CHARLOTTE, N.C., Nov. 1, 2022
/PRNewswire/ -- Truist Financial Corporation (NYSE: TFC) today
announced it has received $60 million
in New Markets Tax Credits (NMTC) allocation authority from the
U.S. Treasury Department's Community Development Financial
Institution (CDFI) Fund. The bank's subsidiary, Truist Community
Development Enterprises, was one of 107 recipients to receive an
award. The allocation was tied for the largest award made to any
Community Development Entity (CDE) this year. This is the
11th time Truist Community Development Enterprises
has been selected as a recipient, with awards totaling $703
million in allocation authority.
The NMTC Program helps economically distressed communities
attract private investment capital. As part of the program, Truist
provides loans and investments with reduced interest rates and/or
non-traditional terms and conditions to support community
development projects that stimulate economic growth and create
employment, education and wellness opportunities.
"Truist has participated in the NMTC Program since its founding
and has closed more than $2.5 billion
of NMTC transactions across the markets we serve," said
Jamise Goodman, NMTC program
director for Truist Community Development Enterprises. "This NMTC
allocation will increase our investments in the neighborhoods where
we live, work and serve our clients, creating new opportunities to
inspire and build better lives and communities."
Truist Community Development Enterprises is part of Truist
Community Capital, a client-focused business that provides
developers, CDEs, local governments and nonprofit organizations
tailored solutions to take projects from concept to reality.
Through its investments in community development projects, Truist
Community Capital works to ensure access to services and amenities
that directly benefit neighborhoods and residents. Since the
inception of the NMTC Program, Truist has used the funds to support
minority-owned businesses, increase educational attainment and
improve access to healthcare, among other projects.
"The NMTC Program enhances Truist Community Capital's ability to
invest in projects that will forge new partnerships and create new
opportunities for individuals and businesses," said Keitt King, head of Truist Community Capital.
"We look forward to deploying this capital to empower organizations
to achieve their goals and support our communities."
About Truist
Truist Financial Corporation (NYSE:
TFC) is a purpose-driven financial services company committed to
inspiring and building better lives and communities. Truist has
leading market share in many high-growth markets in the
country and offers a wide range of products and services
through our retail and small business banking, commercial banking,
corporate and investment banking, insurance, wealth management, and
specialized lending businesses. Headquartered in Charlotte, North Carolina, Truist is a top 10
U.S. commercial bank with total assets of $548 billion as of Sept.
30, 2022. Truist Bank, Member FDIC. Learn more at
Truist.com.
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SOURCE Truist Financial Corporation