Arctaris Impact Awarded $30M of New Markets Tax Credit Allocation by U.S. Treasury’s CDFI Fund for Diversity and Impact Investments
BOSTON–(BUSINESS WIRE)–Arctaris Impact CDE, LLC was awarded $30M of New Markets Tax Credit Allocation (NMTC) by U.S. Treasury’s Community Development Financial Institution Fund to deploy capital into economically distressed communities and businesses. Arctaris will use its NMTC allocation to make flexible loans to minority-owned or controlled companies and other borrowers across real estate or operating businesses in the country.
The Boston-based firm’s investments will generate quality and accessible jobs, reducing unemployment for low-income people, combating poverty and working to increase low wages in low-income communities. Arctaris believes that by serving as a catalyst for change in existing practices, their investments will offset disparities that limit minority owned companies access to capital. They will target 60% of the loans to minority involvement (owned or tenants), manufacturing industries, owner-occupied real estate and/or mixed-use developments. The award will be used for investments nationally with an emphasis in states that include Connecticut, Maine, Maryland, Michigan, Ohio, and Pennsylvania, where Arctaris has place-based programs.
“On behalf of Arctaris Impact CDE, LLC and its board, we are very pleased to receive the NMTC allocation. With this amount, Arctaris can provide flexible concessionary funding that compliments the capital needs of businesses and communities we serve,” said Uche Osuji an Arctaris Managing Director.
The firm’s community development strategy is derived from the conviction that communities need jobs in order to thrive, and one tried and true way to increase job outcomes for low-income people is to partner with minority-owned or controlled companies located in low-income communities that are motivated to make lasting changes.
About Arctaris Impact Investors
Arctaris Impact Investors, LLC, the controlling entity for Arctaris Impact CDE, LLC, is a Boston-based impact investment firm with experience spanning more than 13 years over seven funds. The firm manages funds that invest in growth-oriented operating businesses and community infrastructure projects located in underserved communities. Founded in 2009, Arctaris has partnered with the Kresge Foundation, Harvard Business School Professor Michael Porter’s Initiative for a Competitive Inner City, and multiple other foundations, federal and state government agencies to invest in Opportunity Zones, inner cities, and targeted rural communities throughout the U.S., with the aim of delivering above-market investment returns alongside positive social impact. For more information visit www.Arctaris.com or for press inquiries contact Lily@Arctaris.com.
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2022 All information is the property of Arctaris Impact Investors LLC (“Arctaris”). It is reasonably believed to be true and accurate at the time of issuance. It is intended to be informational only, related to the impact mission of Arctaris and in no way is intended to be relied upon as investment advice. This material is not an offer or solicitation of any security or investment product.
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Lily@Arctaris.com
