CHARLOTTE, N.C., Oct. 13,
2023 /PRNewswire/ -- Truist Financial Corporation
(NYSE: TFC) today announced it has received $65 million in New Markets Tax Credits (NMTC)
allocation authority from the U.S. Treasury Department's Community
Development Financial Institution (CDFI) Fund. This is the
12th time Truist Community Development Enterprises, a
subsidiary of Truist Financial Corporation, has received a NMTC
award and the second year in a row it received the largest amount
granted to any Community Development Entity (CDE).
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.
"Truist has been active in the NMTC Program for many years and
we're proud to have been trusted with more than $750 million in allocation authority, to date,"
said Jamise Goodman, NMTC program
director for Truist Community Development Enterprises. "This year's
award will help spark economic development and employment
opportunities in low-to-moderate-income communities across the
regions we serve."
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.
"Through the NMTC Program we've supported new healthcare
facilities, provided opportunities for educational attainment and
helped create quality jobs that inspire and build better lives and
communities," said Kathy Farrell,
head of Commercial Real Estate at Truist. "This new round of
allocation will build on the impactful investments Truist is making
to enhance neighborhoods, support residents and improve access to
vital services."
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 $555 billion as of June
30, 2023. Truist Bank, Member FDIC. Learn more at
Truist.com.
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SOURCE Truist Financial Corporation