BATON ROUGE, LA, Sept. 2, 2021 – The U.S. Department of the Treasury’s (Treasury) Community Development Financial Institutions Fund (CDFI Fund) awarded Stonehenge Community Development, LLC (Stonehenge),a subsidiary of Stonehenge Capital Company, LLC, a $50 million tax credit allocation through the calendar year (CY) 2020 round of the New Markets Tax Credit Program(NMTC Program).
Stonehenge will use this allocation to offer innovative and flexible investment products for businesses located in economically distressed communities across the United States. The firm prioritizes creating accessible, high-quality jobs and will continue to invest in projects that generate significant minority impact.
Treasury selected Stonehenge from a pool of208 designated Community Development Entities (CDEs) in a competitive application process. With the CY 2020 announcement, Stonehenge has received twelve total awards since the NMTC Program’s first allocations in CY 2002,making it one of the most successful CDEs in the country. Stonehenge has deployed one hundred percent of its previous $700.5 million total NMTC Program allocations, investing capital in ninety-five disadvantaged businesses nationwide. The CY 2020award will allow Stonehenge to drive a high-impact investment strategy, providing flexible, non-conventional financing to businesses located in low-income communities.
“We thank the CDFI Fund for this award and the opportunity that it provides to accelerate economic recovery in distressed communities across the United States,” said L’Quentus Thomas, Senior Managing Director. “We look forward to continuing our mission of providing transformational capital to the businesses and communities that need it the most.”
In CY 2020, Treasury’s CDFI Fund awarded $5billion in NMTC Program allocations to 100 CDEs that will spur investment and economic growth in low-income urban and rural communities throughout the country. Historically, for every $1 invested by the federal government, the NMTC Program generates $8 of private investment. The CDFI Fund has made1,354 allocation awards totaling $66 billion in tax credit authority since the program’s inception.
For more information on the New Markets Tax Credit Program, please see the following 2020 NMTC Program award resources: