BlueHub Capital today announced it has been awarded $85 million in New Markets Tax Credits (NMTC) by the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund as part of the 2024–2025 NMTC allocation round. The award is among the largest allocations made nationally in this highly competitive round.
The NMTC allocation will strengthen BlueHub’s ability to finance projects that support economic growth, job creation and access to essential services in low-income communities across the country. BlueHub intends to deploy this award to health centers, educational facilities and community service hubs that serve as anchors for neighborhood revitalization.
The New Markets Tax Credit program is a critical federal tool that helps attract private investment to economically distressed communities by providing flexible financing that fills capital gaps and supports long-term sustainability.
“This significant NMTC allocation recognizes BlueHub Capital’s long-standing track record of responsible deployment and substantial community impact with measurable outcomes,” said Elyse Cherry, CEO of BlueHub Capital. “These resources will allow us to continue partnering with local organizations to strengthen community infrastructure and expand access to essential services in places that have historically faced underinvestment.”
BlueHub is an 11-time recipient of New Markets Tax Credits and has received more than $690 million in total NMTC allocation since the program’s inception. Previous NMTC investments by BlueHub have supported projects in more than 21 states, including community health facilities, educational institutions, food manufacturing and commercial revitalization efforts. Collectively, BlueHub’s NMTC investments have leveraged $1.7 billion in additional private capital into low-income communities.
This year’s NMTC awards were particularly competitive. Nationwide, 142 Community Development Entities were selected from more than 200 applicants, with a total of $10 billion in NMTC allocation authority awarded. Historically, the NMTC program has generated approximately $8 in private investment for every $1 of federal support.
Congress made the NMTC permanent in 2025 by making it a part of the Internal Revenue Code with ongoing annual allocation authority.
Find the full list of recipients in the 2024-25 NMTC Award Book.
About BlueHub Capital
BlueHub Capital is a mission-driven, nonprofit community development finance organization focused on building healthy communities where low-income people live and work. BlueHub uses innovative financial tools to support projects that make communities more vibrant through three distinct programs: BlueHub Loan Fund (community development financing), BlueHub SUN (foreclosure relief) and One Percent for America (citizenship financing).
About the New Markets Tax Credit Program
Established by Congress in 2000, the New Markets Tax Credit Program incentivizes private investment in low-income communities by providing a federal tax credit to investors who make equity investments in certified Community Development Entities. The credit totals 39 percent of the investment and is claimed over a seven-year period. Since its inception, the program has deployed tens of billions of dollars into communities nationwide to support economic development, job creation, and community facilities.
For more information about the New Markets Tax Credit Program, visit www.cdfifund.gov/nmtc.