Phoenix Community Development & Investment Corporation (PCDIC) has been awarded a $75 million New Markets Tax Credit (NMTC) allocation from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund). The allocation will support private-sector investment in economically distressed communities throughout Maricopa County and help advance projects that create jobs, expand essential services and strengthen local economies.
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This marks the sixth consecutive year PCDIC has received an NMTC allocation, underscoring the organization’s strong track record of deploying capital to high-impact community projects. Over the past six years, PCDIC has received $320 million in NMTC allocations, helping to close critical financing gaps for projects that might not otherwise move forward.
The NMTC program is designed to stimulate private investment in low-income communities by enabling investors to make larger investments than would otherwise be possible. Historically, the program has leveraged approximately $8 in private investment for every $1 of federal support, significantly expanding the impact of each allocation.
“New Markets Tax Credits are a powerful tool that help us attract investment to communities that have historically been overlooked,” Phoenix Mayor Kate Gallego said. “This new award will support projects that strengthen neighborhoods, create jobs and expand access to essential services, reducing cost burdens for families and improving quality of life across Phoenix.”
Titus Mathew, chair of the PCDIC board of directors, added, “This continued recognition reflects the confidence placed in PCDIC’s ability to deploy New Markets Tax Credits in ways that deliver meaningful community outcomes. These funds allow us to invest in projects that provide essential services, support workforce development and create lasting economic opportunity across Phoenix and Maricopa County.”
PCDIC’s award is part of a historic national investment announced by the U.S. Department of the Treasury’s CDFI Fund, which awarded $10 billion in NMTC allocation authority for the combined 2024–2025 calendar year round – the largest allocation in the program’s history. The funding is expected to drive private-sector investment into communities that lack access to capital, particularly in rural and underserved areas, accelerate job creation in sectors such as manufacturing and small business development, and support critical infrastructure, including healthcare and community facilities.
“PCDIC’s sixth consecutive NMTC award demonstrates the strength of our local partnerships and the demand for innovative financing solutions in our community,” said Juan Salgado, CEO of the Phoenix Industrial Development Authority (Phoenix IDA), which manages PCDIC. “These funds help move catalytic projects forward.”
PCDIC expects to deploy its $75 million allocation toward mission-driven community facilities and economic development projects that expand access to healthcare, education and workforce training; strengthen food systems and social services; and help stabilize communities impacted by homelessness and economic hardship.
Recent NMTC investments supported by PCDIC include the redevelopment of a dated hotel into Central Arizona Shelter Services’ (CASS) Senior Haven for homeless seniors ages 55+ in Phoenix, an operational expansion for St. Mary’s Food Bank in Phoenix, and operational support for Neighborhood Outreach Access to Health (NOAH) healthcare centers in Phoenix.
