BlueHub Capital has been awarded $65 million in New Markets Tax Credits (NMTC) from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund, reports The Boston Business Journal. This makes the nonprofit a ten-time NMTC recipient.
Elyse Cherry, CEO of BlueHub Capital, expressed that this substantial allocation will significantly enhance BlueHub's capacity to support job creation and stimulate economic growth by investing in manufacturing businesses and community facilities within targeted low-income communities. She emphasized that the funding would be strategically directed towards projects with the potential to create transformative impacts in these underserved areas, providing essential resources and fostering opportunities for sustainable development.
With the new allocation, BlueHub Capital plans to focus on a diverse range of initiatives aimed at revitalizing these communities. The organization intends to channel funds into improving community facilities, such as healthcare centers, educational institutions, and recreational spaces, which are critical to the well-being and development of the residents. Additionally, investments will be made in local manufacturing businesses, which are pivotal in generating employment opportunities and boosting the local economy.
This continued support from the NMTC program underscores the critical role of such financial tools in driving community development and economic revitalization. By leveraging these tax credits, BlueHub Capital can attract additional private investment, amplifying the impact of the funding and ensuring that the benefits reach the communities that need them the most. The organization's long-standing success in securing NMTC allocations is a testament to its effective strategies and unwavering dedication to improving the lives of individuals in low-income areas.
In summary, the $65 million NMTC allocation not only reaffirms BlueHub Capital's position as a leader in community development finance but also sets the stage for substantial improvements in targeted low-income communities. Through strategic investments and a focus on sustainable development, BlueHub Capital aims to create lasting positive changes, contributing to the overall economic health and resilience of these areas.