Washington, D.C. — The National Bankers Association (NBA) congratulates its member banks on receiving New Markets Tax Credit (NMTC) allocations announced this evening by the U.S. Department of the Treasury and the Community Development Financial Institutions (CDFI) Fund.
As part of a historic $10 billion “double round” allocation covering both 2024 and 2025, 10 CDFI banks and their affiliates received a combined $995 million in NMTC allocations. Of those recipients, five are members of the National Bankers Association, collectively receiving $365 million to support investment in low-income and underserved communities.
NBA member banks receiving NMTC allocations include:
Carver Financial Corporation — $70 million
City First Bank — $75 million
Industrial Bank — $75 million
Harbor Bankshares Corporation — $75 million
Texas National Bank — $70 million
In total, 142 entities across 41 states, Puerto Rico, and Washington, D.C., received allocations, with approximately two-thirds of applicants awarded credits.
The announcement marks a meaningful step forward in the ongoing work of NBA member banks to drive economic development, finance critical community projects, and expand access to capital in historically underserved areas. As noted by the CDFI Fund, for every $1 of federal investment, the NMTC Program generates $8 in private investment, underscoring the program’s outsized impact.
The National Bankers Association thanks its member banks for their continued leadership and advocacy in support of the New Markets Tax Credit program and their unwavering commitment to strengthening communities across the country.
About the National Bankers Association
Founded in 1927, the National Bankers Association (NBA) is the premier trade association representing the nation’s mission-driven banks. NBA’s mission is to strengthen mission-driven banks through advocacy, research, partnerships, and innovation—ensuring that financial services are accessible, affordable, and inclusive for all.