fighting to protect these investments to support vital economic growth in our communities.”

“Investing in our businesses is paramount to ensuring a brighter future for all New York communities,” said Senator Gillibrand. “This federal backing will boost economic growth and stability in underserved areas across New York State. I am proud to announce this initiative and will continue fighting for resources that help our communities and businesses thrive.”

Full list of recipients below:

Civic Builders, Inc.$60,000,000New York
The Community Development Venture Capital Alliance$50,000,000New York
Corporation for Supportive Housing$60,000,000New York
Empire State New Market Corporation$50,000,000New York
Empowerment Reinvestment Fund, LLC$40,000,000New York
NYC Neighborhood Capital Corporation$50,000,000New York
NYCR-CDE, LLC$55,000,000New York