New allocation marks its 8th award since 2016 and will help spur economic development and job creation in low-income areas throughout New York City
New York, NY, Jan. 20, 2026 (GLOBE NEWSWIRE) — New York City Regional Center (NYCRC) is pleased to announce an award of $75 million in New Market Tax Credits from the Community Development Financial Institutions Fund of the U.S. Department of Treasury. The credits will be allocated to New York City Regional Community Development (NYCR-CDE), a Community Development Entity managed by NYCRC. It was one of 142 organizations from across the United States receiving an allocation. The $10 billion awarded to these organizations marked the largest allocation in the history of the New Market Tax Credit Program.
Since 2016, NYCR-CDE has received eight separate annual tax credit awards totaling $390 million from the Department of Treasury. To receive an award, NYCR-CDE was required to demonstrate a mission and track record of providing investment capital in low-income communities and spurring job creation.
NYCR-CDE’s new $75 million award will provide financing to development projects that typically face financing challenges, such as community health care centers, public charter schools, community centers, and youth programs located in underserved areas of New York City. Examples of projects utilizing NYCR-CDE tax credit financing over the past ten years include:
- Construction of five Federally Qualified Heath Centers in Queens, Manhattan, and the Bronx
- Construction of the Major Owens Health & Wellness Community Center in Brooklyn
- Redevelopment of the Nike Armory Track & Field Center in Washington Heights
- Expansion of St. John’s Episcopal Hospital Center in Far Rockaway
- Construction of eleven public charter schools in Brooklyn, Manhattan, and the Bronx
“We are honored to receive this allocation from the U.S. Department of Treasury,” said George Olsen, NYCRC Co-Managing Principal. “This new $75 million New Market Tax Credit award will continue our mission to provide critical capital to low-income communities throughout New York City.”
“We are proud of our track record of directing investment to underserved areas over the past 18 years,” said Paul Levinsohn, NYCRC Co-Managing Principal. “This allocation enables us to continue to jumpstart more shovel-ready projects that promote economic growth and lasting job creation.”
The New Market Tax Credit Program was created by Congress in 2000 in an effort to stimulate private investment and economic growth in low-income rural and urban communities that lack access to capital. Historically, underserved neighborhoods often have difficulty attracting investment. The program aims to break this cycle of disinvestment by attracting the private investment necessary to reinvigorate struggling local economies. Private capital is incentivized by providing federal income tax credits to investors in exchange for making equity investments in low-income neighborhoods. Since 2001, $71 billion in New Market Tax Credits have been invested in low-income communities nationwide resulting in the construction or rehabilitation of approximately 268 million square feet of commercial real estate and the creation of 1.2 million jobs.
About New York City Regional Center
NYCRC was approved by the United States Citizenship and Immigration Services in 2008 to secure foreign investment for real estate and infrastructure projects under the EB-5 Immigrant Investor Program. Congress created the EB-5 program to stimulate economic development through foreign investment. NYCRC was the first EB-5 regional center approved in New York City.
Over the past 18 years, NYCRC has put over $1.9 billion capital to work across a broad spectrum of infrastructure and real estate projects in New York City. Much of this capital has been invested in low-income areas in need of long-term economic growth. Examples include:
- $873 million to finance ground-up, redevelopment, and infrastructure projects in Brooklyn, including seven projects totaling $385 million in the Brooklyn Navy Yard
- $321 million to finance ground-up construction in the Bronx
- $232.5 million to finance the construction of a public high-speed wireless infrastructure network in New York City subway stations and along city streets
- $127.5 million to finance ground-up and redevelopment projects in Washington Heights
To date, 53 projects throughout New York City have utilized NYCRC New Market Tax Credit and EB-5 capital to assist in the construction of over 6.9 million square feet of new development and renovation as well as infrastructure improvements.
About the New Markets Tax Credit Program
The New Markets Tax Credit Program assists economically distressed communities attract private investment capital. This federal tax credit helps to fill project financing gaps by enabling investors to make larger investments than would otherwise be possible. Communities benefit from the jobs associated with investments in manufacturing, retail, and technology as well as greater access to housing and public facilities such as health, education, and childcare.
Through the New Market Tax Credit Program, the U.S. Department of Treasury allocates tax credit authority to Community Development Entities (CDEs) through a competitive application process. CDEs are financial intermediaries through which investment capital flows from an investor to a qualified business located in a low-income community. CDEs use their authority to offer tax credits to investors in exchange for equity in the CDE. The tax credit provided to the investor totals 39 percent of the cost of the investment and is claimed over a seven-year period. With these capital investments, CDEs can make loans and investments to businesses operating in distressed areas that have better rates, terms, and flexibility than the market. Historically, for every $1 invested by the federal government, the New Market Tax Credit Program awards generated $8 of private investment.
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CONTACT: info@nycrc.com
