DALLAS — The Dallas Development Fund (DDF) has received $55 million in New Markets Tax Credits (NMTC) to invest into underserved areas of the city.
"This allocation will make it possible for us to continue our work in bringing good-paying new jobs and needed services like healthcare, education and childcare to residents living in historically underserved areas," Councilmember Tennell Atkins, Chairman of the City’s Economic Development Committee, said in a statement.
The DDF is a nonprofit community development entity managed by the Office of Economic Development. It was created in 2009 by the Dallas City Council to use NMTC to fund job-creating and social service projects for low-income communities around Dallas.
"The NMTC award is very competitive, but DDF has an impressive track record, receiving a total of five allocations dating back to 2009," City Manager T.C. Broadnax said in a statement. "Beyond that, we are the only municipal CDE in Texas to receive its own NMTC allocation, ever."
DDF previously received allocations in 2009, 2012, 2014 and 2017 totaling $185 million. Those funds have supported projects throughout Dallas, but focusing on South Dallas.
The New Markets Tax Credit Program was established by Congress in December 2000 to permit individual and corporate taxpayers to receive non-refundable tax credits against federal income taxes for making equity investments into community development entities.
These entities in turn use the capital raised to invest into low-income communities.
A call for projects has been issued asking for projects to be submitted to DDF to be considered for funding. Projects will be accepted on a rolling basis as funds remain available. To submit a project application, click here.