CHERRY HILL, N.J., Jan. 30, 2024 — The TD Community Development Corporation (TDCDC), a wholly-owned subsidiary of TD Bank, N.A., today announced that it received a $65 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 allocation, 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 create and retain both quality and accessible jobs while helping community facilities expand educational, health, arts/cultural and social services to those who need it most.
"TD's purpose is to enrich the lives of our customers, community members and colleagues, which guides our investments in projects that encourage growth in economically distressed markets," said Michael Cooper, President, TD Community Development Corporation. "Over the last decade, TD has been awarded $450 million in NMTC allocations and provided more than $500 million in project financing, and we look forward to expanding our role in the revitalization of urban and rural neighborhoods across our footprint."
The U.S. Treasury’s CDFI Fund awarded 102 Community Development Entities (CDEs) a total of $5 billion in New Markets Tax Credits. Since 2003, the federal program has generated $127 billion of investments in distressed communities; created or retained more than 1 million jobs; financed more than 7,900 businesses and community facilities; and constructed or rehabilitated nearly 239 million square feet of commercial real estate.
About TD Bank, America's Most Convenient Bank®
TD Bank, America's Most Convenient Bank, is one of the largest banks in the U.S., providing over 10 million customers with a full range of retail, small business and commercial banking products and services at more than 1,100 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Auto Finance, a division of TD Bank, N.A., offers vehicle financing and dealer commercial services. TD Bank and its subsidiaries also offer customized private banking and wealth management services through TD Wealth®. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit www.td.com/us. Find TD Bank on Facebook at www.facebook.com/TDBank and on Twitter at www.twitter.com/TDBank_US and www.twitter.com/TDNews_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/us.
Martha A. Gaston, APR