U.S. Bancorp Community Development Entity, LLC (USBCDE, LLC), the community development arm of U.S. Bank, received $65 million in tax credit allocations from the U.S. Department of Treasury to help address persistent gaps in economic outcomes in lower-income communities. The $65 million allocation is part of the more than $3.5 billion New Market Tax Credit (NMTC) program from the Treasury.
“With this allocation, we’ve maintained our commitment to investing in projects that erode the racial wealth divide, while also focusing on building relationships and a pipeline of projects in rural communities of color,” said Terra Neilson, USBCDE program manager. “Rural Latino, Native American and Black communities have a history of under-investment. Through tax credits, we can drive funding and job creation where it’s needed most and help close the economic opportunity gap.”