The TD Community Development Corporation (TDCDC), a wholly-owned subsidiary of TD Bank, N.A., today announced that it received a $60 million New Markets Tax Credits (NMTC) allocation from the U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund to support projects in low-income communities.
With this distribution, the TDCDC is seeking to invest in commercial and industrial and community revitalization projects throughout TD's Maine to Florida footprint in areas of high distress. The NMTC program supports community development and economic growth through tax credits that attract private investments. TDCDC's deployment strategy will help commercial and industrial businesses create and retain high-quality jobs and help community-based organizations improve and expand local services, resources and facilities.
"TD is deeply committed to the communities it serves, and we actively invest in projects that encourage growth in economically distressed markets," said Michael Cooper, Deployment Director, New Markets Tax Credit Program, TD Bank. "Over the last decade, TD has deployed $325 million in NMTC allocations and provided more than $500 million in project financing, and we look forward to continuing to invest in the revitalization of low-income, urban and rural neighborhoods across our footprint."
The U.S. Treasury’s CDFI Fund awarded 73 Community Development Entities (CDEs) a total of $3.5 billion in New Markets Tax Credits in February. Since 2003, the federal program has created or retained over 750,000 jobs and financed more than 5,400 businesses around the nation.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the sixth largest bank in North America by branches and serves more than 25 million customers in three key businesses operating in a number of locations in financial centres around the globe: Canadian Retail, including TD Canada Trust, TD Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD Insurance; U.S. Retail, including TD Bank, America's Most Convenient Bank®, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in TD Ameritrade; and Wholesale Banking, including TD Securities. TD also ranks among the world's leading online financial services firms, with approximately 12 million active online and mobile customers. TD had CDN$1.3 trillion in assets on January 31, 2018. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
About TD Bank, America's Most Convenient Bank®
TD Bank, America's Most Convenient Bank, is one of the 10 largest banks in the U.S., providing more than 9 million customers with a full range of retail, small business and commercial banking products and services at more than 1,200 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized private banking and wealth management services through TD Wealth®, and vehicle financing and dealer commercial services through TD Auto Finance. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit www.tdbank.com. Find TD Bank on Facebook at www.facebook.com/TDBank and on Twitter at www.twitter.com/TDBank_US.
TD Bank, America's Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol "TD". To learn more, visit www.td.com.
Martha A. Gaston, APR
VP, Corporate Communications Manager