FirstPathway Community Development Awarded $55 million in New Market Tax Credits
Wednesday, July 15, 2020 – FirstPathway Community Development (FPCD), an affiliate of FirstPathway Partners LLC, was awarded $55 million in New Markets Tax Credits (NMTCs) by the U.S. Department of the Treasury’s Community Development Financial Institutions Fund. FPCD has now accumulated $140 million over the last four years in total NMTC awards.
“We deeply appreciate the CDFI Fund’s continued support and recognition of our work in creating well-paying jobs for people with no more than a high school diploma in communities struggling with generational poverty and high unemployment. The jobs our borrowers create offer real solutions to these issues. As our nation grapples with the long road to recovery, supporting accessible job growth will be particularly important work,” said Robert Kraft, CEO and President of FirstPathway Partners.
The NMTC program continues to assist in the preservation and continued creation of jobs, as well as the placement of community facilities and new businesses to underdeveloped neighborhoods.