First NBC Bank in New Orleans has received approval to expand its market area for federal New Market Tax Credits to all of Louisiana, Arkansas, Tennessee, Mississippi, Alabama and the Florida counties of Escambia, Santa Rosa and Okaloosa.
First NBC Community Development Fund LLC received the approval from the Community Development Financial Institutions Fund beginning with new allocations of New Markets Tax Credits in 2016.
The CDFI Fund promotes economic revitalization and community development through investment in and assistance to community development entities, enabling them to attract investment from the private sector and reinvest these amounts in low-income communities.
First NBC Community Development Fund LLC has received and invested $118 million in previous allocation awards into qualifying projects within its market area. The expansion puts it into neighboring markets where First NBC Bank has performed limited financing and tax credit investments.