Accion Opportunity Fund Receives $85 Million New Markets Tax Credit Allocation to Continue Investment in Nonprofit Community Facilities
San Jose, CA — The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) has awarded Accion Opportunity Fund Community Development (AOF), an $85 million allocation of New Markets Tax Credits (NMTC) for the combined $10 billion CY 2024-25 “double round”.
The NMTC Program advances economic development by making tax credit allocations available to Community Development Entities for targeted investments in eligible low-income communities. Since its inception, the NMTC Program has generated $77B in qualified equity investment and $143B in total development financing, supporting investments in more than 8,900 businesses and creating over 1.2 million jobs nationwide. The NMTC Program was made permanent on July 4, 2025, securing $5B of allocation annually.
For more information on the NMTC Program and its impact, visit www.cdfifund.gov/nmtc
This latest award brings AOF’s total cumulative NMTC allocation to $643M over 15 rounds, furthering AOF’s NMTC mission to invest nationally in non-profit, real estate projects focusing on community facilities that strengthen local economies.
“We are humbled, honored and grateful for this new $85M allocation, which allows us to continue investing in low-income communities through high-impact projects that create jobs and expand access to essential services,” said Tom Dolan, Vice President, New Markets Tax Credits at AOF. “With $643M in total allocation to date, we remain committed to serving our target populations while fostering economic opportunity where it is needed most.”
Since its inception, AOF’s NMTCs have created 11,878 jobs, and served 1,289,050 clients annually (including 872,411 low-income clients).
About AOF
As a leading national nonprofit small business lender, AOF provides affordable loans, free business advising, educational resources, and support networks to fuel long-term success. More than a lender, the organization champions small business owners who are ready to grow, thrive, and build a better future. For over 30 years, AOF has expanded access to economic opportunities by creating pathways to both financial and knowledge capital.
Through its NMTC program, AOF funds real estate projects that advance essential community health infrastructure, and provide services such as transitional housing, food distribution and education to low-income community residents that need them the most. AOF’s NMTC projects accelerate the creation of accessible and quality jobs in low-income resourced communities nationwide. AOF prioritizes projects in Identified states and in Deep/Severe census tracts.
To learn more about AOF, visit https://aofund.org/ and follow us on LinkedIn.
