NEW YORK, Oct. 02, 2024 (GLOBE NEWSWIRE) -- P10, Inc. (NYSE:PX), a leading private markets solutions provider, today announced Enhanced Community Development, a part of P10 subsidiary Enhanced Capital Group LLC, was awarded a $65 million allocation from the New Markets Tax Credits (NMTC) program administered by the U.S. Treasury Department's Community Development Financial Institutions Fund. Under the program, the U.S. Treasury Department allocated a total of $5 billion to 104 Community Development Entities for the 2023 round.
"Enhanced Community Development is continuing to meet the needs of underserved communities around the country," said Luke Sarsfield, P10 Chairman and Chief Executive Officer. "Enhanced Capital's team brings a mission-driven focus to their investments, providing financing solutions that generate positive social outcomes in the lower-middle market. This federal NMTC allocation further strengthens their ability to create opportunities that have a lasting impact."
Enhanced Community Development has deployed $750 million in federal and state NMTC investments across the United States, supporting over 130 projects and fostering economic activity in low-income communities. Previous NMTC-funded projects include manufacturing companies, healthcare facilities, educational institutions, and community centers that serve the needs of economically disadvantaged populations.
"We are incredibly honored to receive this $65 million allocation, which enables us to significantly increase the impact on the communities that need it most," said Richard Montgomery, Managing Partner at Enhanced Capital. "The New Markets Tax Credit program is a powerful tool for creating meaningful change in areas often overlooked by many investors and traditional sources of capital."
The NMTC program, created by Congress in 2000, is designed to drive economic revitalization in underserved communities by attracting private capital investment through federal tax credit incentives. The program has facilitated the deployment of more than $63 billion in low-income communities across the U.S., resulting in the creation or retention of over 894,000 jobs and the construction or rehabilitation of nearly 260 million square feet of commercial real estate.1
For more information on Enhanced Community Development and its work in revitalizing underserved ...
