People Inc., a certified Community Development Financial Institution headquartered in Abingdon, has been selected by the CDFI Fund of the U.S. Department of the Treasury to receive a $60 million allocation of New Markets Tax Credits.
The award provides financing for high-impact community development projects throughout Virginia. This is the sixth NMTC allocation for People Inc., earning a total of $209 million since 2009.
The New Markets Tax Credit program was established by Congress in December 2000 to allow taxpayers to receive federal income for making investments in organizations that invest in community with high poverty or unemployment rates.
People Inc. will use its 2018 allocation to invest in projects that revitalize communities, diversify local economies and help remove barriers to employment for people living in the Appalachian region and the rural South.